In this article, we would like to introduce Synapse Protocol known as an AMM that may swap and bridge assets to any chain. We’ll be covering the following topics
- What is Synapse Protocol? How does Synapse Protocol work?
- SYN Tokenomics and How/Where to earn and store SYN tokens?
- Roadmap & Updates.
- Team members, Investors, and Strategic Partners.
Let’s explore the potential of Synapse!
What is Synapse Protocol?
Synapse is Nerve Finance’s new brand. Synapse will become a cross-chain token swap, expanding beyond its roots as a stableswap Automated Market Maker (AMM). Previously, Nerve Finance was the first stableswap AMM on Binance Smart Chain.
How does Synapsework?
The Synapse AMM
Synapse AMM pools use a stableswap algorithm to price transactions and promote asset rebalancing during the swapping and bridging process.
Assume you are trying to convert $10,000 BUSD to USDT. You would receive $9,985.68 if you used PancakeSwap, the largest AMM on Binance Smart Chain (BSC), representing a loss of $14.32. If you had used Synapse instead, you would receive $9,992.09.
That’s why we should choose Synapse whenever we need to swap for stablecoins or high-value pegged assets. Synapse’s swapping algorithm is specifically intended for pegged assets, making it far more efficient than a non-optimized AMM like PancakeSwap.
The Synapse Network
The most outstanding feature of Synapse is that it allows users to swap and convert other chains right in a transaction.
Synapse already supports cross-chain swaps for stablecoins among six chains, including Ethereum, Binance Smart Chain, Polygon, Fantom, Arbitrum, and Avalanche. Synapse’s cross-chain swaps can now be completed in less than 3 minutes with the following steps:
Step 1: Access to Synapse Bride. Select your origin and destination chains, as well as the assets you want to trade.
Step 2: Input the amount that you would like to transfer into the number field. Let’s have a look at the swap fee.
Step 3: Click “Approve Token” to grant Synapse approval to spend the stablecoin you are swapping
Step 4: Click “Bridge Token”. Then, you will receive the destination asset on the desired chain within a few minutes.
Users can perform farming on Synapse with six different pools corresponding to six chains. Their APY is quite attractive when they have an average of over 30%.
What is the SYN token?
SYN token is the governance and utility token for Synapse.
Detailed information about SYN Token
SYN Key Metrics
- Token Name: Synapse.
- Ticker: SYN.
- Blockchain: Ethereum, Binance Smart Chain, Avalanche, Polygon, Fantom, Arbitrum.
- Ethereum Contract: 0x0f2D719407FdBeFF09D87557AbB7232601FD9F29.
- BSC Contract: 0xa4080f1778e69467e905b8d6f72f6e441f9e9484.
- Polygon Contract: 0xf8f9efc0db77d8881500bb06ff5d6abc3070e695.
- Avalanche Contract: 0x1f1E7c893855525b303f99bDF5c3c05Be09ca2511.
- Fantom Contract: 0xe55e19fb4f2d85af758950957714292dac1e25b2.
- Arbitrum: 0x080f6aed32fc474dd5717105dba5ea57268f46eb.
- Token Type: Utility, Governance.
- Total Supply: 250,000,000 SYN.
- Circulating Supply: 158,025,932 SYN.
SYN Token Allocation
Currently, emissions are distributed 630,000 SYN as such on a weekly basis:
- nUSD pool on Avalanche: 111,475 SYN (18%).
- nUSD pool on BSC: 111,475 SYN (18%).
- nUSD pool on Polygon: 95,550 SYN (15%).
- nETH pool on Arbitrum: 140,000 SYN (22%).
- SYN/ETH Sushi LP on Ethereum: 171,500 SYN (27%).
SYN Token Release Schedule
Rewards are in the form of the SYN governance and utility token until the total token supply is reached.
The number of SYN token releases per week is 630,000. Currently, the number of unreleased tokens is about 92,000,000 SYN. It will take about 146 weeks to reach 250,000,000 SYN.
SYN Token Sales
The NRV token will become SYN at a token migration rate of 1 NRV = 2.5 SYN.
NRV can be migrated to SYN here: https://synapseprotocol.com/migrator
SYN Token Use Cases
- Governance: Active stakeholders and liquidity providers are actively engaged in the process of discussing and voting for protocol upgrades.
- Protocol Fees: Setting the base network swap fee in Synapse.
- Liquidity incentives: Rewarding liquidity providers for their contributions in Synapse.
How to store SYN Token
You can store SYN on Coin98 Wallet with these steps:
Step 1: Open Coin98 Wallet & click Search Icon on the home screen.
Step 2: Search SYN Token.
Step 3: Click on the correct result at Receive Tab, copy the wallet address and send SYN to this address.
Synapse does not publish a specific roadmap, but you can get information on their official blog (visit here) to update about their next steps.
Team, Investors, and Partners
Investor information has not been made public by Synapse. Synapse is just the rebrand of Nerve. So we can refer to Nerve’s investor.
The Nerve Finance treasury has raised a round led by Three Arrows Capital, CMS Holdings, and Alameda Research with the participation of Immutable Capital and Primitive Ventures. The treasury sold $2M worth of tokens, and all investor tokens sold are in a 3-month lockup.
Is Synapse (SYN) a good investment?
Synapse is a project that appreciates innovation and is willing to change its name in order to position a new roadmap. Synapse’s Tokenomics focuses on rewarding pools inside the same ecosystem. The key focus at Synapse is to generate incentives for pools from various chains, which can attract more TVL (Total Value Locked).
Synapse is the crucial DeFi lego on Binance Smart Chain. Binance launched a $1 billion growth fund for Binance Smart Chain on October 12, 2021, in order to accelerate the use of digital assets and blockchain technology. A total of $100 million has been set aside for the Liquidity Incentive schemes. This is a positive indication for Synapse.
The majority of the liquidity that contributes to Synapse’s TVL comes from Arbitrum and Ethereum, with the BSC system ranking third. It demonstrates that Synapse is on the right track when it comes to adapting the model to cross-chain liquidity. Synapse is not solely dependent on BSC. In addition, Synapse’s use cases are attracting quite a lot of users, as a result, TVL has continuously broken ATH (All-Time High) in the past 3 months.
Disclaimer: All the information in this article is only for information purposes and should NOT be considered investment advice. Investing in Crypto contains hugely high risks, and you should only invest the fund you are willing to lose.
Curve Finance (CRV): A Decentralized Exchange (DEX) built on the Ethereum blockchain specially designed for swapping stablecoins such as USDT, USDC, and DAI, etc.
Mobius Money (MOBI): An Automated Market Maker (AMM) built on Celo, designed for low-slippage trading of stablecoins and pegged assets.
With many AMM launched recently in the DeFi market, choosing one to invest in is not an easy decision. I believe that the detailed information provided above about Synapse will greatly assist you in deciding whether or not to invest in Synapse.
If you have any questions related to Synapse, feel free to comment in the section down below!
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