New Synthetix Application Chain: Providing Liquidity for SNX Staking and Perps
The new Synthetix application chain, SNAXchain, aims to provide cross-chain liquidity for SNX stakers and derivatives trading. Since its launch on Arbitrum in July, the DeFi derivatives market has become increasingly competitive.
According to core contributor Matt Losquadro, SNAXchain will serve as a governance platform to manage Synthetix deployments on Ethereum mainnet and its L2 extension chain. The platform is designed to provide centralized support for governance and protocol decision-making, while actively exploring future features such as SNX staking and cross-chain liquidity.
SNAXchain will run on Optimism's superchain and achieve cross-chain interoperability through the Conduit and Wormhole platforms. In this open ecosystem, Synthetix is committed to providing efficient liquidity and yield opportunities for its users.
As Synthetix continues to expand, its ability to accept multiple tokens as collateral will help it stand out in the competitive DeFi market. Watch this progress and witness the future of DeFi together.
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