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What Is Synapse?

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Feb 28, 2023
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4 min read
what-is-synapse

This blog post will cover:

  • About Synapse (SYN)
  • Where did Synapse (SYN) come from?
  • What are the advantages of Synapse (SYN)?
  • What are the disadvantages of Synapse (SYN)?
  • How to buy SYN tokens on SimpleSwap?

About Synapse (SYN)

SYN is a native token of the Synapse protocol, which is created to enable cross-chain communication. Synapse gives developers an amazing opportunity to build truly cross-chain applications by using extensive messaging protocol.

The SYN token has several use cases. First of all, it is used to incentivize liquidity providers. Moreover, active stakeholders and liquidity providers have a say in the decision-making process by voting for upgrades. Also, SYN is used to pay fees for swaps on the platform.

Where did Synapse (SYN) come from?

The idea of Synapse appeared from an understanding of the fact that the increasing number of blockchain users requires better operability to provide functionality. As it is stated in the whitepaper, Synapse has three main principles:

  1. Security
    
    Providing security for cross-chain actions is even more demanding. Thus, this is one of the key priorities for developers. Synapse is using an optimistic verification system, where off-chain actors are used to identify threats.
  2. User-friendly
    
    Strong relationships with clients help developers to improve the protocol in a way that would make it suitable for users’ goals.
  3. Easier interoperability
    
    The main goal of the project is to enable a multichain future. This means that all the existing blockchains should be able to interact with each other easily.

What are the advantages of Synapse (SYN)?

  1. Easy onboarding
    
    One of the priorities of the project is to make it accessible to users. The only action that is required before starting using the service at its full potential is connecting a wallet.
  2. Banking for unbanked
    
    Synapse can be a great tool for users who do not have access or have limited access to banking services.
  3. Permissionless protocol
    
    Services of the Synapse platform cannot be interrupted by sudden intervention.
  4. Income opportunity
    
    Liquidity providers are being rewarded for their contribution. There are a lot of pools that users can choose from.
  5. Synapse bridge
    
    This feature provides an easy swapping opportunity.

What are the disadvantages of Synapse (SYN)?

  1. Security risks
    
    As it was stated above, running cross-chain DApps comes with its challenges. One of them is providing a high level of security. However, the team is determined to keep working on this in the future.

How to buy SYN tokens on SimpleSwap?

If you would like to become a Synapse user and purchase the SYN tokens, we are here to help you. Please, follow the instructions below:

  1. First, select the cryptocurrency you want to exchange (for instance, BTC). Enter the amount you would like to swap.
  2. Choose SYN in the second drop-down list as the crypto you want to get. You will see the estimated amount that you will receive after the exchange.
  3. Click the Exchange button.
  4. Enter the Recipient's Address. SYN tokens will be sent there. Please ensure that you use the correct address.
  5. Create the exchange.
  6. You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to SYN exchange. Then wait for tokens to reach your wallet.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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