Synthetix L2 Chain Snax Integrates Wormhole for Enhanced Governance
Rongchai Wang Sep 09, 2024 12:51
Snax Chain, built on OP Stack, launches September 15th, integrating Wormhole for secure, decentralized Synthetix V3 governance and cross-chain messaging.
Snax Chain, a new Layer 2 appchain built on the OP Stack, is set to enhance the governance operations of Synthetix V3 by integrating Wormhole as its exclusive interoperability solution. According to Wormhole, the Snax Chain will officially launch on September 15th.
Meet Snax Chain by Synthetix
Snax Chain is designed to become the primary platform for Synthetix V3 governance, operating independently alongside existing deployments. The new governance module will utilize cross-chain messaging to synchronize votes, results, and council NFTs across all connected networks, ensuring efficient and transparent governance processes.
Key components include:
- Execution Layer: OP stack.
- Data 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 address the limitations of the current Synthetix V2X election system, which is currently restricted to OP Mainnet. By creating a neutral platform for governance, Snax Chain will streamline the management of Synthetix deployments across both EVM and non-EVM networks.
Although 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.
As a DeFi protocol, Synthetix currently generates approximately $2.2 billion in monthly derivatives volume according to DefiLlama, proving the potential that lies in powering interoperability for Snax Chain.
Why Wormhole was Selected
The integration of Snax Chain into the Wormhole ecosystem adds advanced cross-chain messaging and oracle services to Snax Chain, ensuring it can seamlessly integrate networks with existing deployments, facilitating smooth governance processes in a multichain world. Wormhole will become the canonical bridge and will provide a controlled environment for Synthetix governance.
By integrating with Wormhole, Snax Chain benefits from a decentralized and compliant infrastructure, aligning with the standards of the Optimism Superchain ecosystem. It not only enhances the interoperability of Snax Chain but also ensures it remains secure and scalable as it grows.
About Wormhole
Wormhole is the leading interoperability platform that powers multichain applications and bridges at scale. Wormhole provides developers access to liquidity and users on over 30 leading blockchain networks, enabling use cases that span 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 the transfer of over $40 billion through over 1 billion cross-chain messages.
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