Competition is mounting among DeFi derivatives protocols after Synthetix launched on Arbitrum in July.
Synthetix has launched a new app chain — SNAXchain — aimed at bringing cross-chain liquidity and trading-fee revenues to native-token stakers and onchain trading products, Matt Losquadro, a Synthetix core contributor, told Cointelegraph on Sept. 6.
The app chain will initially serve as an onchain governance platform to manage Synthetix deployments on Ethereum mainnet and layer-2 (L2) scaling chains, including Optimisim, Arbitrum, and Base, according to a Sept. 4 post on the X platform.
SNAXchain is designed to “enable a neutral hub for governance and protocol decisions, particularly as Synthetix expands to additional chains and L2s,” Losquadro told Cointelegraph.