Question 1

What is Synapse (SYN)?

Accepted Answer

Synapse (SYN) is the native utility and governance token of the Synapse Protocol, which facilitates interoperability between blockchains. The protocol's main aim is to provide seamless cross-chain communication and asset transfers. It achieves this through the Synapse Interchain Network (SIN), which is an optimistic proof-of-stake network that allows communication and settlement between various blockchains.

Question 2

Key Features

Accepted Answer

* **Interchain Network (SIN):** An optimistic proof-of-stake network providing trustless, permissionless, and modular security for cross-chain transactions.
* **Synapse Bridge:** A bridge enabling secure and low-cost asset transfers between 20 chains.
* **Synapse Chain:** An Ethereum-based optimistic rollup using the SYN OP stack, allowing transaction execution and message attestation.
* **Cross-Chain Messaging:** Enables applications to send arbitrary data between chains.

Question 3

What is Synapse (SYN) used for?

Accepted Answer

SYN serves various purposes within the Synapse ecosystem:

1. **Governance:** Holders of SYN can vote on governance proposals concerning protocol upgrades, fee structures, and new features.
2. **Incentives and Rewards:**
    * **Liquidity Providers:** Receive SYN rewards for providing liquidity in Synapse pools.
    * **Bridging Fees:** Fees paid in SYN for asset bridging reward liquidity providers.
3. **Cross-Chain Utility:**
    * **Transaction Fees:** SYN is used to cover cross-chain messaging and transaction fees.
    * **Gas Fees:** SYN can be used to pay gas fees for cross-chain transactions.

Question 4

Synapse Chain as a Layer-2 Solution

Accepted Answer

1. **Layer-2 Rollup:** Synapse Chain is an Ethereum-based optimistic rollup, which is essentially a Layer-2 blockchain built to scale transaction throughput while ensuring security by settling periodically on the Ethereum Layer-1.
2. **SYN OP Stack:** The rollup leverages the SYN OP Stack, an adaptation of Optimism's OP Stack, with added functionalities for native interchain messaging and transaction attestation.
3. **Cross-Chain Integration:**
    * **Interchain Connectivity:** Allows seamless integration between multiple chains for decentralised applications (dApps).
    * **Unified Liquidity:** Facilitates unified liquidity across chains by allowing cross-chain asset swapping and lending.

Question 5

Who created Synapse (SYN)?

Accepted Answer

Synapse Protocol was founded by Max Bronstein, initially as Nerve Finance, before being rebranded to Synapse Protocol. The development team consists of blockchain and DeFi experts who work on expanding cross-chain interoperability features.

#	Instrument	Exchange	Benchmark Score	Price	24h Change	24h Volume	24h Trades	24h Open	24h High
1	SYN-USDT SYNUSDT	binance	AA	0.1763USDT	116.04%	254,261,099.10SYN	572,155	0.08162USDT	0.2180USDT
2	SYN-USDT SYN_USDT	gateio	A	0.1764USDT	116.18%	68,377,356.99SYN	115,095	0.08162USDT	0.2197USDT
3	SYN-USDC SYNUSDC	binance	AA	0.1770USDC	117.09%	23,882,335.00SYN	21,379	0.08155USDC	0.2171USDC
4	SYN-USD SYNUSD	kraken	AA	0.1766USD	118.56%	12,500,491.14SYN	10,051	0.08080USD	0.2157USD
5	SYN-USDT SYN-USDT	kucoin	BB	0.1762USDT	115.93%	10,038,466.66SYN	18,492	0.08160USDT	0.2172USDT
6	SYN-EUR SYNEUR	kraken	AA	0.1530EUR	118.88%	3,985,764.49SYN	2,964	0.06990EUR	0.1870EUR
7	SYN-USD SYN_USD	cryptodotcom	AA	0.1807USD	119.32%	1,635,108.00SYN	1,736	0.08243USD	0.2154USD
8	SYN-EUR SYN-EUR	bitvavo	B	0.1531EUR	117.03%	31,308,703.34SYN	17,731	0.07055EUR	0.1880EUR
9	SYN-USDT syn_usdt	digifinex	D	0.1767USDT	116.54%	28,747,964.70SYN	87,392	0.08160USDT	0.2165USDT
10	SYN-USDT SYNUSDT	toobit	C	0.1767USDT	116.79%	26,636,321.50SYN	36,023	0.08154USDT	0.2163USDT
11	SYN-USDT SYNUSDT	bitrue	D	0.1773USDT	117.81%	19,237,338.60SYN	254,673	0.08140USDT	0.2180USDT
12	SYN-USDT SYN-USDT	bingx	D	0.1775USDT	117.70%	11,786,311.73SYN	81,649	0.08154USDT	0.2171USDT
13	SYN-USDT SYN_USDT	bitunix	C	0.1773USDT	117.50%	10,110,104.10SYN	66,742	0.08154USDT	0.2165USDT
14	SYN-USDT SYNUSDT	mexc	C	0.1772USDT	117.04%	8,666,916.92SYN	12,898	0.08167USDT	0.2170USDT
15	SYN-USDT SYN_USDT	bydfi	-	0.1786USDT	118.80%	6,951,689.81SYN	6,447	0.08167USDT	0.2170USDT
16	SYN-USDT sSYNUSDT	phemex	C	0.1785USDT	119.56%	6,215,709.04SYN	9,864	0.08130USDT	0.2159USDT
17	SYN-IDR synidr	indodax	E	3,147.00IDR	112.49%	2,696,341.94SYN	7,640	1,481.00IDR	3,807.00IDR
18	SYN-USDT SYNUSDT	latoken	D	0.1793USDT	97.89%	1,084,524.22SYN	19,832	0.09063USDT	0.2879USDT
19	SYN-USDT SYNUSDT	coinex	C	0.1794USDT	119.80%	114,514.86SYN	2,075	0.08162USDT	0.2134USDT
20	SYN-USDT SYN_USDT	bitmart	B	0.1305USDT	0.00%	0SYN	0	0.1305USDT	0.1305USDT
21	SYN-USDT synusdt	huobipro	C	0.2097USDT	49.79%	6,068.22SYN	72	0.1400USDT	0.2097USDT
22	SYN-KRW syn_krw	korbit	C	273.00KRW	150.23%	5,620.29SYN	26	109.10KRW	274.30KRW
23	SYN-USDT SYNUSDT	hitbtc	E	0.09920USDT	0.00%	0SYN	0	0.09920USDT	0.09920USDT