Synapse is a cross-chain layer protocol for blockchain activities such as asset transfers and swapping across chains. It offers decentralized and permissionless transactions between L1, sidechain, or L2 ecosystems.
Synapse (SYN) is an Ethereum token that powers Synapse, with Ethereum contract address 0x10b123fddde003243199aad03522065dc05827a0.
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What Is Synapse?
Synapse is a universal cross-chain liquidity network that promotes frictionless interoperability between blockchains by providing an extensible cross-chain communication protocol. The protocol supports assets, smart contract calls, etc., that make it easy for blockchains to easily and securely interoperate with each other.
Synapse allows developers to build cross-chain applications, including cross-chain DEX, lending platforms, margining systems, derivatives markets, yield aggregators, etc.
The Synapse network is a crypto resource that facilitates the bridging of assets across chains, swapping of assets, earning of yields, etc., by offering decentralized and permissionless transactions between L1, sidechain, or L2 ecosystems.
Synapse supports most of the widely used EVM-compatible blockchains.
The Synapse Token (SYN)
SYN is the Synapse ecosystem's native protocol token. It's an Ethereum token used for most activities in the Synapse network.
The Synapse token is used for voting on the protocol's future and other governance-related matters via the SynapseDAO. Users with up to 50,000 SYN tokens get to vote on protocol-level changes to the network.
The SYN coin is also the go-to resource for incentivizing users that provide liquidity, essential for the Synapse network cross-chain functionality. Synapse token holders can provide liquidity for the network on SushiSwap.
SYN may also be used to pay for the gas expended by network validators to secure transactions across the network. Once the Synapse Chain reaches the Archean Phase, SYN will provide economic security for the chain by requiring validators to stake it to operate on the network.
There is a max. supply of 250,000,000 SYN coins and the highest price for Synapse was $4.92 on Oct 24, 2021. Synapse had an all-time low of $0.389600 on Sep 21, 2021.
Synapse Founders
The Synapse protocol is led by an anonymous founder that goes by the name Aurelius on Twitter.
The Chief Operating Officer of Synapse is Max Bronstein, who has helped build some of DeFi’s first lending markets at Dharma. Bronstein also developed the Coinbase institutional platform in its infancy and invested in Coinbase ventures.
How Does Synapse Work?
The Synapse network is secured by cross-chain multi-party computation (MPC) validators operating with threshold signature schemes (TSS). The network maintains security by each validator running the same process on the various chains that the MPC validator group tracks. The network achieves consensus and issues a transaction to the destination chain when two-thirds of all validators have collectively signed the same transaction using their own individual key.
The Synapse AMM is how the assets that compose the network liquidity are transformed into tokens of the chosen destination chain. To allow the efficient swapping and bridging of assets between ecosystems with low slippage, the AMM implements a stableswap algorithm to price and re-balance assets within its cross-chain liquidity pools.
Where to Buy Synapse?
The SYN token has been listed on several crypto exchanges, including Coinbase, Binance, BingX, MEXC, BTCEX, Gate.io, etc. Sushiswap is currently the most active exchange to buy or sell Synapse.
SYN cannot be directly purchased with fiat currency. You must first buy Ethereum from any fiat-to-crypto exchange and then trade ETH for SYN on an exchange that supports Synapse.
