Synthetix L2 Chain Snax Integrates Wormhole for Enhanced Governance
Rongchai Wang
Sep 09, 2024 12:51
Snax Chain, constructed on OP Stack, launches September fifteenth, integrating Wormhole for safe, decentralized Synthetix V3 governance and cross-chain messaging.
Snax Chain, a brand new Layer 2 appchain constructed on the OP Stack, is about to reinforce the governance operations of Synthetix V3 by integrating Wormhole as its unique interoperability resolution. In response to Wormhole, the Snax Chain will formally launch on September fifteenth.
Meet Snax Chain by Synthetix
Snax Chain is designed to develop into the first platform for Synthetix V3 governance, working independently alongside current deployments. The brand new governance module will make the most of cross-chain messaging to synchronize votes, outcomes, and council NFTs throughout all linked networks, guaranteeing environment friendly and clear governance processes.
Key parts embody:
- Execution Layer: OP stack.
- Knowledge Availability: EIP-4844 blobs on Ethereum.
- Oracle: Multi-provider (oracle-agnostic, configurable).
- Cross-Chain: Wormhole Messaging & Queries.
The motivation behind deploying Snax Chain is to handle the restrictions of the present Synthetix V2X election system, which is presently restricted to OP Mainnet. By making a impartial platform for governance, Snax Chain will streamline the administration of Synthetix deployments throughout each EVM and non-EVM networks.
Though the preliminary deployment will concentrate on governance, Snax Chain is poised to evolve right into a central hub for SNX staking and price assortment. It should additionally host numerous Synthetix V3 deployments, together with Perps and Orderbook Perps, making Snax the central hub for yield era inside the Synthetix ecosystem.
As a DeFi protocol, Synthetix presently generates roughly $2.2 billion in month-to-month derivatives quantity in keeping with DefiLlama, proving the potential that lies in powering interoperability for Snax Chain.
Why Wormhole was Chosen
The combination of Snax Chain into the Wormhole ecosystem provides superior cross-chain messaging and oracle companies to Snax Chain, guaranteeing it will possibly seamlessly combine networks with current deployments, facilitating easy governance processes in a multichain world. Wormhole will develop into the canonical bridge and can present a managed atmosphere for Synthetix governance.
By integrating with Wormhole, Snax Chain advantages from a decentralized and compliant infrastructure, aligning with the requirements of the Optimism Superchain ecosystem. It not solely enhances the interoperability of Snax Chain but additionally ensures it stays safe and scalable because it grows.
About Wormhole
Wormhole is the main interoperability platform that powers multichain purposes and bridges at scale. Wormhole gives builders entry to liquidity and customers on over 30 main blockchain networks, enabling use circumstances that span DeFi, NFTs, governance, and extra.
The broader Wormhole community is trusted and utilized by groups like Circle and Uniswap. So far, the platform has facilitated the switch of over $40 billion by way of over 1 billion cross-chain messages.
Picture supply: Shutterstock
