Popular DeFi protocol Synthetix Network addressed a notable development in an announcement today. According to the team, they will introduce a blockchain network named Snaxchain for users. This network will go live on September 15, allowing investors to conduct transactions through it. Here are the notable details and the process we examined for you.
Blockchain Initiative by Synthetix Team
The Synthetix team introduced a blockchain network named Snaxchain in an announcement on their official website. This ecosystem will be available to users on September 15. According to details on the official website, the network will use the OP Stack infrastructure. This could make the network both fast and low-cost in terms of transaction fees.
Following the announcement by the team, the SNX price managed to rise by over 5% in the last minutes and was trading at $1.35 at the time of writing. With this process, the fact that the SNX token is the native token of the network could help the SNX price gain momentum in the future.
