The Synapse protocol supports cross-chain communication and blockchain interoperability, allowing users to transfer data and assets between multiple blockchain networks securely. Synapse promotes interoperability between different blockchains through its extensible cross-chain messaging protocol.
Developers can use its technology to build cross-chain decentralized applications (dApps), especially in the DeFi category. Synapse supports the development of cross-chain DEXs, lending platforms, margining systems, derivatives markets, yield aggregators, and more, offering the potential for far more scalable, complex, and liquid DeFi offerings.
It is the eighth largest DeFi protocol on Arbitrum - a leading Layer2 scaling solution for Ethereum, as of February 2023. It supports cross-chain communication among Arbitrum, Ethereum, Avalanche, BNB Chain, Polygon, Fantom, Metis, Optimism, Harmony, and several other blockchain ecosystems.
SYN is a cross-chain token available on all networks supported by the Synapse protocol and serves as the project’s native utility token. It is used to offer incentives to liquidity providers and functions as the governance token, empowering token holders with voting rights to participate in the decentralized governance mechanism on Synapse.
