Being able to power frictionless interoperability between two or more blockchains is what makes Synapse's cross-chain protocol so unique.
Synapse provides the ability to complete decentralized permissionless transactions from a layer one sidechain to a layer 2 ecosystem.
The Synapse network can complete integral blockchain activities. For example, it enables the transfer of assets, swapping of assets, and messaging between various cross-chain functionalities. This enables new networks to work off their cross-chain architecture.
You can deploy a dApp on one chain and still communicate via the Synapse messaging framework with another dApp on a different blockchain without compromising the users' full experience.
How Does Synapse (SYN) Work?
The entire Synapse network is leaderless. However, don't let that scare you off. It is completely secured by cross-chain multi-party computation, with validators operating within a threshold signature scheme.
To maintain security, each validator runs the same process upon any on-chain events that the MPC validator group tracks on the various chains.
They implemented the protocol used by Synapse to run onto the chain, which is an Ethereum optimistic roll-up. Synapse uses Ethereum security while staying sovereign to provide developers with a programming environment built on top of their messaging system.
This streamlines development and makes it possible to launch DApps designed for multi-chain environments from a single blockchain using efficient cross-chain business logic.
What Is Synapse Used For?
As mentioned above, they use Synapse to seamlessly exchange information between two or more blockchains.
Validators are utilized for optimum efficiency between chains. The network reaches consensus and issues transactions on the designated chains once two-thirds of the validators have verified the identical transaction using their specific private keys.
Synapse is in charge of responding to every on-chain event on the network by reporting the occurred transaction and rerouting the network's liquidity to the required destination.
To transform assets composed of liquidity into native tokens, Synapse AMM implements a stable swap algorithm that assists with the price and rebalancing of assets within the cross-chain liquidity pools.
This enables minimal friction movements of assets between ecosystems with a low slippage rate.
They intend to enhance swapping and bridging efficiency through future implementations.
Where To Buy Synapse (SYN)
The native Synapse token (SYN) is listed on many cryptocurrency exchanges. However, please note that you can only buy the token with cryptocurrency, not fiat currency.
The most common crypto to buy first is Ethereum, which can be purchased with fiat currency on centralized exchanges. Once you've obtained Ethereum, you can connect your wallet to any of the decentralized exchanges listed below and exchange your ETH for SYN.
Popular digital wallets such as MetaMask or Trust Wallet can be used for this purpose.
The exchanges where you can buy SYN are as follows:
BTCEX
Gate.io
Coinbase
MEXC
Note: This is not financial advice. Everything you read in this article is for educational purposes.
FAQs About Synapse (SYN)
How long has Synapse existed?
Synapse was first released in September 2021 by Paweł Łaskarzewski and Michał Domarecki.
Paweł Łaskarzwski has more than 20 years of experience in the IT industry as a technology executive and enterprise solutions architect. With his strong business development and problem-solving skills, he can bridge the gap between technological innovations and business operations.
He has an impressive portfolio, having worked for various international companies like Citibank and B/E Aerospace, as well as successful start-ups like Molecule.one and Kiwi Jobs.
Michał Domarecki is a serial entrepreneur and investor who has founded various successful companies in industries ranging from IT to transport and logistics.
For the past six years, he has been actively involved in the cryptocurrency space, doing everything from investing to advising startups on achieving success. He has worked with big names like Crypto.com.
The early community presale held by Synapse opened the door to its products being used by startups on multiple blockchains. They have also made it possible for investors to participate in cross-chain investments.
What's controversial about Synapse?
Since the company is still young, there hasn't been much controversy that has come to light. Monitoring crypto and company news will provide insights into whether they are meeting their roadmap goals and how the company is growing.
How many SYN tokens are there?
The maximum supply of SYN tokens is 250,000,000 SYN, with a total supply of 180,209,601 SYN.
Can SYN be mined?
Synapse is a proof-of-stake blockchain, so it can't be mined. However, Synapse developers will build new-generation protocols that can interact with assets located on any blockchain.
Although the Synapse token can't be mined, it provides benefits to users.
The SYN token powers the entire Synapse ecosystem and is used for network governance through community voting on various network protocols to improve the ecosystem.
Users who stake their tokens as liquidity providers receive incentives based on the number of tokens they stake. The token is also used to pay any gas fees that may occur on the network to secure transactions across the blockchain.
What is the market cap of Synapse?
The total market cap is currently $220,487,765, with a fully diluted market cap of $305,834,081. The 24-hour trading volume is currently $7,533,034, according to CoinMarketCap.
Biggest Competitors of Synapse
With the ever-increasing development of blockchain technology, Synapse is a perfect example of innovation being put to good use. Although the company is still very young, the unique product they have developed has already attracted competition.
The two biggest competitors of Synapse are:
Mobius Money (MOBI): This Automated Market Maker is developed on Celo and designed for trading stablecoins with low slippage and pegged assets.
Curve Finance (CRV): This decentralized exchange is built on the Ethereum blockchain and allows for the swapping of stablecoins.
What Are the Future Plans for Synapse?
Synapse has well-thought-out plans for the future and has been able to achieve its set goals so far. However, they are not done yet. Synapse is planning to release an option for developers to create their cross-chain smart contracts directly on the Synapse chain.
With the addition of app deployment on the Synapse chain, the company will increase compatibility with the Ethereum Virtual Machine (EVM) to enhance the user experience when building applications.
They also intend to upgrade the entire chain down the line, which will have beneficial implications for the SYN token, increasing the security, consensus, and staking process, as well as economic incentives of the network.
The Synapse team will release more detailed plans in the coming months. You can keep an eye on their social media pages for any indication of the updated plans they have in store.
Pros and Cons of Synapse (SYN)
Pros:
Synapse allows billions of people around the world without access to banking services to access financial tools and yield generation services.
The open protocol of Synapse enables individuals with a history that prevents them from acquiring regular financial services to obtain those services.
The entire protocol operates on a permissionless basis, allowing services and features to be conducted without human intervention.
After undergoing multiple third-party audits, the network is secure, enabling users to buy, sell, and trade their digital assets without worrying about permission.
Cons:
The services offered by the company face increasing competition.
Being a young company, Synapse may face trust issues, as users might prefer platforms with more experience.
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