SNAXchain, developed by Synthetix, is a Layer-2 blockchain built on the OP Stack. It joins the Superchain ecosystem to enhance decentralized governance and streamline operations. By integrating governance processes into its own chain, SNAXchain reduces congestion on other L2s, contributing to a more efficient and scalable Superchain.
Technology:
SNAXchain leverages the OP Stack and Wormhole for cross-chain messaging, ensuring efficient communication between SNAXchain, OP Mainnet, and Ethereum L1. This technology fosters interoperability with other L2s like Base, Mode, and Zora within the Superchain, enabling smoother liquidity flow and governance interactions across the ecosystem.
Governance:
SNAXchain introduces a dedicated governance platform for the Synthetix ecosystem, where governance decisions such as council nominations, protocol changes, and voting take place. It facilitates elections for the Spartan, Treasury, and Ambassador Councils through its infrastructure. The election process, from nominations to voting, is integrated into SNAXchain, which is crucial for Synthetix's decentralized governance model.
