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Synthetix (SNX) is set to introduce the highly anticipated Snaxchain on September 15. While initially focused on Synthetix management operations, Snaxchain promises to expand its capabilities over time, ushering in a new era for Synthetix users.
Snaxchain’s roadmap includes a number of features designed to enhance the Synthetix ecosystem. These include:
Cross-chain SNX staking and fee collection, facilitating asset management across multiple networks.
The multi-chain SNX Liquidity Share will promote deeper liquidity across various platforms.
Multi-chain Synthetix perps trading is intended to offer new opportunities for leveraged trading.
While a website and explorer for the testnet have recently been created, they are not yet available to the public. However, their upcoming launch indicates that Snaxchain is nearing the final stages of development.
The update will be put to a vote on the Synthetix admin forum today, where it will most likely be approved by the community.
The price of SNX, which ranks 114th among the world's largest cryptocurrencies, showed some volatility following the development, but at the time of writing this article, it is trading at a lower level than the development announcement.
*This is not investment advice.