Synthetix L2 Chain Snax Integrates Wormhole for Enhanced Governance

Snax
Chain,
a
new
Layer
2
appchain
built
on
the
OP
Stack,
is
set
to
enhance
the
governance
operations
of
Synthetix
V3
by
integrating
Wormhole
as
its
exclusive
interoperability
solution.
According
to

Wormhole,
the
Snax
Chain
will
officially
launch
on
September
15th.

Meet
Snax
Chain
by
Synthetix

Snax
Chain
is
designed
to
become
the
primary
platform
for
Synthetix
V3
governance,
operating
independently
alongside
existing
deployments.
The
new
governance
module
will
utilize
cross-chain
messaging
to
synchronize
votes,
results,
and
council
NFTs
across
all
connected
networks,
ensuring
efficient
and
transparent
governance
processes.

Key
components
include:

• 
  Execution
  Layer:
  OP
  stack.
• 
  Data
  Availability:
  EIP-4844
  blobs
  on
  Ethereum.
• 
  Oracle:
  Multi-provider
  (oracle-agnostic,
  configurable).
• 
  Cross-Chain:
  Wormhole
  Messaging
  &
  Queries.

The
motivation
behind
deploying
Snax
Chain
is
to
address
the
limitations
of
the
current
Synthetix
V2X
election
system,
which
is
currently
restricted
to
OP
Mainnet.
By
creating
a
neutral
platform
for
governance,
Snax
Chain
will
streamline
the
management
of
Synthetix
deployments
across
both
EVM
and
non-EVM
networks.

Although
the
initial
deployment
will
focus
on
governance,
Snax
Chain
is
poised
to
evolve
into
a
central
hub
for
SNX
staking
and
fee
collection.
It
will
also
host
various
Synthetix
V3
deployments,
including
Perps
and
Orderbook
Perps,
making
Snax
the
central
hub
for
yield
generation
within
the
Synthetix
ecosystem.

As
a
DeFi
protocol,
Synthetix
currently
generates
approximately
$2.2
billion
in
monthly
derivatives
volume
according
to
DefiLlama,
proving
the
potential
that
lies
in
powering
interoperability
for
Snax
Chain.

Why
Wormhole
was
Selected

The
integration
of
Snax
Chain
into
the
Wormhole
ecosystem
adds
advanced
cross-chain
messaging
and
oracle
services
to
Snax
Chain,
ensuring
it
can
seamlessly
integrate
networks
with
existing
deployments,
facilitating
smooth
governance
processes
in
a
multichain
world.
Wormhole
will
become
the
canonical
bridge
and
will
provide
a
controlled
environment
for
Synthetix
governance.

By
integrating
with
Wormhole,
Snax
Chain
benefits
from
a
decentralized
and
compliant
infrastructure,
aligning
with
the
standards
of
the
Optimism
Superchain
ecosystem.
It
not
only
enhances
the
interoperability
of
Snax
Chain
but
also
ensures
it
remains
secure
and
scalable
as
it
grows.

About
Wormhole

Wormhole
is
the
leading
interoperability
platform
that
powers
multichain
applications
and
bridges
at
scale.
Wormhole
provides
developers
access
to
liquidity
and
users
on
over
30
leading
blockchain
networks,
enabling
use
cases
that
span
DeFi,
NFTs,
governance,
and
more.

The
wider
Wormhole
network
is
trusted
and
used
by
teams
like
Circle
and
Uniswap.
To
date,
the
platform
has
facilitated
the
transfer
of
over
$40
billion
through
over
1
billion
cross-chain
messages.

Image
source:
Shutterstock