What is Synapse?
The Synapse token, or SYN, is the utility token powering the Synapse protocol. The latter is a liquidity network that runs cross-chain.
It has three main use cases. Firstly, SYN serves as a governance token. This means it grants SYN holders voting rights on Synapse DAO. Holders must have at least 50,000 SYN tokens in order to submit their own proposal.
Secondly, the Synapse token is paid out to liquidity providers as a reward. Liquidity providers play a key role in ensuring the long-term growth of the project.
Thirdly, the Synapse coin functions as a subsidy that’s paid to secure transactions throughout the Synapse network.
Furthermore, SYN is the native token of the Synapse Chain, which is currently in development. This means SYN will also be used to cover transaction fees.
There is a total supply of 250,000,000 SYN tokens. This makes it possible for the SYN price to grow as the Synapse tokens become more scarce. They have been distributed as follows:
- 62% - SYN Genesis Airdrop;
- 26.8% - Future Distributions;
- 7.9% - Liquidity Providers;
- 2.2% - Synapse Protocol-Owned Liquidity;
- 1.2% - Synapse DAO Loan to Market Makers.
Synapse token, like many other cryptocurrencies, is volatile. Therefore, it's crucial to research before making a purchase decision. You can start by checking out the SYN price history and the current Synapse price on the graph above.
What are the Main Features of Synapse?
As mentioned in the What is Synapse section, it’s a cross-chain liquidity network that enables transactions and swaps between different blockchains.
The Synapse AMM is an integral part of the Synapse network. It’s responsible for composing the asset liquidity into tokens exclusive to the selected blockchain.
Synapse operates using multi-party validators with a threshold signature scheme or TSS.
The team is currently working on the Synapse Chain, which will be secured via a Proof-of-Stake (PoS) consensus mechanism. One of the main goals of Synapse Chain is to provide an infrastructure for building cross-chain applications.
Who Developed Synapse?
The core team behind the Synapse crypto project has chosen to maintain their anonymity.
