Hassan Maishera
On Monday, the Wormhole team announced via X that Synthetix had chosen Wormhole to power the deployment of its new L2, SnaxChain. Snax Chain will be supported by Wormhole directly with its upcoming mainnet launch on September 15th.
Snax Chain is set to become the primary platform for Synthetix V3 governance, operating independently alongside existing deployments. Integrating Snax Chain into the Wormhole ecosystem adds advanced cross-chain messaging and oracle services to Snax Chain, ensuring it seamlessly incorporates networks with existing deployments. This will facilitate smooth governance processes in a multichain world. Wormhole will become the canonical bridge and provide a controlled environment for Synthetix governance.
By integrating with Wormhole, Snax Chain benefits from a decentralized and compliant infrastructure that aligns with the standards of the Optimism Superchain ecosystem.
Wormhole is a decentralized bridge between blockchains that enables the transfer of assets and data across different blockchain networks. It aims to facilitate interoperability and expand the capabilities of blockchain technology. W is trading at $0.2068, up 4% in the last 24 hours.
Synthetix is an Ethereum-based protocol for issuing and trading synthetic assets, including cryptocurrencies, leveraged tokens, equities, and other real-world assets. SNX, Synthetix's native token, is up 4% in the last 24 hours and is trading at $1.351 at press time.
