Synthetix (SNX) is preparing to introduce the long-awaited Snaxchain on September 15. Initially focusing on Synthetix’s management functions, Snaxchain promises to usher in a new era for Synthetix users and expand its capabilities over time.
Snaxchain’s roadmap includes a number of innovations aimed at improving the Synthetix ecosystem. These innovations include:
Cross-Chain SNX Staking and Fee Collection: Enables staking of SNX tokens across different chains and collection of fees.
Multi-Chain Asset Management: It will make asset management across multiple networks even easier.
Multi-Chain SNX Liquidity Sharing: Designed to provide deeper liquidity across various platforms.
Multi-Chain Synthetix Perps Trading: Aims to offer new opportunities for leveraged trading.
While a website and explorer for the testnet were recently created, they are not yet available to the public. However, the upcoming launch indicates that Snaxchain is nearing the final stages of development.
This update will be put to a vote on the Synthetix governance forum today and is likely to be approved by the community. The price of SNX, which ranks 114th among the world’s largest cryptocurrencies, has fluctuated since the announcement. However, at the time of writing, SNX is trading lower.
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So who can benefit?
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I EXPLAIN IN DETAILED.
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