xchain

ChainCatcher news, Synthetix core contributor Matt Losquadro stated that the upcoming new application chain SNAXchain aims to bring cross-chain liquidity and trading fee revenue for native token stakers and on-chain trading products. The application chain will initially serve as an on-chain governance platform to manage Synthetix deployments on the Ethereum mainnet and Layer 2 scaling chains, including Optimism, Arbitrum, and Base. Currently, Synthetix is actively exploring the future functionalities of SNAXchain, including SNX staking, cross-chain liquidity, and support for customized perps products, with more proposals regarding these features expected in the fourth quarter.

ChainCatcher news, the DeFi protocol Synthetix is launching its application chain SNAXchain on Optimism. Synthetix states that the goal of SNAXchain is to become a neutral governance and protocol decision-making center.It is reported that SNAXchain is developing chain infrastructure in collaboration with Conduit and cross-chain messaging in collaboration with Wormhole.

ChainCatcher news, IDEX announced that its mainnet XCHAIN has been launched. IDEX has transitioned from a spot DEX on Ethereum to a full-chain perpetual futures DEX, operating on XCHAIN, which is an L2 supported by Arbitrum.In addition, the IDEX rewards program is about to be launched, which rewards users based on trading volume and staking activities.

ChainCatcher news, according to official sources, the no-code AI solution CodeXchain has joined the Manta Network ecosystem.It is reported that CodeXchain allows no-code developers to build dApps on Manta Pacific using AI.

ChainCatcher news, Frax Finance founder Sam Kazemian stated in the official Telegram group that there will be a unique Fraxchain airdrop / points system related to something new with FXS+, which is something we plan to announce until the New Year.

ChainCatcher news, the cross-border trade digital public blockchain platform Zetrix announced the launch of a pilot project in collaboration with Chinese banks to provide supply chain financing products for international importers and exporters. In addition, Zetrix is partnering with the digital solution provider Dixchain to jointly offer digital solutions for global cross-border trade and finance.It is reported that Zetrix is developed by MY EG Services Bhd, and its integration with cross-border and cross-chain solutions in China enables Zetrix to act as a blockchain gateway, facilitating global trade by deploying key building blocks of Web3 services (such as blockchain-based identifiers (BID) and verifiable credentials (VC)).

ChainCatcher news, Frax founder Sam Kazemian responded to users in the official Telegram about "the role of frxETH and FXS in FraxChain," stating that the Gas token for FraxChain is frxETH, and the role of the FXS token is as a staking token for the FraxChain network validators, which can be used to capture validator income.Previous news, the Ethereum L2 network Fraxchain's testnet aims to go live in early January 2024. Fraxchain is a computation Rollup, not an application chain.

ChainCatcher news, Frax founder Sam Kazemian revealed in the official Telegram that the Frax Finance Ethereum L2 network, Fraxchain, aims to launch its testnet in early January 2024.Fraxchain is a computation Rollup, not an application chain, and plans to support any developers who want to build on it, including those creating other stablecoins, LSDs, or anything that doesn't have to use Frax assets. Early project builders will definitely receive the most block space incentives. FXS will be the native token of Fraxchain and will earn sequencer revenue, with a decentralized sequencer mechanism to be controlled in future updates.

ChainCatcher news, stablecoin protocol Frax Finance has launched the Ethereum Layer2 network Fraxchain, which will focus on creating a smart contract platform that emphasizes decentralized finance. The network is expected to be ready by the end of this year. The governance of Fraxchain will be led by holders of the Frax Shares (FXS) token. The network will use the stablecoin Frax and liquid staking derivatives Frax Ether to pay for transaction fees. Additionally, Frax founder Sam Kazemian stated that fees generated by the Rollup network could be partially burned or redirected back to the Ethereum mainnet to be distributed to holders of the FXS governance token.Fraxchain adopts a Layer2 Rollup model in its design, publishing the state root to the Ethereum mainnet to secure the network. Fraxchain will integrate decentralized sequencers. These sequencers are specialized nodes responsible for ordering transactions into batches within the Rollup network. They will be operated by any entity elected through governance voting. (source link)