On September 7, Matt Losquadro, a core contributor of Synthetix, said that Synthetix's upcoming new application chain SNAXchain is designed to bring cross-chain liquidity and transaction fee income to native token stakers and on-chain trading products. The application chain will initially serve as an on-chain governance platform to manage Synthetix deployments on the Ethereum mainnet and Layer2 extension chains, including Optimisim, Arbitrum, and Base. Currently, Synthetix is actively exploring the future features of SNAXchain, including SNX staking, cross-chain liquidity, and support for customized perps products, and more proposals for these features are expected in the fourth quarter.
Synthetix Contributor: SNAXchain was initially used only for on-chain governance
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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