Some protocols never stop expanding

This one started as a stableswap, expanded to a cross-chain bridge, and is now expanding to become a Layer 2 rollup cross-chain execution layer 👀

Let me show you the final form of Synapse Protocol $SYN Synapse Chain

#SYN #Crosschain #bridge #Layer2 #defi

Content

1️⃣ What is Synapse?

2️⃣ Cross Chain Messaging

3️⃣ Synapse Chain

4️⃣ Upcoming Catalysts

5️⃣ Revenue sharing

So lets get into it..

1️⃣ What is Synapse?

It's not "just another bridge", at least not for long..

Synapse Protocol is a universal cross-chain protocol connecting EVM and non-EVM chains via generalized message passing

It supports cross-chain asset movements, smart contract execution, and NFTs

Synapse uses different transaction types for bridging different assets

✅ Nexus

For established stablecoins and ETH, Synapse uses "nexus", which has liquidity pools on all the supported chains for bridging the assets

Assets are swapped to nUSD or nETH, bridged, and swapped back to the asset selected by the user via LP on the destination chain

Users are also airdropped a small amount of gas on the destination chain making for a much smoother bridging experience to new chains

✅ xAssets

Synapse can move assets by locking assets in a smart contract on the origin chain, and minting xAssets on the destination chain.

This is used when a coin wants to get a multichain presence, and chooses Synapse as their main bridge

✅ Synapse's Evolution

Synapse started out as a stableswap Nerve Finance on #BSC #BNB

Since then it has evolved into the bridge we know today.

And very very soon it will evolve into a L2 Synapse Chain 👀

✅ Some numbers..

☑️ $SYN currently has a marketcap of $278m

☑️ FDV is $366m

☑️ TVL is $202m

☑️ Synapse is available on 17 different chains

2️⃣ Cross Chain Messaging

Synapse can also facilitate cross-chain messages between chains. For example a contract call can be initiated on the origin chain, and executed on the destination chain

This framework unlocks a lot of potential for interoperability.

Building on Synapse, developers can build truly cross-chain applications including:

☑️ DEX

☑️ Lending platforms

☑️ Margining systems

☑️ Derivatives markets

☑️ Yield aggregators

☑️ +++

✅ Optimistic Security Model

Synapse uses an Optimistic security model to ensure integrity of cross-chain messages

Guards observe cross-chain messages and submit fraud proofs if a malicious state is detected.

Read more here:

https://docs.synapseprotocol.com/protocol/optimistic-verification

3️⃣ Synapse Chain

Synapse Chain will be built on top of Ethereum as a Optimistic Rollup Layer 2 scaling solution

Synapse Chain is an EVM compatible blockchain, built to become a sovereign execution environment for cross-chain applications

After requests from cross chain developers, Synapse have built the Synapse chain to give a programming environment specifically suited for cross chain messaging systems

The cross chain business login is much more efficient when hosted on a single execution environment

Attestations from the Synapse security system for validity of cross chain transactions will be stored on Synapse Chain and rolled up to Ethereum L1 in batched transactions.

With all cross-chain msgs validated in a single environment, there is no need to maintain and update the contracts on all chains for every single cross chain msg

This allows for users to interact with state in an atomic way, even if it’s deployed across various chains

There are plans to utilize the $SYN token as a bonding mechanism in PoS governance

Synapse plan to decentralize their sequencer in alignment with roadmaps of other Optimistic Rollups

Wen Synapse Chain? Most likely in Q1 2023

4️⃣ Upcoming Catalysts

✅ Synapse Chain

✅ One of the cheapest L2s by FDV

✅ Single side staking and real yield

✅ Airdrops from ecosystem projects?

✅ Upcoming cross chain comms narrative

5️⃣ Conclusion

Excited to see what Synapse Chain can bring into the layer 2 ecosystem, will any developers build on top of synapse?

I will be here to find out!