Synthetix Announces Change in Leadership Alongside Launch of Blockchain App

DeFi protocol group Synthetix appears to have made some changes to its leadership, making way for new faces to be at the helm of affairs, a report has confirmed. The new phase of its leadership is expected to be selected via a voting process, which would come after nominees had been selected. 

Accoridng to the report, the councils of governance set to welcome new leaders include Spartan, Treasury, and Ambassado. The leaders are to be nominated between a 7-day interval before the election commences. Interestingly, anyone can be nominated for any of the councils. You only have to nominate yourself via the SNAXchain platform. If you feel a little overwhelmed by the process of activating your account on SNAXchain, you can use the reference provided by Synthetix. You may also be required to pay a gas fee worth a few ETHs to get tied to the chain. If you’ve successfully bridged the ETHs, the next step is to bind the Synthetix app with your wallet before adding yourself to the list of nominees. Note that the election will take place on chain. 

Synthetix’s SNAXchain Blockchain App Launch

Synthetix is opening up possibilities for an increased number of chains and solutions with the Layer 2 feature. This is evident in Synthetix’s arrangement to launch SNAXchain, the blockchain network app chain. The team declared that the app is expected to go live on Optimism’s Superchain network. Optimism’s Superchain was chosen by Synthetix due to the Superchain’s seamless ability to intercommunicate with other networks and aid the development of user experience on SNAXchain. SNAXchain comes with a feature that offers users cheaper transactions for apps hosted on decentralized frameworks due to its attachment to Ethereum rollups. It’s worth noting that Synthetix partners with Conduit and Wormhole for unique features such as a chain framework and cross-chain data transfer.