Wang Long Chai
September 9, 2024 12:51
Snax Chain, based on the OP Stack, will launch on September 15th and integrates Wormhole for secure and decentralized Synthetix V3 governance and cross-chain messaging.
Snax Chain, a new Layer 2 appchain built on the OP Stack, will integrate Wormhole as its exclusive interoperability solution to power the governance operations of Synthetix V3. According to Wormhole, Snax Chain will be officially launched on September 15th.
Meet Synthetix’s Snax Chain
Snax Chain is designed to be the underlying platform for Synthetix V3 governance, operating independently alongside existing deployments. The new governance module leverages cross-chain messaging to synchronize votes, results, and council NFTs across all connected networks, ensuring an efficient and transparent governance process.
The main components are:
- Execution Layer: OP stack.
- Data Availability: Ethereum’s EIP-4844 blob.
- trust: Multi-provider (Oracle independent, configurable).
- Cross Chain: Wormhole messaging and queries.
The motivation behind deploying Snax Chain is to address the limitations of the Synthetix V2X election system, which is currently restricted to the OP Mainnet. Snax Chain simplifies the management of Synthetix deployments on EVM and non-EVM networks by establishing a neutral platform for governance.
While the initial deployment will focus on governance, Snax Chain is poised to evolve into a central hub for SNX staking and fee collection. It will also host various Synthetix V3 deployments, including Perps and Orderbook Perps, making Snax the central hub for yield generation within the Synthetix ecosystem.
Synthetix, a DeFi protocol, currently generates approximately $2.2 billion in monthly derivatives trading volume according to DefiLlama, demonstrating the inherent potential of enhancing the interoperability of the Snax Chain.
Why Wormholes Are Chosen
Integrating Snax Chain into the Wormhole ecosystem will add advanced cross-chain messaging and oracle services to Snax Chain, allowing the network to seamlessly integrate with existing deployments and facilitate seamless governance processes in a multi-chain world. Wormhole will become the official bridge and provide a controlled environment for Synthetix governance.
By integrating with Wormhole, Snax Chain benefits from a decentralized and compliant infrastructure, while also meeting the standards of the Optimism Superchain ecosystem. This not only enhances the interoperability of Snax Chain, but also ensures that it remains secure and scalable as it grows.
About wormholes
Wormhole is the leading interoperability platform powering multi-chain applications and bridges at scale. Wormhole gives developers access to liquidity and users across 30+ leading blockchain networks, enabling use cases spanning DeFi, NFTs, governance, and more.
The wider Wormhole network is trusted and used by teams like Circle and Uniswap. To date, the platform has facilitated over $40 billion in transfers through over 1 billion cross-chain messages.
Image source: Shutterstock