Key Points
- Synapse (SYN) price surged by 23% today.
- The coin has a market cap of over $90 million.
Synapse (SYN) price surged by 23% today, reaching over $0.48. At the moment of writing this article, SYN’s total market cap is above $90 million.
Earlier today, SYN reached prices close to $0.5.
Today, Binance Futures will launch the SYNUSDT Perpetual Contract at 12:30 (UTC) with up to 50x leverage.
Recently, the team behind Synapse Labs announced via X that bridging via Synapse Protocol takes less than 4 seconds. The protocol can be used to seamlessly move funds between chains.
Synapse Protocol is used to continue building the unified future of Ethereum, as highlighted by the team behind the project recently via X.
What is Synapse (SYN)?
Synapse (SYN) is an interoperability protocol designed for safely and securely sending arbitrary data between blockchains.
Users can transfer and swap assets across different chains, including L1, L2, and sidechain ecosystems.
The project aims to improve inter-blockchain compatibility by helping users move their assets between different networks more efficiently.
To securely transfer users’ assets to and from different ecosystems, while maintaining slippage, liquidity pool balances, and transaction process, Synapse uses a stableswap algorithm.
The synapse ecosystem is made of six parts:
- Synapse Bridge technology
- Cross-chain AMM
- Aggregative cross-chain communication
- SYN token
- Synapse Chain
- Optimistic security approaches
With Synapse’s generalized messaging system, any arbitrary data can be sent across chains in a secure and seamless way, according to the project’s team.
Applications don’t have to be separately deployed across multiple blockchains, as they can be deployed on a single chain and communicate with other chains to create the exact same user experience from one central application layer.
Generic message passing also includes smart contract calls, enabling smart contracts on different chains to interoperate with each other.
Synapse Chain is an Ethereum-based optimistic rollup designed to serve as a sovereign execution environment for cross-chain use cases.
Synapse supports multiple EVM-compatible blockchains and it is integrated with almost 18 L1 and L2 chains including, Ethereum, Optimism, Arbitrum, Harmony, Avalanche, Polygon, BNB Chain, Fantom, and Moonbeam.
