|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Synthetix Introduces SNAXchain App Chain to Enhance Cross-Chain Liquidity and SNX Staking Rewards
Sep 10, 2024 at 12:17 am
Synthetix has recently introduced SNAXchain, a new app chain specifically designed to improve cross-chain liquidity and increase rewards for SNX staking.
Coin Chapter reports that Synthetix has introduced SNAXchain, an app chain designed to enhance cross-chain liquidity and SNX staking rewards. Core contributor Matt Losquadro announced the development on September 6. SNAXchain will also facilitate governance and protocol decisions for Synthetix's deployments on Ethereum, Optimism, Arbitrum, and Base.
Primarily, the app chain will serve as a neutral hub for governance as Synthetix expands to more layer-2 networks. Losquadro stated that the platform will facilitate decisions regarding the protocol's expansion across blockchain ecosystems.
Synthetix to Bring Cross-Chain Liquidity to SNX Staking on SNAXchain
Synthetix plans to introduce SNX staking on SNAXchain, which will enable cross-chain liquidity across multiple layer-2 solutions. This will allow Synthetix to share liquidity using Optimism's Superchain technology. Losquadro mentioned that further proposals regarding these features are expected in Q4.
Currently, Synthetix liquidity pools on Arbitrum offer yields ranging from 7% to 16% for liquidity providers. These pools are part of Synthetix's broader strategy to increase liquidity and rewards for SNX stakers.
Optimism Superchain to Power SNAXchain for Cross-Chain Messaging
SNAXchain is built on Optimism's Superchain, a network designed to connect layer-2 platforms. The app chain also utilizes Conduit and Wormhole for cross-chain messaging, enabling seamless communication between blockchains. This interoperability is crucial as Synthetix aims to bring cross-chain liquidity to SNX staking.
In July, Synthetix went live on Arbitrum, venturing into the decentralized derivatives market with a focus on providing liquidity for derivatives such as perpetual futures. Perpetual futures allow traders to buy or sell an asset at a future date without an expiration. According to DefiLlama, GMX leads the Arbitrum perpetual futures market with over $450 million in total value locked.
In the competitive Arbitrum DeFi landscape, Synthetix stands out by accepting a wide range of tokens as collateral. The platform accepts wrapped Ether (WETH) and notably USD Coin (USDC). Additionally, Arbitrum's native token, ARB, is included in the list of collateral options, providing users with greater flexibility.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Bhutan Showcases How Developing Nations Could Leverage Bitcoin Mining to Improve Their Economies
- Sep 21, 2024 at 01:15 am
- The East Himalayan Kingdom of Bhutan is showcasing a powerful example of how developing nations could leverage Bitcoin mining to improve their economies
-
- MicroStrategy Acquires 7,420 BTC for $458.2M, Now Holds 252,220 BTC Worth $15.8B
- Sep 21, 2024 at 01:15 am
- Business intelligence firm and corporate bitcoin holder MicroStrategy acquired an additional 7,420 BTC for approximately $458.2 million
-
- Gold Reaches a New Peak of Over $2,614, Outperforming Bitcoin Dramatically
- Sep 21, 2024 at 01:15 am
- Gold's market cap exceeds $17.7 trillion, significantly larger than Bitcoin's $1.22 trillion valuation. Bitcoin has not reached a new all-time high since March 2023, showing weakness.
-
- XRP Price Prediction: Will the SEC Lawsuit Settlement Spark a Bull Run?
- Sep 21, 2024 at 01:15 am
- The closure of the Ripple vs SEC lawsuit that saw the firm ordered to pay $125 million in civil penalty has significantly freed XRP from bearish sentiments.
-
- BitMEX Co-Founder Arthur Hayes Sells 350K PENDLE Tokens at a $790K Loss
- Sep 21, 2024 at 12:25 am
- In a significant trading blunder, BitMEX co-founder Arthur Hayes has sold 350,000 Pendle PENDLE/USD tokens worth approximately $1.26 million
-
- Bitcoin (BTC) Price Predictions: Analyst Michaël van de Poppe Anticipates New All-Time High (ATH) in October
- Sep 21, 2024 at 12:25 am
- Renowned crypto analyst and trader Michaël van de Poppe has shared his insightful analysis of Bitcoin's future. Earlier today, he tweeted and explained that the BTC price is following the plan
-
- Polkadot and AI Companions Falter, While BlockDAG Testnet Launch Drives Presale to $73.5M
- Sep 21, 2024 at 12:25 am
- In recent crypto news, Polkadot and AI Companions have been making waves, though for less favorable reasons. Polkadot has hit a 12-month low, and AI Companions experienced a 13% drop in price. But while these coins face uncertainty, BlockDAG is gaining momentum with its recent Testnet launch.
-
- The Royal Canadian Mint Issues Its Newest Gold Maple Leaf (GML) Bullion Coin Completely Sourced From a Single Mine
- Sep 21, 2024 at 12:25 am
- The Royal Canadian Mint is issuing its newest Gold Maple Leaf (GML) bullion coin completely sourced from a single mine and it will offer Costco Canada
-
- Fantom (FTM), Immutable X (IMX), and Basic Attention Token (BAT) Experience Whale Activity Surges
- Sep 21, 2024 at 12:25 am
- Over the past day, Fantom (FTM), Immutable X (IMX), and Basic Attention Token (BAT) have experienced significant surges in crypto whale activities.