I. What is Synapse Protocol?
Synapse Protocol is the DeFi Station for Stablecoins on the Binance Smart Chain (BSC) blockchain, which is a new version of Nerve Finance. The product Synapse swaps the cross chain of transactions and helps extend it beyond its platform as an automated liquidity market (AMM).
With the explosion of networks in the market, including Layer 1 and Layer 2, Synapse hopes to link liquidity in the entire network together to enhance payments and provide the best user experience. use. Here are some of the networks Synapse Protocol is targeting:
Layer 1: Polygon, Avalanche, Solana, Terra.
Layer 2: Optimism, Arbitrum, Boba Network
II. History of Synapse Protocol
Previously, Nerve Finance was a DeFi Station for Stablecoins in the BSC system, including 3 main products:
- Swap: Swap between Stablecoins like USDT, USDC, BUSD, …
- Bridge: Cross-chain between the Ethereum network and Binance Smart Chain.
- Liquidity Pool: Stablecoin Pool with APY up to 60%.
However, in Nerve Finance, everything is still very limited, especially in Bridge products. That’s why in the latest version, Synapse Protocol, the team will improve the Bridge product and bring more opportunities for Liquidity Providers through Farming.
III. Striking Features of Synapse Protocol
The first is the ability to swap stablecoins with very low slippage compared to some non-Stablecoin-specific AMMs like Pancakeswap, MDEX, etc.
In the above example, I am swapping DAI to USDT on two platforms Pancakeswap and Synapse Protocol:
1,000 DAI, Synapse Protocol saved 6 dollars.
10,000 USD, Synapse Protocol saved 60 USD.
$100,000, Synapse Protocol saved $600.
If your capital is large, it is very necessary to use AMM platforms dedicated to Stablecoins.
The second highlight is the Cross-chain Swap product – allowing you to perform two operations, Swap and Cross-chain right in a transaction.
In the image below, users can Swap USDC (on the Ethereum network) to BUSD (Cross-chain to BSC) with just one click.
Currently, Synapse Protocol has Stablecoin Pool on 5 chains, Ethereum, Binance Smart Chain, Polygon, Avalanche and Arbitrum (ETH Pool) and also supports 5 similar chains with Bridge feature.
IV. Core Technology of Synapse Protocol
Synapse AMM
Synapse’s Automated Market Makers (AMMs) use stable swap algorithms that, through its swapping and bridging processes, help determine the price of trades and promote asset rebalancing.
For example, when you want to convert 1000 DAI to USDT. If customers use PancakeSwap they will get $993 but if they use Synapse platform they will get back $999. Thus, users will reduce their losses up to more than $6 if trading with Synapse.
The Synapse Network
The most outstanding feature of Synapse is that it allows users to convert different blockchains in a single transaction. Currently, Synapse Protocol supports cross-chain swaps for stablecoins for 6 chains including Ethereum, Binance Smart Chain, Polygon, Fantom, Arbitrum and Avalanche. It only takes 3 minutes for users to complete the cross-chain swap with the following basic steps.
Liquidity Pools
Users farm on Synapse with 17 different pools corresponding to 10 blockchains. The platform’s actual annual percentage yield (APY) is very attractive, peaking at over 11%.
Until now Synapse supports 10 different chains: Ethereum, Binance Smart Chain, Optimism, Boba, Arbitrum, Moonriver, Polygon, Fantom, Harmony, Avalanche. The product brings great convenience to users, especially those who want to transfer assets to L2 blockchains.
V. What is SYN Token?
1. Detailed Information about SYN Token
- Token Name: Synapse Protocol
- Ticker: SYN
- Blockchain: Ethereum, Binance Smart Chain, Avalanche, Polygon.
- Ethereum Contract: 0x0f2D719407FdBeFF09D87557AbB7232601FD9F29
- BSC Contract: 0xa4080f1778e69467e905b8d6f72f6e441f9e9484
- Polygon Contract: 0xf8f9efc0db77d8881500bb06ff5d6abc3070e695
- Avalanche Contract: 0x1f1E7c893855525b303f99bDF5c3c05Be09ca2511
- Token Type: Utility, Governance
- Total Supply: 250,000,000 SYN
- Circulating Supply: 175,809,734 SYN
2. SYN Token Allocation
Updating…
3. SYN Token Noticeable Milestones
Token Release Schedule – SYN token payment schedule
Updating…
4. Use Cases of (SYN Token
The SYN token performs the following functions:
- Propose and vote on changes to the platform.
- Used during buy back SYN tokens when collecting transaction fees.
- Reward Validators in different chains (for Cross-chain functionality).
- Reward Liqudity Providers on the platform.
VI. How to earn & own SYN Token?
You can trade SYN tokens on Sushiswap or on 2 exchanges: MEXC exchange, Gate, etc.
VII. Which Crypto Wallets are suitable for SYN Token?
SYN is a token with many different chains, you can store it on Coin 98 wallet or Metamask wallet. Remember to choose the right contract with different chains.
VIII. SYN Token Recent Developments
Development roadmap
In the coming time, Synapse’s goal is still to integrate multiple chains and support many assets to help Synapse’s Bridge become the best Bridge in the market.
IX. Teams, Funds & Partners of SYN Token
1. Team
Synapse Protocol project development team are talented, enthusiastic and experienced people in the fields of information technology. In particular, they are very knowledgeable in the field of blockchain, crypto, fintech, digital marketing… Some of the members who play an important role in the project such as: Socrates, Aurelius, Caesar, Trajan.
2. Investment Fund & Partners
Synapse Protocol project development team are talented, enthusiastic and experienced people in the fields of information technology. In particular, they are very knowledgeable in the field of blockchain, crypto, fintech, digital marketing… Some of the members who play an important role in the project such as: Socrates, Aurelius, Caesar, Trajan.
X. Where can SYN Token information be updated?
Currently, Crypto users can fully consult, research, and analyze information about SUSHI COIN through famous media newspapers such as Nasdaq, Bloomberg, Forbes, AP News, Yahoo!Finance, CoinTelegraph, Coindesk, etc.
These media are constantly updated with useful information, new activities, outstanding events of SUSHI COIN and all the topics surrounding it. Accordingly, Meta Lion Ventures continuously updates the topic of outstanding projects in Blockchain and hot events organized between Meta Lion & partners.
- FAQs about Synapse Protocol
- Fees on Synapse Protocol
- Swap Fee: a fee charged when a user wants to swap assets between different blockchains connected to Synapse.
- Bridge Fee: a fee charged when a user wants to move assets from one blockchain to another.
- Admin Fee: Fee paid to the network to maintain and develop the protocol.
- Deposit Fee: a fee charged when a user wants to deposit an asset into the network so that it can be swapped to another asset.
- Withdrawal Fee: Fee charged when a user wants to withdraw assets from the network. The fees collected by the protocol will be used to pay the cost of maintaining and developing the network, as well as to pay for the rewards given to validators.
- Validator Fee: a fee charged by validators for their services in verifying and validating transactions on the network.
- Community Community
- Website: https://synapseprotocol.com/
- Twitter: https://twitter.com/SynapseProtocol
- Telegram: https://t.me/synapseprotocol
Conclusion
In a nutshell, Synapse Protocol, a new iteration of Nerve Finance, is the DeFi Station for Stablecoins on the Binance Smart Chain (BSC) blockchain. Two products from Synapse that I really value are Synapse AMM and Cross-chain Swap. With such exceptional benefits, Synapse’s cross-chain will undoubtedly become more powerful and popular. You should select to swap on Synapse if you have a considerable stablecoin asset because you will save a significant amount of money due to reduced slippage.
The above is Meta Lion’s comment on the Synapse Protocol project which is our personal opinion, this is not investment advice at all. Investors should be responsible for their own decisions.
