Synthetix, one of the leading protocols in the world of decentralized finance (DeFi), has announced the creation of its own blockchain called SNAXchain, which will operate on Optimism’s Superchain infrastructure. This initiative aims to create a more efficient and scalable ecosystem for protocol management and decision-making within the Synthetix ecosystem.
SNAXchain is designed to serve as a neutral hub for coordination and decision-making, ensuring the expansion of Synthetix’s protocol capabilities. By transitioning to Layer 2 solutions and incorporating various blockchains, the company aims to provide users with faster and cheaper transactions while maintaining decentralization.
This move reflects current trends in the DeFi space, where scalability and cost reduction for transactions are key factors for the future success of protocols.
