What is Synapse (SYN)?
Synapse (SYN) is an interoperability protocol created for transmitting arbitrary data securely and safely between blockchains.
Its users can access a wide range of chains, including layer 1, layer 2, and sidechain ecosystems, to transfer and exchange their assets.
By assisting its users in more effectively transferring their assets between various networks, the initiative seeks to increase inter-blockchain compatibility.
Synapse employs a stableswap algorithm to safely move its users’ assets between several ecosystems while preserving slippage, liquidity pool balances, and transaction pricing.
Ethereum’s Synapse protocol, which allows for asset exchanges and bridging between chains and yield-earning, is powered by the SYN token.
Who Are the Founders of Synapse?
The Singapore-based company Synapse doesn’t disclose the names of its founders, co-founders, or staff members.
On Twitter, the core group is active under the handles AureliusBTC, Socrates0x, Caesar0x, and Trajan.
Max Bronstein joined the protocol as COO in March 2022. Bronstein worked on creating the first DeFi loan markets while he was a member of the cryptocurrency firm Dharma.
In addition, he was one of Coinbase’s first investors and worked on the platform’s creation.
What Makes Synapse Unique?
The fact that Synapse Chain is designed as an Optimistic Rollup provides the following advantages:
EVM Compatible: The chain seeks to use EVM and ensure that it is compatible with the extensive application ecosystem created around it. The chain’s apps provide the same user experience as those built on an EVM blockchain, and the existing chains may likewise be quickly deployed without requiring any architectural changes. As a result, a robust ecosystem of cross-chain apps can be bootstrapped onto the chain.
Extremely Secure: The optimistic rollups upon which Synapse is based allow the dApps to take advantage of the security and decentralization of Ethereum’s foundation layer because Synapse may be bootstrapped with independent security systems. Providing the chain with the highest level of security.
User Experience: Transactions on the Synapse chain are immediate and reasonably priced since roll-ups provide higher throughput and scalability than Ethereum.
Easy to Use: The optimistic rollups provide a straightforward and secure foundation. Synapse doesn’t need to re-engineer new features from scratch because the chain runs on Ethereum’s architecture.
How Many SYN are in Circulation?
Synapse (SYN) is the platform’s native token, which powers the entire ecosystem. It has a circulating supply of 139,773,376 SYN coins and a max. supply of 250,000,000 SYN coins.
How is the Synapse Network Secure?
Celo’s Optics protocol served as a model for Synapse’s optimistic verification.
Four off-chain actors handle the security of Synapse’s optimistic verification process:
The notary is responsible for bonding SYN behind attestations and signing the Merkle root on each supported chain.
Updates from home contracts must be forwarded to replica contracts by the broadcaster.
The guard monitors cross-chain messages and reports fraud proofs when they discover malicious state updates.
Executor: After the latency window closes, this is responsible for submitting the final transaction.
How Can Crypto Investors Use Synapse (SYN)?
Network liquidity providers can receive SYN as payment and use it to vote on the protocol’s future.
Synapse also intends to create the Synapse Chain proof-of-stake blockchain to strengthen network security further.
Owners of SYN can use the Synapse DAO to vote on platform modifications and access network services, which helps the platform move on the right path.
Validators are rewarded for staking SYN tokens. Users can use SYN tokens to cover gas costs, including cross-chain swap fees, transaction protection fees, and fees for engaging in smart contracts.
Where to Buy SYN?
Synapse (SYN) is listed on well-known cryptocurrency exchanges like Binance, Coinbase Exchange, Kraken, and others as of March 2023.
- How high will SYN go?
Our study indicates that the average price of SYN will be $0.62 in June 2023, with $0.66 being the highest price that may be achieved in that month.
- Synapse crypto: Is it secure?
Synapse is considered a secure DEX and has never been the target of a hack or cyberattack.
Synapse’s network validators were able to spot suspicious activity in the AMM Metapools of their platform in November 2021 and thwart the fraudulent transaction.