Synthetix Announces New Governance Cycle And Launches SNAXchain On Optimism

According to BlockBeats, on September 5, Synthetix announced the commencement of a new governance cycle and the launch of its application chain, SNAXchain, on Optimism's Superchain infrastructure. The new governance committee nominations will begin on August 31 at 5:54:58 UTC+8 and will last for one week. Voting is set to start on September 6 at 18:50 UTC+8, with the new cycle officially starting on September 16 at 22:46 UTC+8. Nominations must be conducted on SNAXchain, requiring users to cross-chain a small amount of ETH as gas fees. Voting will continue to take place on the chain where users have staked SNX. Synthetix stated that SNAXchain will serve as a neutral hub for governance and protocol decisions, with potential future expansions to include more functionalities. The project is collaborating with Conduit and Wormhole to manage chain infrastructure and enable cross-chain messaging, respectively. Synthetix highlighted its long-term partnership with Optimism, praising the OP Stack for its excellent contributors and user base. The anticipated interoperability is expected to facilitate seamless user movement across chains.