Being able to power frictionless interoperability between two or more blockchains is what makes Synapse’s cross-chain protocol so unique.
They allow you to complete decentralized, permissionless transactions from a layer one sidechain to a layer two ecosystem.
The Synapse network can complete integral blockchain activities, for example, if you want to transfer or swap assets or messages between their various cross-chain functionality.
This will ultimately enable new networks to work off their cross-chain architecture.
In essence, you can deploy a dApp on one chain and still have the ability to communicate via Synapse’s messaging framework with another dApp that is on a different blockchain without having to compromise 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.
It will maintain security by having each validator run the same process upon any on-chain events that the MPC validator group tracks on the particular destination chain.
The protocol used by the Synapse network is implemented to run onto the chain, which is essentially an Ethereum optimistic rollup. Synapse uses Ethereum’s security while staying sovereign to provide developers with a programming environment built on their messaging system.
It streamlines development and makes it possible to launch dApps designed for multi-chain from a single blockchain using efficient cross-chain business logic.
What Is Synapse Used For?
As mentioned above, the Synapse network seamlessly exchanges information between two or more blockchains with its cross-chain functionality.
It makes use of validators for optimum efficiency between chains; however, only when two-thirds of the validators have signed off the same transaction using their unique private key will the network achieve consensus and proceed with issuing the transaction on the designated chains.
For any on-chain event that occurs on the network, Synapse is responsible for responding by submitting the transaction that took place by redirecting the liquidity within the network to the necessary location.
In order to have liquid assets transformed into native tokens, the Synapse AMM implements a stableswap algorithm that assists with the price and re-balancing of the assets within the cross-chain liquidity pools.
This will enable frictionless movements of your assets between ecosystems with a low slippage rate.
They intend to implement future changes that will see the swapping and bridging efficiency enhanced.
Where To Buy Synapse (SYN)
The native Synapse network token (SYN) is listed on many cryptocurrency exchanges; the problem comes with the fact that you cannot buy the token with fiat currency, only with crypto.
The most available crypto to buy first is Ethereum, which can be purchased on any centralized exchange with fiat currency. After you’ve made your purchase, you can go ahead and connect your wallet to any of the decentralized exchanges listed below and change your ETH to SYN.
Any popular digital wallet, like MetaMask or Trust Wallet, will do the trick.
The exchanges where you can buy SYN are as follows:
Note: This is not financial advice; everything you read in this article is purely for educational purposes.
Biggest Competitors Of Synapse
With the ever-increasing development of blockchain technology with the protocol’s cross-chain functionality front and center, Synapse is a perfect example of innovation being put to good use.
Yes, the company is still very early in its existence, but the unique product they have developed has already attracted competition.
The two biggest competitors Synapse is facing are:
- Mobius Money (MOBI): This Automated Market Maker is developed on Celo and constructed for the trading of stablecoins with low slippage and pegged assets.
- Curve Finance (CRV): This is a decentralized exchange created on Ethereum’s blockchain, which gives users the ability to swap stablecoins.
What Are The Future Plans For Synapse?
Synapse has designed well-thought-out plans for the future and so far has been able to reach all the goals they’ve set out, but they’re not done yet.
Synapse is planning to release an option for developers to create their own cross-chain smart contracts directly on the Synapse chain.
With the addition of app deployment on the Synapse chain, the company will increase the compatibility with EVM (Ethereum Virtual Machine) to increase the user experience when building applications.
They also intend to upgrade the entire chain down the line, which will have beneficial implications on the SYN token to increase the security and consensus of the entire network as well as the staking process and economic incentives.
The Synapse team will release more detailed plans within the coming months. You can have a look at their social media pages for any indication of the updated plans they have in store.
Pros And Cons Of Synapse (SYN)
Pros:
- There are billions of people around the world without any access to banking services, but Synapse gives those an opportunity to access financial tools and yield generations of services.
- There are also individuals who can’t acquire regular financial services because of their history, but with the open protocol of Synapse, that won’t be a problem anymore; anyone can obtain their financial services.
- The entire protocol works on a permissionless basis, which means it can conduct the various services and features without any human intervention.
- After going through multiple third-party audits, the company can say with certainty that the network is secure, as the team designed the network to allow users to buy, sell, and trade their digital assets without having to worry about permission.
Cons:
- The services that the company offers are getting an increasing amount of competition.
- The company is still very young, and with that comes trust issues; users might want to go for a platform that is a bit more experienced in years.
FAQs About Synapse (SYN)
How long has Synapse existed?
Synapse was first released in August 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 with business and operations.
He has an impressive portfolio behind him, working 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 founded a handful of successful companies in various industries ranging from IT to transport and logistics.
For the past six years, he’s been actively involved in the cryptocurrency space doing everything from investing to advising start-ups on how to achieve the success they deserve. He has worked with big names like Crypto.com.
The early community presale that Synapse held opened the door to its products being used by start-ups on multiple blockchains. The company also made it possible for investors to invest in cross-chain investments.
What’s controversial about Synapse?
Because the company is still so young, there hasn’t been much controversy that came to light.
At this moment, one can keep an eye out on crypto news and company news to see if there are reaching their roadmap and how the company is growing.
How many SYN tokens are there?
The maximum supply of the SYN token stands at 250,000,000 SYN, with a total supply of 180,209,601 SYN.
Can SYN be mined?
The Synapse network works as a proof-of-stake blockchain, meaning it can’t be mined. With their blockchain, developers will be able to build new generation protocols able to interact with various asset transfers, and it doesn’t matter which blockchain those assets are located.
Even though the Synapse token can’t be mined doesn’t mean it won’t be of benefit to the users.
Not only does the SYN token power the entire Synapse ecosystem, but it’s also used for the governance of the network through the community.
Giving the users the ability to vote on various network protocols they feel will improve the ecosystem. Those staking their SYN tokens in the form of liquidity providers will receive incentives for the number of tokens they stake.
The token is also used to pay any gas fees which might occur on the network through validators to secure transactions across the blockchain.
What is the market cap of Synapse?
The total market cap is standing at $220,487,765 at the time of writing, with a fully diluted market cap of $305,834,081. The 24h trading volume for the SYN token is currently at $7,533,034, according to CoinMarketCap.
Resources:
https://currency.com/synapse-syn-price-prediction
https://medium.com/synapse-protocol/introducing-synapse-protocol-2af926143deb
https://morioh.com/p/eff3980c0973
https://kalkinemedia.com/us/news/cryptocurrency/why-is-synapse-syn-crypto-gaining-attention
https://coinmarketcap.com/currencies/synapse-2/
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