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About Synapse
Key Points
- Synapse is an interoperability protocol for safely sending arbitrary data between blockchains.
- It enables users to transfer and swap assets across multiple chains, including layer 1, layer 2, and sidechain ecosystems.
- The Synapse ecosystem consists of six parts: Synapse Bridge technology, cross-chain AMM, aggregative cross-chain communication, SYN token, Synapse Chain, and optimistic security approaches.
- Synapse Bridge allows users to seamlessly swap on-chain assets across 15+ EVM and non-EVM blockchains.
- Synapse Chain is an Ethereum-based optimistic rollup designed for cross-chain use cases.
- Synapse supports multiple EVM-compatible
About Synapse
At the forefront of innovation, Synapse is a pioneering force in the realm of decentralized finance, driven by a vision to revolutionize the way we interact with digital assets.
Introducing Synapse (SYN): A Comprehensive Overview
Synapse (SYN) is a cutting-edge interoperability protocol meticulously crafted to facilitate the secure and reliable transmission of arbitrary data across disparate blockchain ecosystems.
Users can seamlessly transfer and swap their assets across a multitude of chains, encompassing layer 1, layer 2, and sidechain ecosystems.
The project seeks to enhance inter-blockchain compatibility by facilitating seamless asset transfers between disparate networks. To ensure the secure and efficient transfer of users’ assets across diverse ecosystems, Synapse employs a sophisticated stableswap algorithm, thereby maintaining optimal slippage, liquidity pool balances, and transaction prices.
The Synapse ecosystem is comprised of six integral components: the innovative Synapse Bridge technology, a cross-chain Automated Market Maker (AMM), aggregative cross-chain communication protocols, the SYN token, the decentralized Synapse Chain, and robust optimistic security approaches.
Through its generalized messaging system, Synapse enables the secure and seamless transmission of arbitrary data across disparate blockchain networks. This innovative approach eliminates the need for separate deployments of applications across multiple chains, instead allowing for centralized deployment on a single chain, which can then communicate with other chains to provide a unified user experience from a single, centralized application layer. Furthermore, the generic message passing mechanism facilitates seamless smart contract calls, thereby empowering smart contracts on diverse chains to interoperate effortlessly with one another.
Synapse Bridge facilitates the seamless exchange of on-chain assets across 15+ EVM and non-EVM blockchains, ensuring a secure and reliable experience. The bridge supports two distinct bridging modalities: Canonical Token Bridging, which enables the transfer of wrapped assets between chains, and Liquidity-based Bridging, which facilitates the exchange of native assets across cross-chain stableswap pools.
Synapse Chain is an Ethereum-based optimistic rollup, meticulously crafted to provide a sovereign execution environment for a diverse array of cross-chain use cases. By harnessing the power of Synapse’s cross-chain messaging system, Synapse Chain will offer developers a unified, generalized smart contract interface, empowering them to build natively cross-chain applications that seamlessly execute business logic across any blockchain.
Synapse boasts seamless compatibility with multiple EVM-compatible blockchains, proudly integrating with a diverse array of nearly 18 layer-1 and layer-2 chains, including Ethereum, Optimism, Arbitrum, Harmony, Avalanche, Polygon, Moonbeam, Fantom, and BNB Chain.
The Visionary Founders Behind Synapse
Situated in Singapore, Synapse maintains an air of mystery, opting not to disclose its founders, co-founders, or team members. Nonetheless, the core team is actively engaged on Twitter, where they can be found under the handles AureliusBTC, Socrates0x, Caesar0x, and Trajan.
In March 2022, Max Bronstein assumed the role of Chief Operating Officer (COO) at the protocol. Notably, Bronstein’s impressive background includes his tenure at crypto startup Dharma, where he played a pivotal role in establishing the pioneering DeFi lending markets. Furthermore, he was among the earliest investors in Coinbase, contributing to the development of the platform itself.
Synapse represents the rebranded iteration of Nerve Finance, a pioneering stableswap Automated Market Maker (AMM) situated on the BNB Smart Chain (BSC). Following a strategic rebranding effort in August 2021, the project evolved into Synapse Protocol, refining its business model while retaining the support of its esteemed investors, including Three Arrows Capital, CMS Holdings, Alameda Research, Immutable Capital, Primitive Ventures, DeFiance Capital, and Mechanism Capital.
Synapse’s community exercises decentralized governance through a collective of SYN token holders, known as the Synapse DAO. By participating in voting and governance activities, community members shape the protocol’s development trajectory.
Unveiling the Unparalleled Attributes of Synapse (SYN)
Synapse Chain is constructed as an Optimistic Rollup, thereby affording the following advantages:
What Is the Circulating Supply of Synapse (SYN) Coins?
Synapse (SYN) serves as the native token of the platform, fueling the entire ecosystem. With a capped supply of 250,000,000 coins, the total supply stands at 192,696,599 coins. As of March 2023, the circulating supply of SYN tokens has reached 139,773,376.
The platform’s tokenomics are designed to incentivize SYN users who actively engage within the ecosystem. Notably, the two cross-chain tokens that facilitate seamless exchange between networks are nUSD and nETH.
SYN tokens fulfill a multifaceted role, encompassing a range of distinct functions, including:
Acquiring Synapse (SYN): A Comprehensive Guide to Exchanges and Marketplaces
As of March 2023, Synapse (SYN) has been successfully listed on a plethora of esteemed cryptocurrency exchanges, including Binance, Coinbase Exchange, Kraken, KuCoin, SushiSwap, PancakeSwap, Gate.io, Huobi, Uniswap, Bitget, BKEX, LBank, MEXC, Phemex, CoinEx, BitMart, Bitrue, BTCEX, and XT.COM, among others.
Stay up-to-date with real-time Synapse (SYN) price updates by downloading the CMC mobile app.
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EVM Compatibility: Synapse Chain will harness the power of the Ethereum Virtual Machine (EVM) to ensure
By leveraging composability, Synapse Chain seamlessly integrates with the rich developer and application ecosystem built around it. The developer experience of building applications on Synapse Chain is on par with that of existing EVM blockchains, while existing decentralized applications can be effortlessly deployed to Synapse Chain with minimal to no architectural modifications. This enables Synapse Chain to foster a thriving ecosystem of cross-chain applications from its inception.
Security: While blockspace tailored for more nuanced use cases can
Notably, while optimistic rollups can significantly enhance throughput, reduce fees, and elevate the overall user experience, they often do so at the cost of compromised security. However, by leveraging the robust security and decentralization inherent in Ethereum’s base layer – which boasts the highest security expenditure among all generalized smart contract blockchains – dapps can sidestep the need to establish independent security systems, thereby ensuring a more secure and decentralized environment.
User Experience: Rollups Unlock Unparalleled Throughput and Scalability
Notably, the transaction capacity of Synapse Chain surpasses that of Ethereum by a significant margin. With near-instant transaction processing and a drastically reduced cost structure, applications built on Synapse Chain can deliver a seamless user experience on par with their centralized counterparts.
Elegance in Design: Optimistic Rollups Offer a Framework for Seamless Execution
In a concerted effort to create an environment that is at once straightforward and secure, Synapse Chain leverages Ethereum’s time-tested infrastructure, thereby eliminating the need to reinvent the wheel. By adopting Geth as its client software, Synapse Chain effectively mirrors Ethereum’s underlying architecture, thereby minimizing the introduction of novel vulnerabilities that often accompany the creation of a new execution environment from the ground up. This deliberate adherence to Ethereum’s core design principles serves to mitigate potential attack vectors.
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Governance. SYN token holders are empowered to leverage network services and exercise their voting rights in shaping the future of the network through proposed changes.
Through the Synapse, the platform is governed via a decentralized autonomous organization (
DAO
), which enables collective decision-making and propels the platform forward in a positive direction.
Liquidity Provider Incentives and Rewards: Unlocking Network Benefits
In recognition of their invaluable contributions to the ecosystem’s growth and their instrumental role in operating and maintaining its cross-chain features.
Staking: Unlock Rewards by Staking SYN Tokens
Fees. Users are empowered to settle gas fees, encompassing cross-chain swap fees,
We leverage SYN tokens to facilitate transaction protection fees and smart contract interaction fees, ensuring seamless and secure interactions.
The Synapse Network’s Security Framework: A Robust Defense Mechanism
Synapse’s innovative verification mechanism draws inspiration from Celo’s pioneering Optics protocol, leveraging its robust framework to ensure seamless and secure transactions.
The security models employed by most bridges can be categorized into three distinct types: locally verified, where only the parties directly involved in a cross-chain interaction verify transactions; natively verified, where all validators from the two participating blockchains authenticate the message; and externally verified, which relies on an independent validator set to authenticate transactions between chains.
Despite the existence of three primary archetypes for cross-chain verification, most bridges currently in operation essentially function as basic multi-sig consensus schemes, prioritizing a faster user experience. Although these systems facilitate rapid finality, this expedited process comes at a cost, leaving users vulnerable to security threats. As the Interoperability Trilemma posits, inherent tradeoffs are inevitable in cross-chain communication. The compromise of security for speed has led to a plethora of bridge hacks, resulting in cumulative losses exceeding $500 million USD.
Optimistic verification draws inspiration from optimistic rollups, where transactions are presumed honest by default, with a network of off-chain actors tasked with submitting fraud proofs during an optimistic window to prevent any fraudulent transactions. This mechanism introduces a substantial layer of security to the network, rendering it significantly more costly for a malicious actor to launch an attack compared to the existing M of N mechanism. In contrast to externally verified networks, which rely on an honest majority assumption, optimistic verification operates on a single honest verifier assumption. Notably, optimistic verification only requires a single honest guardian to act with integrity for the system to remain secure. Instead of a malicious actor needing to compromise M number of validators, they would need to co-opt all N actors, and the cost of attacking the network becomes prohibitively expensive as the number of N fraud watchdogs increases. As a natural trade-off, this enhanced security comes at the expense of latency.
Four off-chain entities play a pivotal role in ensuring the security of Synapse’s optimistic verification mechanism. The Notary is responsible for signing the Merkle root on each supported chain, while also bonding SYN behind attestations. The Broadcaster, meanwhile, forwards updates from home contracts to replica contracts. The Guard is tasked with observing cross-chain messages and submitting fraud proofs when it detects malicious state updates. Lastly, the Executor is responsible for posting the final transaction once the latency window is completed.