Article Summary, Automatically Generated By AI
Summary of Synonym Finance
- Synonym Finance is a cross-chain money market built on Wormhole.
- It uses a hub and spoke architecture for cross-chain lending.
- Initial connected chains: Ethereum and Optimism.
- SYNO token utility: earning yield, fees distribution, and governance.
- vlSYNO multiplier model: users locking 80/20 Balancer LP Token (SYNO-ETH) receive fee distribution.
- 40% of fees distributed to vlSYNO participants.
Numbers and figures:
- 80
- 20
- 40
About Synonym Finance: Empowering the Future of Decentralized Finance
Synonym Finance is a pioneering cross-chain money market built atop Wormhole, harnessing a hub-and-spoke architecture to simplify cross-chain lending for users. By leveraging Wormhole’s xChain technology stack, we securely facilitate the exchange of transaction information between the core Arbitrum hub and its connected spokes, initially comprising Ethereum and Optimism. The intrinsic value of our token (SYNO) lies in its utility for earning yield, fee distribution, and governance. Our innovative vlSYNO multiplier-based model rewards users who lock 80/20 Balancer LP Token (SYNO-ETH) with a fee distribution, with 40% of fees allocated to vlSYNO participants.