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Synthetix Core Contributors: SNAXchain Initially Only for On-Chain Governance, Q4 Expected to Introduce More Features

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September 7, 2024
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Synthetix Plans Cross-Chain Liquidity with New App Chain "SNAXchain"

Synthetix core contributor Matt Losquadro announced that Synthetix's upcoming new application chain, SNAXchain, is designed to offer cross-chain liquidity and transaction fee revenue for native token stakers and on-chain trading products.

Initially, the app chain will serve as an on-chain governance platform for managing Synthetix deployments across the Ethereum mainnet and Layer 2 scaling chains, including Optimism, Arbitrum, and Base.

Synthetix is actively exploring future functionalities for SNAXchain, including SNX staking, cross-chain liquidity, and support for custom perpetuals products. More proposals regarding these features are expected to emerge in the fourth quarter.

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