TM Rating: 82% I
April 4th, 2022
Synapse is a universal cross-chain liquidity network that connects blockchains. It offers an extensible cross-chain communication protocol that supports assets, smart contract calls, and more. By leveraging Synapse, blockchains can easily and securely interoperate with each other and developers can build truly cross-chain applications including cross-chain DEX, lending platforms, margining systems, derivatives markets, yield aggregators, and much more. Users can swap assets across the most widely used EVM-compatible blockchains.
The Synapse network is secured by cross-chain multi-party computation (MPC) validators operating with threshold signature schemes (TSS). The network is leaderless and maintains security by each validator running the same process upon receiving on-chain events on the various chains that the MPC validator group tracks. Once two-thirds of all validators have collectively signed the same transaction using their own individual key, the network achieves consensus and issues a transaction to the destination chain.
SYN is the asset that powers the Synapse Ecosystem. It is currently used for community governance votes via the SynapseDAO, as an incentive for the liquidity providers that enable the protocol’s cross-chain functionality, and as a subsidy to pay for the gas expended by network validators to secure transactions across the network.
Upon the launch of the Synapse Chain in the Archean Phase, SYN will provide economic security for the chain by requiring validators to stake it in order to operate on the network. As the native token of the chain, SYN will also be used to pay for transactions within the network, as well as for bridging to other chains.
Synapse is currently developing a Proof of Stake blockchain. The chain will allow developers to build on top of the cross-chain liquidity network and create a new generation of protocols, able to interact with assets regardless of which blockchain those are located.