SYN
Synapse
$0.04111
0.60%
Synapse
SYN
$0.04111
0.60%
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Synapse Information
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About Synapse
Synapse (SYN) is a cross-chain interoperability token of the Synapse Protocol, enabling seamless asset bridging, swaps, and communication across multiple blockchains through its Synapse Interchain Network. SYN is used for governance, liquidity provider incentives, and transaction fees.
Synapse (SYN) is the native utility and governance token of the Synapse Protocol, which facilitates interoperability between blockchains. The protocol's main aim is to provide seamless cross-chain communication and asset transfers. It achieves this through the Synapse Interchain Network (SIN), which is an optimistic proof-of-stake network that allows communication and settlement between various blockchains.
- Interchain Network (SIN): An optimistic proof-of-stake network providing trustless, permissionless, and modular security for cross-chain transactions.
- Synapse Bridge: A bridge enabling secure and low-cost asset transfers between 20 chains.
- Synapse Chain: An Ethereum-based optimistic rollup using the SYN OP stack, allowing transaction execution and message attestation.
- Cross-Chain Messaging: Enables applications to send arbitrary data between chains.
SYN serves various purposes within the Synapse ecosystem:
- Governance: Holders of SYN can vote on governance proposals concerning protocol upgrades, fee structures, and new features.
- Incentives and Rewards:
- Liquidity Providers: Receive SYN rewards for providing liquidity in Synapse pools.
- Bridging Fees: Fees paid in SYN for asset bridging reward liquidity providers.
- Cross-Chain Utility:
- Transaction Fees: SYN is used to cover cross-chain messaging and transaction fees.
- Gas Fees: SYN can be used to pay gas fees for cross-chain transactions.
- Layer-2 Rollup: Synapse Chain is an Ethereum-based optimistic rollup, which is essentially a Layer-2 blockchain built to scale transaction throughput while ensuring security by settling periodically on the Ethereum Layer-1.
- SYN OP Stack: The rollup leverages the SYN OP Stack, an adaptation of Optimism's OP Stack, with added functionalities for native interchain messaging and transaction attestation.
- Cross-Chain Integration:
- Interchain Connectivity: Allows seamless integration between multiple chains for decentralised applications (dApps).
- Unified Liquidity: Facilitates unified liquidity across chains by allowing cross-chain asset swapping and lending.
Synapse Protocol was founded by Max Bronstein, initially as Nerve Finance, before being rebranded to Synapse Protocol. The development team consists of blockchain and DeFi experts who work on expanding cross-chain interoperability features.
