Synthetix Embarks on New Governance Journey with SNAXchain Launch
Synthetix, a leading decentralized finance (DeFi) protocol, has unveiled a significant development: the launch of a new governance cycle and its innovative application chain, SNAXchain, on Optimism’s Superchain infrastructure. This strategic move aims to enhance governance efficiency, expand the project’s capabilities, and strengthen its partnership with Optimism.
The new round of nominations for the governance committee will commence on August 31, Beijing time, and will continue for a week. Voting will then begin on September 6, with the new cycle officially starting on September 16. Nominations must be made on SNAXchain, requiring users to transfer a small amount of ETH across chains to cover gas fees. Voting, however, will still be conducted on the chain where users stake their SNX tokens.
Synthetix envisions SNAXchain as a neutral hub for governance and protocol decision-making. The project is collaborating with Conduit and Wormhole to manage chain infrastructure and implement cross-chain messaging, respectively. This strategic partnership will enable seamless communication and interaction between SNAXchain and other blockchains.
Synthetix has expressed its long-standing commitment to Optimism, highlighting the platform’s impressive contributor and user base. The project believes that future interoperability between chains will facilitate a smoother user experience, making it easier for users to navigate between different networks.
The launch of SNAXchain and the new governance cycle mark a significant milestone for Synthetix. By leveraging the power of Optimism’s Superchain and its innovative governance model, the project aims to position itself as a leading force in the DeFi landscape.
