ChainCatcher news, Synthetix core contributor Matt Losquadro stated that the upcoming new application chain SNAXchain aims to bring cross-chain liquidity and trading fee revenue for 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 Layer 2 scaling chains, including Optimism, Arbitrum, and Base. Currently, Synthetix is actively exploring the future functionalities of SNAXchain, including SNX staking, cross-chain liquidity, and support for customized perps products, with more proposals regarding these features expected in the fourth quarter.

ChainCatcher news, the DeFi protocol Synthetix is launching its application chain SNAXchain on Optimism. Synthetix states that the goal of SNAXchain is to become a neutral governance and protocol decision-making center.It is reported that SNAXchain is developing chain infrastructure in collaboration with Conduit and cross-chain messaging in collaboration with Wormhole.