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What is Synapse (SYN)?

Synapse basic info

Name:Synapse
Ticker:
Introduction:

What Is Synapse?

Synapse is a decentralized protocol designed to address the critical issue of interoperability between different blockchain networks. It is an interoperability protocol, enabling seamless cross-chain communication. This innovative platform allows for the transfer and swapping of assets across diverse blockchains, including Ethereum, BNB Smart Chain, Polygon, Avalanche, and others, thereby connecting these isolated networks into a unified ecosystem. Synapse is a comprehensive platform offering a range of services and products for both developers and users, such as the Synapse Bridge and Synapse Swap.

The Synapse Network (SNP) further elevates this concept by providing a platform for new fundraising methods based on smart contract blockchains. It's a cross-chain acquisition ecosystem that is accessible to everyone, offering standardized protocols. The network is designed to support financing at various stages of project development, aiming to transform the concept of a fully regulated financial institution with the support of decentralized finance (DeFi) products.

Resources

Official Documents: https://docs.synapseprotocol.com/

Official Website: https://synapseprotocol.com/

How Does Synapse Work?

Synapse uses cross-chain multi-party computation (MPC) with threshold signature schemes (TSS) for authenticating transactions. This system reaches consensus and validates transactions once two-thirds of the validators sign off, ensuring secure and efficient asset transfers between blockchains. Validators play a crucial role in this ecosystem, staking SYN tokens to participate in the validation process and secure the network. Their staked balances are at risk if they engage in dishonest or malicious behaviors, similar to other proof-of-stake chains.

Synapse's Automated Market Maker (AMM) technology is another critical component, transforming tokens from one blockchain into the native tokens of a destination chain. This process uses stable swap algorithms to determine exchange prices within cross-chain liquidity pools, minimizing inefficiencies, losses, and slippages. Additionally, the Synapse Chain, a proof-of-stake-based smart contract platform, secures the protocol’s messaging system and aims to increase capital efficiency while reducing SYN emissions.

What Is SYN Token?

SYN is the native token of the Synapse protocol, playing a vital role in accessing network services. Its primary functions include staking by validators to secure the network and earn rewards, paying protocol and gas fees for transactions, and serving as an incentive for good behavior, such as providing liquidity and participating in governance. SYN token holders have the power to vote on platform governance decisions, influencing the future direction of the protocol. As of November 2023, the total supply of SYN is 250,000,000, with a circulating supply of 192,696,599 tokens.

What Determines Synapse’s Price?

The price of Synapse (SYN), like any cryptocurrency, is influenced by a complex interplay of factors within the blockchain and cryptocurrency markets. One of the primary determinants is market demand and supply dynamics. As Synapse continues to enhance cross-chain interoperability, its utility in enabling seamless asset transfers and swaps across various blockchains like Ethereum, Binance Smart Chain, and others increases. This utility drives demand, especially among users and developers seeking efficient cross-chain solutions. When the demand for SYN tokens rises, driven by its increasing utility and adoption in the DeFi space, the price typically follows an upward trajectory, assuming the supply remains relatively stable or grows at a slower pace.

Another crucial factor is the overall sentiment and trends in the broader cryptocurrency market. Cryptocurrencies often move in tandem with major market leaders like Bitcoin and Ethereum. Thus, a bullish or bearish trend in these larger markets can significantly impact SYN's price. Additionally, investor perception of Synapse's technological advancements, security features, and future potential plays a vital role. Positive news about the platform, such as successful updates, partnerships, or increased usage, can boost investor confidence, driving up the price. Conversely, any security breaches or negative news can lead to price drops. Lastly, regulatory developments in the cryptocurrency sector can also influence SYN's price, as stricter regulations or favorable policies in key markets can affect investor sentiment and the token's accessibility.

In summary, Synapse's price is a reflection of various factors, including its utility and adoption in the DeFi ecosystem, market demand and supply, the overall sentiment in the cryptocurrency market, technological and security developments within the Synapse platform, and the evolving regulatory landscape of the cryptocurrency sector. As the blockchain and cryptocurrency fields continue to evolve, these factors may shift, further influencing SYN's market value.

For those interested in investing or trading Synapse, one might wonder: Where to buy SYN? You can purchase SYN on leading exchanges, such as Bitget, which offers a secure and user-friendly platform for cryptocurrency enthusiasts.

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Current price:
All-time high:$5.01
All-time low:$0.2670

SYN supply and tokenomics

Circulating supply:197,091,150 SYN
Total supply:213,650,121.4 SYN
Max supply:250,000,000 SYN
Market cap:$108.89M
Fully diluted market cap:$138.12M
Token allocation:
SYN Genesis Airdrop
62.00%
Future Distribution
26.80%
Prior Distribution to Liquidity Providers
7.80%
Synapse Protocol Owned Liquidity
2.20%
SynapseDAO Loan to Market Makers
1.20%
Tokenomics:

Token utility

SYN is used as an incentive for liquidity providers, for voting for community governance decisions that impact smart contract upgrades or expenditures from the DAO treasury, and as the native token used for transaction fees on the Synapse network.

Core functionalities of the SYN token include:

1. Staking: Validators stake SYN tokens to become a part of the network and earn rewards.
2. Protocol fees and gas fees: Fees for executing transactions on the network are paid in SYN tokens. This includes fees for creating and interacting with smart contracts, fees for cross-chain swaps, and fees for ensuring the security of the network.
3. Incentives and rewards: The SYN token is used to incentivize good behaviour on the network such as providing liquidity, maintaining high-quality data, and participating in governance.
4. Governance: SYN token holders can vote on platform governance decisions.

Links

Buy Synapse for $1Buy SYN now

What is the development prospect and future value of SYN?

The market value of SYN currently stands at $108.89M, and its market ranking is #394. The value of SYN is not widely recognized by the market. When the bull market comes, the market value of SYN may have great growth potential.

As a new type of currency with innovative technology and unique use cases, SYN has broad market potential and significant room for development. The distinctiveness and appeal of SYN may attract the interest of specific groups, thereby driving up its market value.

What will the price of SYN be in 2025?
Based on SYN's historical price performance prediction model, the price of SYN is projected to reach $0.7999 in 2025.
What will the price of SYN be in 2030?
In 2030, the SYN price is expected to change by +2.00%. By the end of 2030, the SYN price is projected to reach $1.6, with a cumulative ROI of +195.91%.
Reminder: Just like all cryptocurrency investments, investors must closely monitor the market performance of SYN and be aware of the associated risks. The world of cryptocurrencies is full of uncertainties, so thorough research and preparation are essential.

Is SYN worth investing or holding? How to buy SYN from a crypto exchange?

If you want to buy SYN, the following information may be helpful for your investment decisions:
In the last 7 days, the price of SYN has fallen by -8.12%, leading to negative returns for most SYN investors. The market is currently pessimistic about the price trend of SYN.
It is important to note that the current price of SYN has retreated by -88.98% from its all-time high. This coin is currently considered high-risk, and while its price may rebound in the future, there is significant uncertainty.
Additionally, it's important to understand that each coin has its own optimal times for buying and selling. The optimal time to invest is dynamic: when a coin is undervalued, it's wise to adopt a buying strategy; when it becomes overvalued, you should decisively sell the coin.
To decide whether SYN is worth investing in, you need to consider various market factors such as the overall trend of the cryptocurrency market, the project's fundamentals, its current market valuation, and whether the current price is suitable for buying. If the project's fundamentals suddenly change or the price becomes excessively high, you should adjust your investment strategy and trading operations accordingly.
Your investment decisions should be based on your own risk tolerance, financial status, market analysis and research, especially the timing of your investments. Correct timing can ensure more reliable returns. Keep in mind that investing in SYN or any cryptocurrency comes with certain risks and uncertainties.
Regardless of your outlook on the development prospects and future trends of SYN, if you want to buy or sell SYN, you can consider Bitget for your trading needs. The best place to buy SYN is an exchange that offers hassle-free and secure transactions, combined with a user-friendly interface and high liquidity. Every day, millions of users choose Bitget as their trusted platform for crypto purchases.
Investing in Synapse has never been easier. Simply sign up on Bitget, complete the identity verification process, and make payments using bank transfers, debit cards, or credit cards, all while ensuring security through crypto wallets. This is a widely adopted method to buy Synapse. Here's a step-by-step guide on how to buy Synapse on Bitget.

How to get Synapse through other methods?

Using cash to buy Synapse is not the only way to obtain Synapse. If you have the time to spare, you can get Synapse for free.
Learn how to earn Synapse for free through the Learn2Earn promotion.
Earn free Synapse by inviting friends to join Bitget's Assist2Earn promotion.
Receive free Synapse airdrops by joining ongoing challenges and promotions.
All crypto airdrops and rewards can be converted to Synapse through Bitget Convert, Bitget Swap, or spot trading.

What is Synapse used for and how to use Synapse?

The use case of Synapse may expand as the crypto market and the project itself develop. Currently, you can use SYN to achieve the following goals:
Arbitrage by trading SYN: Since SYN is a frequently traded cryptocurrency, the price of SYN is always fluctuating. Earn more SYN by buying low and selling high on the exchange. Bitget spot market provides a variety of SYN trading pairs to fully meet your needs.
Earn by staking SYN: You can also generate income through financial management methods such as staking SYN or lending SYN. Bitget Earn offers a variety of financial products designed to help you earn more income from your SYN.
Send or pay SYN: If you want to give SYN to your friends, a charity, or a fundraiser, or you want to pay someone with SYN, you can quickly and easily send SYN to the recipient through their payment address.
You can also go to the official website of the Synapse project to learn more about the use cases of SYN. For example, find out if the project supports the use of within its community or ecology, or if the project allows you to purchase physical or virtual products in .

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