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What is Synapse Protocol? Synapse protocol project details
- What is Synapse?
- Highlights of Synapse Protocol
- Features on Synapse Protocol
- Overview of SYN and Tokenomics tokens
- General information about tokens
- SYN . Token Allocation
- SYN . token utility
- SYN . token exchange and storage wallet
- Storage wallet
- Exchanges
- Project development roadmap
- Project team
- Investors and partners
- Investors
- Project partner
- summary
What is Synapse?
Synapse is a DeFi protocol that allows blockchains to interact with each other by providing an extensible cross-chain communication protocol that supports assets, smart contracts, and other features.
By using Synapse, developers can build truly multi-chain applications such as multi-chain exchanges, lending platforms, escrow systems, derivatives markets, aggregators. profits and more. This allows blockchains to interact with each other easily and securely, helping to create a comprehensive and evolving multi-chain DeFi environment.
Highlights of Synapse Protocol
Synapse Protocol has the following outstanding advantages:
- Interoperability makes application development and cross-chain transactions easy.
- High security thanks to the use of encryption technology and digital signatures, helping to ensure the safety of transactions on different chains.
- Scalability helps Synapse integrate across multiple chains and supports scaling as needed.
- Easy to use (User-friendly) with a simple and easy-to-understand interface, helping users to use the service easily.
- Convenience with cross-chain swapping for stablecoins across multiple chains in just 3 minutes, saving users time and money.
Features on Synapse Protocol
Synapse Protocol's supported products and features include Synapse Bridge, Synapse Pool and Synapse Network.
Synapse Bridge: a multi-chain interoperability tool that helps connect blockchains together and exchange assets and information between them. Synapse Bridge uses a flexible and scalable multi-chain messaging protocol to ensure transaction integrity and security.
Synapse Pool: a yield farming service on Synapse Protocol that allows investors to provide liquidity for transactions on Synapse Protocol by providing coins and receiving profits.
Synapse Network: allows switching between different blockchains in the same transaction. Synapse supports cross-chain swaps for 6 different chains, including Ethereum, Binance Smart Chain, Polygon, Fantom, Arbitrum, and Avalanche. The cross-chain swap takes only about 3 minutes and can be completed with basic steps.
Overview of SYN and Tokenomics tokens
SYN is the native token of Synapse Ecosystem, and its holders can use it to conduct transactions, provide liquidity or contribute to the management of the system through staking or participate in management activities. treat.
General information about tokens
Token Name: Synapse
Ticker: SYN
Blockchain: Ethereum, BNB chain, Polygon, Arbitrum, Optimism, Avalanche
Standard Tokens: ERC-20, BEP-20, Polygon, Arbitrum, Optimism, Avalanche
Contract:
Token Type: Utility, Governance
Maximum total supply: 250,000,000 SYN
Total Supply: 192,696,599 SYN
Supply in circulation: 139,773,376 SYN
SYN . Token Allocation
Distribution of SYN coin will be done as a reward for providing liquidity and divided among 5 pools as follows:
- 18% for nUSD pool on Avalanche
- 18% for nUSD pool on BSC
- 15% for nUSD pool on Polygon
- 22% for nETH pool on Arbitrum
- 27% for SYN/ETH Sushi LP on Ethereum.
SYN . token utility
The SYN token is the native token of the Synapse protocol and is used to access services on the network. SYN tokens have various functions, including staking, protocol fees and gas fees, incentive rewards, and governance:
- Staking: Users can stake SYN tokens to earn rewards.
- Protocol fees and gas fees: Users must pay protocol fees and gas fees in SYN tokens to conduct transactions on the network.
- Incentive rewards: SYN tokens are also used to incentivize activities on the network such as providing liquidity and participating in governance.
- Governance: SYN token holders can vote in governance decisions of the platform.
SYN . token exchange and storage wallet
Storage wallet
SYN tokens can be stored on digital wallets such as Metamask, Coin98 Wallet, Trust Wallet, Ledger, Trezor and other ERC-20 compatible digital wallets. Users can send and receive SYN tokens from these wallets and use them to access services on the Synapse network. Storing SYN tokens on safe and secure digital wallets will help users avoid risks related to loss or theft of tokens.
Exchanges
Currently, SYN coin is available on a number of major exchanges such as Coinbase, MEXC… and recently, it was also listed on Binance.
Project development roadmap
Although the Synapse project has not announced specific plans, their overall goal is to expand into new chains and add assets to attract users to the project's Bridge product.
Project team
Currently, the Synapse project development team has not been publicly disclosed. However, they have been introduced as experts with extensive experience in the fields of blockchain, crypto, fintech and digital marketing… Twitter of the 4 key members of the project can be provided as follows:
Aurelius: https://twitter.com/AureliusBTC
Socrates0x: https://twitter.com/Socrates0x
Caesar0x: https://twitter.com/caesar0x
Trajan: https://twitter.com/trajan0x
Investors and partners
Investors
In the past, before the name change, the project received a $2 million investment, mainly led by three major funds, CMS, Three Arrows Capital and Alameda Research. Currently, Synapse Protocol has not announced any investment funds and does not have any ongoing fundraising.
Project partner
The project is continuing to expand its integration with various blockchain partners. Previously, the project has successfully integrated with Ethereum, BNB Chain, Polygon, Arbitrum, Optimism and Avalanche…
In addition, Synapse has completed the testing of its Smart Contract with the support of reputable partners such as CertiK, OpenZeppelin and Quantstamp.
summary
One of the reasons for the SYN token to be listed on Binance is because the project belongs to the exchange's MVB category. In addition, some other factors include the active development of the project and the potential of the SYN token in the future. We should learn and evaluate carefully to make the right investment decision. Good luck.
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