A new Synthetix Governance epoch is about to kick off and with it, the launch of the Synthetix app chain – SNAXchain – on Optimisms Superchain infrastructure. Before we get into the opportunity presented with launching a new chain, let’s review how the election will work.
New Election Timeline
Nominations for Synthetix governance councils – Spartan Council, Treasury Council, and Ambassador Council – will kicked off, August 30th at 21:54:58 UTC and will be open for one week before voting starts on September 6th at 10:50 UTC. The new epoch will officially start on Sunday September 16th at 14:46 UTC.
Nomination Process
If you would like to nominate yourself for a council you will need to do so on SNAXchain. We’ve included an outline of helpful resources below to get this chain active with your wallet. Nominations will require you to bridge a small amount of ETH for gas to the chain. Once you’ve bridged some ETH, you can connect your wallet to the Synthetix governance app at: governance.synthetix.io and nominate yourself for the appropriate council.
Synthetix has worked closely with the Safe team to ensure that Safe multi-sigs will be supported in the Superchain Safe on day 1 for nominations.
SNAXchain details should be available at https://chainlist.org/, but if you prefer to add the network manually, all of the relevant information is listed here:
RPC: https://mainnet.snaxchain.io/WS: wss://mainnet.snaxchain.ioBlock Explorer: https://explorer.snaxchain.io/Chain ID: 2192Bridge: https://snaxchain-mainnet.mainnets.rollbridge.app/Superbridge: https://superbridge.app/snaxchain-mainnet
Voting Process
At this time, voting will continue to be done on the chain that you have staked your SNX, either Ethereum Mainnet or Optimism at governance.synthetix.io.
SNAXchain and what’s to come
This release is Phase 1 of building functionality into the chain. As Synthetix expands to additional chains and L2s, SNAXchain will act as a neutral hub for governance and protocol decisions and more.
Synthetix has partnered with Conduit for managing our chain infrastructure and Wormhole for cross-chain messaging between SNAXchain and Optimism & Ethereum mainnet.
These partners and the Optimism Superchain infrastructure will enable a larger scope of utility for the chain, pending appropriate consensus from the Spartan Council. Synthetix has a Long history working together with Optimism to scale Ethereum & provide a home for derivatives trading. We were the first deployment on OP mainnet, and now will graduate to our own appchain for reasons above. OP Stack has some of the most talented contributors, a pipeline for new users, and upcoming interop will be crucial to driving users b/w our chain & others in a frictionless manner.
Once more, here are the relevant details for accessing SNAXchain.
Conclusion:
As we embark on this new Synthetix Governance epoch and the launch of SNAXchain on Optimisms Superchain infrastructure, the future looks bright for decentralized finance. With the collaboration of various councils and the support of innovative partners, the possibilities for SNAXchain are endless. The expansion to additional chains and Layer 2 solutions will further solidify its position as a key player in the DeFi ecosystem. By staying engaged with the governance process and taking advantage of the voting opportunities, participants can actively shape the future of Synthetix and drive the adoption of this groundbreaking technology.
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