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Decentralized finance (DeFi) protocol Synthetix (SNX) is working on launching its own blockchain application, called SNAXChain, according to a blog post. Published On September 4, 2024.
Synthetix SNAXChain Launched on Optimism Superchain Infrastructure
Synthetix is set to unveil SNAXChain, a blockchain application built on Ethereum Super Optimism Chain Infrastructure.
For starters, Optimism’s Ethereum Layer 2 (L2) scaling network is essentially a network of L2 chains, known as OP chains. These chains share security and communication layer features, and are powered by a set of open source technologies.
The Superchain ecosystem is managed by the Optimism Collective, a decentralized autonomous organization (DAO). Examples of current OP chains include Base, Lyra, Mode, and Zora, with SNAXChain ready to join the list.
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SNAXChain launch aims to improve The protocol’s efficiency and scalability will provide a smoother and more cost-effective experience for DeFi enthusiasts interested in issuing and trading synthetic assets. SNAXChain will also enhance Synthetix’s liquidity. To keep up with the growing demand for synthetic assets.
The Synthetix team notes that SNAXChain will: He is A neutral center for on-chain governance and decision-making on the protocol. At the same time, the protocol will continue to expand to include additional blockchains and L2 solutions.
It is worth noting that Synthetix has partnered with Conduit to manage the chain’s infrastructure.. We have partnered with Wormhole to provide: Cross-chain messaging between SNAXChain, Optimism, and the Ethereum mainnet.
Synthetix will usher in a new era of governance with the launch of its new blockchain application. According to the official post, interested individuals or groups can nominate themselves to various boards of directors on SNAXChain.
A small amount of Ethereum (ETH) must be tied to the chain to earn gas. After ETH is tied, interested candidates can connect their wallets to the Synthetix Governance App and nominate themselves to the appropriate board. Voting for the Synthetix Governance Board is scheduled 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 like Optimism and Arbitrum, DeFi no It has managed to dominate the industry as it did during the “DeFi Summer” of 2020.
However, recent on-chain trends and patterns may point to a potential return of DeFi later this year. For example, Optimism to attest Strong network activity earlier this year helped boost the native OP token by 9%. As the network expands to more chains, user activity could continue to rise.
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Similarly, leading decentralized exchange (DEX) Uniswap recently to make Cumulative total revenue has reached $50 million, making a strong case for the native UNI token to be undervalued, having fallen 86% from its all-time high of $44.92.
SimilarlyOne of the oldest DeFi lending protocols, AAVE, recently saw renaissance In the interest of crypto whales. The total market cap of DeFi is $69.88 billion at the time of writing.
Featured image from Binance Academy, chart from TradingView.com
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