Synapse bridges blockchains by offering an extensible internetworking protocol that supports assets, smart contract calls, and more. Using Synapse, blockchains can easily and securely interact with each other. Developers can build truly cross-chain applications, including cross-chain DEXs, lending platforms, margin systems, derivatives markets, yield aggregators, and more.
Description of the coin defi Synapse platform
Today, users can use Synapse to exchange assets between the most widely used EVM-compatible blockchains. Synapse currently maintains the highest liquidity of any other compatibility solution.
The network is leaderless and provides security by having each validator run the same process upon receiving events in the chain, monitored by the MPC group of validators. Once two-thirds of all validators have collectively signed the same transaction, using their individual key, the network reaches a consensus and sends the transaction to the destination chain.
Work features:
| 1 | The project network is responsible for responding to events on the chain to send transactions to any specific target chain. This directs the liquidity of the network to the right place. |
| 2 | Synаpse AMM — how the assets that make up this liquidity are converted into tokens, native to the chosen destination chain. |
AMM implements a stable replacement algorithm with concentrated liquidity. This is necessary to value and rebalance assets in their inter-chain liquidity pools to ensure that assets move seamlessly between ecosystems with low slippage. Combining the fastest cross-chain network with AMM, Synapse provides well-balanced liquidity pools between blockchains: cross-chain flows are constantly arbitrated, allowing users to move capital across the blockchain continuously with minimal slippage.
SYN token
SYN — an asset that supports this ecosystem. It is currently being used to vote on community governance through SynapseDAO, as an incentive for liquidity providers that power the protocol's cross-chain functionality, and as a subsidy to pay for gas, consumed by network validators to secure transactions on the network. Once the Synapse Chain is launched, SYN will ensure the economic security of the chain by requiring validators to stake in order to operate on the network. As the native token of the Synapse Chain, SYN will also be used to pay for transactions within the network, as well as to connect to other chains.