According to Cointelegraph, Synthetix has launched a new application chain SNAXchain, which aims to bring cross-chain liquidity and transaction fee income to native token holders and on-chain trading products. SNAXchain will serve as an on-chain governance platform to manage the deployment of Synthetix on the Ethereum mainnet and L2 extension chains (including Optimism, Arbitrum and Base). SNAXchain aims to be a neutral center for governance and protocol decisions, especially as Synthetix expands to more chains and L2. Synthetix is ​​exploring future features of SNAXchain, including SNX staking, cross-chain liquidity, and customized perpetual products. Synthetix's long-term goal is to share liquidity on multiple L2s through Optimism's Superchain. SNAXchain runs on Optimism's Superchain and uses Conduit and Wormhole for cross-chain messaging. Synthetix is ​​a decentralized financial (DeFi) protocol that focuses on providing liquidity for permissionless derivatives such as perpetual futures and options. Synthetix was launched on Arbitrum in July. Synthetix currently accepts WETH, USDC, and ARB as collateral, and liquidity providers earn yields between 7% and 16%. On September 4, GMX launched the GMX Liquidity Vaults product, which aims to improve the capital efficiency of liquidity providers.

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