What is Synapse Protocol? Synapse Protocol a decentralized platform that allows applications to develop and deploy dApps easily and quickly. So what’s different about Synapse Protocol? Let’s find out with Weakhand.
And to understand more about Synapse Protocol, please refer to the articles below:
- What is Celer Network (CELR)? Celer Network Cryptocurrency Overview
- Bridges: Design, Trade-offs, and Opportunities
- What is Nomad? Nomad Cryptocurrency Overview
What is Synapse Protocol?
Overview of Synapse Protocol
Synapse is a cross-platform cross-chain protocol that allows users to swap assets seamlessly, across the safety and security chain.
Through Synapse Protocol, blockchains can interact with each other easily, securely and at the same time developers can build cross-chain applications including cross-chain DEX, platform lending. lendingmargin, derivatives, yield aggregators ….
Through Synapse messaging (Cross-Chain Messaging) Any arbitrary data can be sent across chains securely and seamlessly.
Synapse Protocol has two core components:
- Synapse Network: The cross-chain infrastructure is powered by multi-party computational validators that collectively react to events on blockchains connected by the Synapse network.
- Synapse AMM: Cross-chain stable AMM supports secure stablecoin swaps with low slippage.
Features on Synapse Protocol
- Swap: Swap between Stablecoins such as USDT, USDC, BUSD,…
- Bridge: Swap assets between blockchains.
- Liquidity Pool: Liquidity pool of stablecoin pairs.
- Stake: Users who stake the SYN/ETH pair receive APY.
Difference of Synapse Protocol
- Synapse AMM: Cross-chain AMM supports secure stablecoin swaps with low slippage. Synapse Protocol helps users save costs in Cross-chain swaps.
- Synapse Bridge: Synapse allows cross-chain swaps and swaps done in one transaction. Synapse Bridge allows users to seamlessly swap on-chain assets across 15+ EVM and non-EVM blockchains safely and securely.
- Synapse Pool: In the Synapse protocol, each blockchain will have a corresponding liquidity pool, these pools are used for swapping and bridging assets between blockchains. Users who provide liquidity to the pools will receive the corresponding LP Tokens and can then continue to stake these LP Tokens to earn additional profits.
- Synapse nUSD: nUSD, or “nexus” USD, is a cross-chain stablecoin fully backed by the nexus stablecoin liquidity pool on Ethereum consisting of DAI, USDC and USDT. When a stablecoin is connected between Synapse-enabled chains, the funds are automatically converted to nUSD and connected to the destination chain. These nUSD can then be automatically swapped into that chain’s native stablecoin using the nUSD pool.
- Synapse nETH: nETH, or ETH “nexus”, is a cross-chain asset pegged to ETH and fully backed by the nexus ETH liquidity pool on Ethereum, which only includes (currently) ETH. nETH is used to enable fast ETH connections to and from L2 networks such as Arbitrum, Boba, and Optimism.
- Synapse Chain: Synapse Chain serves as a cross-chain contract execution environment for products on the Synapse Protocol.
Synapse Protocol Development Roadmap
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Core Team
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Investor
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Tokenomics
Basic information about SYN token
- Token name: Synapse
- Code: SYN
- Blockchain: Ethereum, Binance Smart Chain, Avalanche, Polygon, Optimism, Arbitrum, Fantom, Aurora, Boba Network, Moonriver, Hamorny.
- Total supply: 250,000,000 SYN
Token Use Case:
- Administration: Used to propose and vote on changes to the platform.
- Stake: Stake the above SYN/ETH pair SushiSwap receive APY
- Lending: Lend SYN tokens to create a market.
- Stake SYN: Operates on Synapse Chain through validator and node staking
- Reward users for participating in providing liquidity
Exchanges
SYN token is currently traded on major exchanges: Binance, Coinbase, Kucoin, Kraken, Gate, Houbi, SushiSwap, UniSwap, PancakeSwap, MEXC, …
Synapse Protocol Project Information Channel
- Website: https://synapseprotocol.com/
- Twitter: https://twitter.com/SynapseProtocol
- Medium: https://synapseprotocol.medium.com/
- Discord: https://discord.com/invite/synapseprotocol
- Telegram:
Summary
Hopefully through this article, readers will have more information about the Synapse Protocol project and make decisions for themselves when investing in Synapse Protocol.