Synapse is a cross-chain solution designed to safely and securely send data between blockchains.
Launched in August 2021, its goal is to “usher in the multi-chain future.”
Let’s dive in…
First, what is cross-chain interoperability?
Put simply, cross-chain interoperability in crypto refers to the ability of different blockchains to communicate and exchange information/assets.
Right now, the crypto space is fragmented. There are lots of blockchains out there, but very few can interact or communicate with one another.
Imagine you had an iPhone but couldn’t call someone that had a Samsung. This is an example of a lack of interoperability. So interoperability is when two (or more) different products or systems can interact and operate with each other. Read more here.
Cross-chain solutions like Synapse aim to solve this problem.
What is Synapse?
Synapse is a cross-chain solution that connects different blockchains to allow the seamless transfer of data.
Its vision “was born out of the clear realization that new blockchains were integral to onboarding millions of users into crypto as well as a need for seamless interoperability between them.”
Using Synapse, blockchains can easily and safely communicate with each other, users can seamlessly transfer assets, and developers can build secure cross-chain applications like Decentralised Exchanges, lending platforms, yield aggregators, derivatives markets and more.
Synapse is widely integrated across networks including Ethereum, Arbitrum, Avalanche, BNB Chain, Optimism, Polygon, and Fantom.
How does it work?
Optimistic security: Synapse uses what’s known as an Optimistic security model that ensures the integrity of cross-chain communication. In this model, off-chain actors work together to identify malicious transactions.
Synapse bridge: is built on top of Synapse’s cross-chain network. It allows users to seamlessly transfer assets across 16 blockchains. Its users have access to low fees and deep liquidity. The bridge also allows developers to build cross-chain DeFi applications.
Synapse chain: offers developers a smart contract interface for building cross-chain applications. It combines EVM (Ethereum Virtual Machine) compatibility with security, user experience and simplicity.
$SYN is Synapse’s native token. It’s used as an incentive for liquidity providers.
$SYN holders (with more than 50,000 $SYN tokens) can also put forward governance proposals to be voted on by the Synapse DAO (Decentralised Autonomous Organisation).
The current maximum supply of $SYN is set at 250,000,000. However, this could in theory change through a governance vote.
How to buy $SYN
To buy $SYN, you need to use a non-custodial wallet like MetaMask and then swap on Sushiswap. $SYN is available on many blockchains, but the smoothest and cheapest way to buy is through a Layer 2 scaling solution such as Arbitrum.
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