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 đ
Let me show you the final form of Synapse Protocol $SYN Synapse Chain
#SYN #Crosschain #bridge #Layer2 #defi
Content
1ď¸âŁ What is Synapse?
2ď¸âŁ Cross Chain Messaging
3ď¸âŁ Synapse Chain
4ď¸âŁ Upcoming Catalysts
5ď¸âŁ Revenue sharing
So lets get into it..
1ď¸âŁ 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
â 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
â 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
â 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 đ
â Some numbers..
âď¸ $SYN currently has a marketcap of $278m
âď¸ FDV is $366m
âď¸ TVL is $202m
âď¸ Synapse is available on 17 different chains
2ď¸âŁ 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:
âď¸ DEX
âď¸ Lending platforms
âď¸ Margining systems
âď¸ Derivatives markets
âď¸ Yield aggregators
âď¸ +++
â 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
3ď¸âŁ 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 itâs 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
4ď¸âŁ Upcoming Catalysts
â Synapse Chain
â One of the cheapest L2s by FDV
â Single side staking and real yield
â Airdrops from ecosystem projects?
â Upcoming cross chain comms narrative
5ď¸âŁ 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!