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DeFi Protocol Synthetix To Launch Its Own Application Blockchain, SNAXChain
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DeFi Protocol Synthetix To Launch Its Own Application Blockchain, SNAXChain

Ash Tiwari
Ash Tiwari
9 months ago
3 mins read
DeFi

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Decentralized finance (DeFi) protocol Synthetix (SNX) is working toward launching its application blockchain, dubbed SNAXChain, according to a blog post published on September 4, 2024.

Synthetix SNAXChain To Launch On Optimism’s Superchain Infrastructure

Ethereum-based derivatives liquidity protocol Synthetix is set to unveil SNAXChain, an application blockchain built on Optimism’s Superchain infrastructure. 

For the uninitiated, Ethereum layer-2 (L2) scaling network Optimism’s Superchain is essentially a network of L2 chains, known as OP chains. These chains share security features a communication layer, and are powered by an open-source technology stack. 

The Superchain ecosystem is governed by the Optimism Collective, a decentralized autonomous organization (DAO). Examples of existing OP chains include Base, Lyra, Mode, and Zora, with SNAXChain poised to join the list.

Related Reading

What is DeFi decentralized finance

What Is Defi? An Explainer And Guide

1 year ago

The launch of SNAXChain aims to improve the protocol’s efficiency and scalability to offer a more seamless and cost-effective experience to DeFi enthusiasts interested in issuing and trading synthetic assets. SNAXChain will also boost Synthetix’s liquidity to keep up with the growing demand for synthetic assets.

The Synthetix team notes that SNAXChain will be a neutral hub for on-chain governance and protocol decisions. At the same time, the protocol will continue to expand to additional blockchain networks and L2 solutions.

Notably, Synthetix has partnered with Conduit to manage chain infrastructure. It partnered with Wormhole to provide cross-chain messaging between SNAXChain, Optimism, and Ethereum mainnet.

Synthetix will kickstart a new governance epoch alongside the launch of the new application blockchain. According to the official post, interested individuals or groups can nominate themselves for various governance councils on SNAXChain. 

A small amount of Ethereum (ETH) must be bridged to the chain for gas. After bridging the ETH, interested nominees may connect their wallets to the Synthetix governance app and nominate themselves for the appropriate council. Voting for the Synthetix governance council is slated to begin on September 6, 2024.

Can DeFi Make A Comeback?

Despite the rapid pace of development and innovation in the Ethereum DeFi space with the launch of layer-2 scaling solutions such as Optimism and Arbitrum, DeFi has not quite managed to take hold of the industry like it did during the ‘DeFi summer’ of 2020.

However, recent on-chain trends and patterns could indicate a potential DeFi comeback later this year. For instance, Optimism witnessed strong network activities earlier this year, helping its native OP token surge by 9%. As the network expands to more chains, user activity can continue upward.

Related Reading

ARB Surges Nearly 10% As Franklin Templeton Launches Government Money Fund on Arbitrum

ARB Surges Nearly 10% As Franklin Templeton Launches Fund on Arbitrum

10 months ago

Similarly, leading decentralized exchange (DEX) Uniswap recently made a cumulative $50 million in total revenue, making a strong case for the undervaluation of its native UNI token, down 86% from its all-time high value of $44.92.

Similarly, one of the earliest DeFi lending protocols, AAVE, has recently seen a resurgence in interest from crypto whales. The total DeFi market cap sits at $69.88 billion at press time.

Synthetix
Total DeFi market cap is slightly below $70 billion | Source: TOTALDEFIUSD on TradingView.com

Featured Image from Binance Academy, Chart from TradingView.com

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Ash Tiwari
Ash Tiwari

Ash Tiwari

Ash is a dedicated crypto researcher and blockchain enthusiast with a passion for diving deep into the evolving world of decentralized technologies. With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand.

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Ash’s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance.

In the NFT space, Ash’s interest is driven by the technology’s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash’s research in this area often touches on the intersection of culture, technology, and community-driven projects.

A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash’s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution.

When it comes to communicating these complex topics, Ash’s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights.

Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain’s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries.

Ash’s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash’s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all.

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