Synthetix recently introduced SNAXchain, a new app chain focused on providing cross-chain liquidity and trading-fee revenues to native-token stakers and onchain trading products. Matt Losquadro, a core contributor at Synthetix, shared with Cointelegraph on Sept. 6 that SNAXchain will initially function as an onchain governance platform for managing Synthetix deployments on Ethereum mainnet and layer-2 (L2) scaling chains like Optimism, Arbitrum, and Base. The platform aims to serve as a neutral hub for governance and protocol decisions as Synthetix expands to additional chains and L2s. Future plans for SNAXchain include staking for SNX, cross-chain liquidity, and introducing a custom-built perps product. Synthetix's ultimate goal is to enable SNX staking on SNAXchain and facilitate liquidity sharing across multiple L2s using Optimism's Superchain. SNAXchain operates on Optimism's Superchain and utilizes interoperability platforms Conduit and Wormhole for cross-chain messaging. Synthetix, known for its focus on providing liquidity for permissionless derivatives like perpetual futures and options, is optimistic about its differentiation in Arbitrum's competitive DeFi ecosystem by accepting various tokens as collateral. Read more AI-generated news on: https://app.chaingpt.org/news

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