Synapse SYN
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Short Review Synapse
Crypto project Synapse (SYN) is classified as a Protocol. Synapse is a Utility token that is hosted on the Ethereum Network. The current total supply is 250.00 M SYN (Circulating Supply + Tokens yet to be released - Burned Tokens).
(SYN)
SYN Price Chart
The launch of SYN token trading took place on 30 August 2021.
Synapse Cryptocurrency (SYN)
SYN is the native token of the Synapse protocol, created to enable communication between chains. Synapse gives developers the incredible ability to build truly cross-connected applications using an extensive messaging protocol.
The SYN token has several uses. First of all, it is used to incentivize liquidity providers. Moreover, active stakeholders and liquidity providers have a say in the decision-making process by voting on updates. SYN is also used to pay commissions for swaps on the platform.
History of the Synapse Project
The idea for Synapse arose from the realization that the growing number of blockchain users required better performance to provide functionality. As stated in the white paper, Synapse has three core principles:
- Security. Providing security for internetworking activities requires even more effort and is a key priority for developers. Synapse uses an optimistic screening system that uses third-party participants to identify threats.
- Easy. Strong customer relationships help developers improve the protocol to meet users' goals.
- Easy compatibility. The main goal of the project is to ensure a multi-chain future. This means that all existing blockchains should easily interact with each other.
Benefits of Synapse (SYN)
- Easy adaptation. One of the project's priorities is to make it accessible to users. The only action that is required before you start using the service in full is to connect your wallet.
- Bank without restrictions. Synapse can be a great tool for users with no or limited access to banking services.
- Permissionless protocol. Synapse platform services cannot be interrupted by sudden intervention.
- Income opportunity. Liquidity providers receive rewards for their contribution.
- Bridge Synapse. This feature allows for easy replacement.
Disadvantages of Synapse (SYN)
- Security Risks. As mentioned above, launching a cross-chain DApp comes with challenges. One of them is ensuring a high level of security. However, the team intends to continue working on this in the future.
