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Synapse (SYN) is the 1175th largest cryptocurrency in the world by market cap, valued at $171,337,051. The current price of Synapse is $0.909, which is 3.295% higher than yesterday. Prices have ranged between $0.903128 and $0.851665 over the past 24 hours. All prices are listed in US dollars and accurate as of March 27, 2023 07:03 UTC.
The Synapse Network is a cross-chain protocol that facilitates frictionless transactions between any layer-1 blockchain, layer-2 blockchain, or sidechain. Asset transfers, generalized messaging, or asset swaps can be powered by Synapse to seamlessly execute cross-chain thanks to the network’s personal cross-chain architecture.
According to the project’s website, the Synapse network has focused on the effective use of cross-chain liquidity. By leveraging the solutions offered by the network multiple blockchains can connect and interoperate, thereby sharing liquidity and assets. Thanks to a network of validators that are secured by multi-party computation (MPC) technology and utilise threshold signature schemes (TSS) blockchain interoperability is ensured. In addition to offering interoperability, the Synapse Network is also focused on onboarding traditional companies into the cryptocurrency industry - streamlining a business’s ability to use crypto for daily operations.
SYN is the native cryptocurrency of the protocol and is used to support every aspect of the Synapse Network. The token is used for casting votes within the SynapseDAO, incentivising liquidity providers that contribute to the protocol’s cross-chain transactions, and is the currency required for all transactions that are processed by the networks’ validators. All transactions that are executed within the network require a gas fee to be paid in SYN. In the future, it is also expected that token holders will be able to stake SYN and earn rewards.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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