What is SNAXchain by Synthetix?

SNAXchain is expected to become a key part of Synthetix’s ecosystem. The development of the protocol has been supported by Conduit, which provides chain infrastructure, and Wormhole, which enables cross-chain messaging. 

The Role of Optimism’s Superchain

Optimism’s Superchain includes several other networks such as Base, Mode, Zora, Lyra, and Aevo. The ecosystem is governed by a decentralized autonomous organization (DAO) called the Optimism Collective, which oversees the direction and development of the Superchain.

Per reports, the key advantage of SNAXchain being part of this Superchain is user interoperability. Through its partnership with Wormhole, SNAXchain can communicate with Ethereum mainnet, Optimism, and other chains. Using this integration, users can move assets between chains without friction, providing a crucial layer of interoperability.

The broader vision for SNAXchain is to support Synthetix’s deployments across Optimism, Arbitrum, Base, and Ethereum mainnet. As Synthetix grows, SNAXchain will reportedly act as a neutral space to coordinate governance decisions and manage multi-chain deployments.

Governance and the New Synthetix Epoch

A major feature of SNAXchain is its role as the new center for Synthetix governance. Governance has always been crucial to the Synthetix ecosystem, and SNAXchain can play a pivotal role in decision-making as Synthetix expands to more chains.

As part of this new governance phase, nominations for Synthetix governance councils kicked off on August 30th. These councils include the Spartan Council, Treasury Council, and Ambassador Council, all of which will help manage the protocol's direction. Voting begins on September 6th, and the new epoch officially starts on September 16th.

To nominate yourself for a council, you need to bridge a small amount of ETH for gas fees, connect their wallet to the governance app, and submit their nomination. 

Future Use Cases and Development

• Staking SNX: The chain could eventually be the primary platform for staking SNX tokens, which would centralize staking operations and simplify the process for users.

• Fee Aggregation: SNAXchain may serve as a hub to aggregate fees from various Synthetix deployments across multiple chains.

• Next-Gen Synthetix Perps: There is also speculation that SNAXchain could be used to build the next generation of Synthetix Perps (perpetual futures contracts).