Securities.io is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review. Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.
Table Of Contents
Synapse (SYN) is a cross-chain DEX (decentralized exchange) and DeFi ecosystem. The protocol combines a new token, high-yield liquidity pools, cross-chain bridges, and more to create a seamless DeFi (decentralized finance) experience for users. Interestingly, the word synapse comes from a medical term that describes the point at which a nervous impulse passes from one neuron to another. Synapses is a top-performing cross-chain liquidity network connecting all blockchains
What Problems Does Synapse (SYN) Attempt to Fix?
There are a lot of problems that Synapse seeks to eliminate for users, primarily, a lack of liquidity. The DeFi sector is compartmentalized which leads to pockets of liquidity. Synapse leverages a powerful AMM (automated market maker) protocol to ensure users match their trades.
AMM pricing is set by algorithms. These networks use a peer-to-contract structure to provide more liquidity for large orders. Today, AMMs are common in the DeFi sector because they are easy to use and effective at providing the DeFi ecosystem with deep liquid 24/7 via liquidity pools.
Lack of Interoperability
One of the main issues that Synapse reduces is interoperability concerns. The network provides advanced cross-chain communication systems to an open audience. These protocols support the transfer of digitals assets, smart contracts, and much more. Notably, Synapse was built to be network agnostic. It can transfer and swap assets across Ethereum, Layer 2 protocols, Binance Smart Chain, Avalanche, and many more.
Lack of Liquidity
The use of liquidity pools changes the game for startups and new projects seeking access to global capital. Liquidity pools are open to anyone to join. You secure returns for your participation. This approach ensures that there is always liquidity, even for assets that would normally be considered illiquid markets
Benefits of Synapse (SYN)
It’s very easy to join Synapse. The protocol was built from the ground up to support easy onboarding. You simply connect your wallet and you can start earning returns. There are no KYC or AML regulations. Your personal data remains safely stored in your possession when using Synapse.
Synapse provides access to its services to anyone in the world. The network enables the billions of unbanked people to gain access to helpful financial tools and yield generation services. The open nature of the protocol makes it ideal for new users and those who might find it difficult to obtain regular financial services due to financial history or a lack thereof.
Synapse is a permissionless protocol that operates as a strict code. There is no human intervention required for the protocol to conduct its features and services. The network was designed to empower users to buy, sell, and trade digital assets without permission in a seamless manner. Additionally, the protocol has undergone multiple third-party audits. These tests confirm that the network is secure and functioning as advertised.
It’s all about earning a yield. Synapse users have a variety of ways to accomplish this task. This system covers a large selection of popular DeFi networks. You can scroll through the pools to find the one that pays the APY that matches your trading strategy. The interface makes it simple to see what each pool pays and its other requirements.
How Does Synapse (SYN) Work
Synapse functions as a cross-chain AMM. The system was set up to automatically exchange through a fixed product across most top-performing blockchains. The protocol represents one of the first universal cross-chain liquidity networks to gain popularity in the market.
The cross-chain bridge is one of the premier products that Synapse offers users. A bridge protocol is better than using a third-party exchange for many reasons. It provides lower transaction costs and fewer steps per trade which also improves efficiency. Users can use the bridge to swap stable coins across different blockchains with ease.
Synapse users can secure profits by leveraging the network's liquidity pool. Users are incentivized via a share of the network's transaction fees to participate in these low-risk passive income features. Liquidity pools are a great way for new traders to secure APYs without risking losing their original assets. You always retain ownership rights over your staked liquidity pool asset.
Synapse provides direct token swap capabilities. You can transfer tokens from one chain over to another using this protocol. The token swap feature is ideal for traders because it provides some of the lowest slippage rates in the market. For those who trade frequently, and anyone seeking to avoid unnecessary losses, this feature is a huge plus.
The Synapse analytics section provides you with everything you need to gain valuable insight into the DeFi market. You can see pools, your holdings, and other vital data in real-time. This information can help you to be more responsive.
SYN is the primary exchange token for Synapse. There are a lot of different ways you can use this token. You can send value globally in a frictionless manner using SYN. You can also earn returns by providing liquidity to pools. SYN is also the main governance token for the network.
The user has a say in the future maneuvers that Synapse makes thanks to the network's DAO (decentralized autonomous organization). DAOs are a popular option in the DeFi sector because they provide the community with a voice. People can put forth proposals and have them voted on by the rest of the community. These systems help to keep networks cohesive and they make it easier to manage community funds like treasuries.
How to Buy Synapse (SYN)
Currently, Synapse (SYN) is available for purchase on the following exchanges:
Uphold – This is one of the top exchanges for USA & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Uphold Disclaimer: Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong..
Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry with over 9,000,000 users, and over $207 billion in quarterly trading volume.
The Kraken exchange offers trading access to over 190 countries including Australia, Canada, Europe, and is our recommend exchange for USA residents. (Excluding New York & Washington state)
Binance – Accepts Australia, Singapore, UK and most of the world. Canada & USA residents are prohibited. Use Discount Code: EE59L0QP for 10% cashback on all trading fees.
Synapse (SYN) – Cryptos Nervous System
Synapse certainly chose its name wisely. The program serves a vital role in the market connecting networks that lack interoperability. Using Synapse, a person can gain more liquidity and earning opportunities. Additionally, the entire market benefits from these services which makes Synapse a crucial component in the DeFi movement at this time. As such, Synapse is set to see continued adoption in the coming weeks and months.
You may like
Investing In Chainlink (LINK) – Everything You Need to Know
Investing in IOTA (MIOTA) – Everything You Need to Know
Investing in Polygon (MATIC) – Everything You Need to Know
Investing In Polkadot (DOT) – Everything You Need to Know
Investing In Solana (SOL) – Everything You Need to Know
Investing In Avalanche (AVAX) – Everything You Need to Know