Snax Chain Integrates Wormhole for Improved Synthetix Governance

Snax Chain, a novel Layer 2 application chain constructed on the OP Stack, aims to enhance the governance capabilities of Synthetix V3 by integrating Wormhole as its primary interoperability framework. As stated by Wormhole, Snax Chain’s official launch date is set for September 15th.

Introducing Snax Chain from Synthetix

Snax Chain is crafted to serve as the main platform for Synthetix V3 governance, functioning autonomously alongside current systems. The innovative governance module will leverage cross-chain messaging to align votes, outcomes, and council NFTs across all network connections, promoting efficient and transparent governance operations.

Key elements include:

• Execution Layer: OP stack.
• Data Availability: EIP-4844 blobs on Ethereum.
• Oracle: Multi-provider (oracle-agnostic, configurable).
• Cross-Chain: Wormhole Messaging & Queries.

The rationale for the creation of Snax Chain is to overcome the drawbacks of the current Synthetix V2X election framework, which is limited to the OP Mainnet. By establishing a neutral governance platform, Snax Chain will facilitate the administration of Synthetix deployments across both EVM and non-EVM networks.

While the primary focus of the initial deployment is governance, Snax Chain is set to evolve into the core hub for SNX staking and fee collection. It will also accommodate various Synthetix V3 implementations, including Perps and Orderbook Perps, positioning Snax as the central yield generation hub in the Synthetix ecosystem.

As a DeFi protocol, Synthetix generates approximately $2.2 billion in monthly derivatives volume, according to DefiLlama, highlighting the immense potential of enhancing interoperability for Snax Chain.

Reasons for Choosing Wormhole

The inclusion of Snax Chain into the Wormhole ecosystem introduces sophisticated cross-chain messaging and oracle functionalities to Snax Chain, ensuring seamless integration with networks featuring existing deployments, thus streamlining governance in a multichain context. Wormhole will act as the primary bridge, offering a controlled setting for Synthetix governance.

By partnering with Wormhole, Snax Chain gains a decentralized and compliant infrastructure, aligning with the criteria of the Optimism Superchain ecosystem. This partnership not only boosts the interoperability of Snax Chain but also guarantees its security and scalability as it expands.

About Wormhole

Wormhole is the premier interoperability framework that enables multichain applications and bridges at scale. Wormhole grants developers access to liquidity and users across more than 30 prominent blockchain networks, supporting a variety of use cases ranging from DeFi to NFTs and governance.

The extensive Wormhole network is trusted by teams including Circle and Uniswap. As of now, the platform has successfully transferred over $40 billion through more than 1 billion cross-chain messages.

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