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Synapse priceSYN
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About Synapse (SYN)
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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How to buy Synapse(SYN)
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Trade SYN perpetual futures
After having successfully signed up on Bitget and purchased USDT or SYN tokens, you can start trading derivatives, including SYN futures and margin trading to increase your income.
The current price of SYN is $0.5754, with a 24h price change of +10.04%. Traders can profit by either going long or short onSYN futures.
Join SYN copy trading by following elite traders.
Synapse news
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Share link:In this post: Blizzard places Dan Hay, former Far Cry director, in charge of the new StarCraft shooter project. Bloomberg reporter Jason Schreier revealed the details during a podcast on September 26th. The new shooter project is Blizzard’s third attempt at making a StarCraft game.
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Synapse Social Data
In the last 24 hours, the social media sentiment score for Synapse was 3, and the social media sentiment towards Synapse price trend was Bullish. The overall Synapse social media score was 0, which ranks 520 among all cryptocurrencies.
According to LunarCrush, in the last 24 hours, cryptocurrencies were mentioned on social media a total of 1,058,120 times, with Synapse being mentioned with a frequency ratio of 0.01%, ranking 381 among all cryptocurrencies.
In the last 24 hours, there were a total of 226 unique users discussing Synapse, with a total of Synapse mentions of 56. However, compared to the previous 24-hour period, the number of unique users increase by 2%, and the total number of mentions has increase by 6%.
On Twitter, there were a total of 1 tweets mentioning Synapse in the last 24 hours. Among them, 100% are bullish on Synapse, 0% are bearish on Synapse, and 0% are neutral on Synapse.
On Reddit, there were 0 posts mentioning Synapse in the last 24 hours. Compared to the previous 24-hour period, the number of mentions decrease by 0% .
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