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Synapse Token Surges 44% as Cross-Chain Momentum Builds
The token has outperformed the broader DeFi sector since the turn of the year as investors flock to its cross-chain bridge.
Updated May 9, 2023, 4:07 a.m. Published Feb 2, 2023, 1:18 p.m.
, the native token of the cross-chain Synapse Protocol, is trading at a five-month high of $1.22 following a 44.74% move to the upside over the past 24 hours.
The token has outperformed its competitors across decentralized finance (DeFi) since the turn of the year, rallying by 151.56% compared to 58.27% for the sector, according to CoinDesk's DeFi index.
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Synapse's ascent has been in part due to the popularity of the Synapse bridge, which allows users to transfer assets across several blockchains. Since its inception, the Synapse bridge has facilitated $11.45 billion in transfers, according to data on the protocol's website.
Cross-chain bridges are being used more frequently as astute traders attempt to lock in the highest borrowing yields across different blockchains. Recently launched layer 1 blockchain Canto experienced a wave of volume last week. The Synapse bridge facilitated $47 million of cross-chain transactions to Canto since Jan. 25 and Wednesday alone saw $12.2 million in bridged transactions, a record over a 24-hour period.
Synapse users have also been benefiting from lucrative staking yields with the SYN/ETH pool on SushiSwap, which is accessible on the Synapse user interface and generating 106.69% APY.
Cross-chain bridges wandered in the crosshairs of hackers last year due to the novel underlying technology. Blockchain security firm Chainalysis estimated that $2 billion had been stolen from cross-chain bridges in the first eight months of 2022. This figure includes the $625 million Ronin Bridge exploit, which was targeted by North Korean hacking group Lazarus.
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