Share this article
DeFi Protocol Synapse Responds to Selling Pressure With 17% Bounce
Synapse's SYN token recovered its losses after 9 million were sold by a liquidity provider identified as Nima Capital by the protocol.
Updated Sep 6, 2023, 12:10 p.m. Published Sep 6, 2023, 12:10 p.m.
The native token of Synapse, a decentralized finance (DeFi) protocol designed to transfer data to cross-chain bridges, rebounded more than 17% from a low of $0.30 after a liquidity provider sold its SYN tokens on Monday.
The recovery came after the price slumped 25% Monday when a wallet the protocol said was tied to venture capital firm Nima Capital sold 9 million of the tokens.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"A Synapse liquidity provider sold their SYN tokens and removed liquidity today. We're investigating unusual activity on their wallets and are working to get in touch with them. Will update once there is more info. There was no security breach of the protocol or bridge," the Synapse team wrote on X, formerly known as Twitter, at the time.
Synapse was one of the best performing crypto assets earlier this year, rallying by 44% in a single day in February as optimism around cross-chain bridges continued to rise.
Volume of SYN trading ballooned in the days following the sell-off, with over $25 million being recorded in the past 24-hours. Last week's highest total was $5.9 million, according to CoinMarketCap.
With interest in the token remaining relatively high, the price spiked to $0.425 following a flurry of activity on Binance during Asia hours on Wednesday. It has since lost a portion of those gains as it trades at $0.358.
The protocol has total value locked (TVL) of $113 million, according to DeFiLlama.
Nima Capital had not responded to an email request for comment by publication time.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Pye Finance Raises $5M Seed Round Led by Variant and Coinbase Ventures
The platform aims to make locked Solana staking positions tradable via an onchain marketplace.
What to know:
- Pye Finance raised a $5 million seed round led by Variant and Coinbase Ventures, with participation from Solana Labs, Nascent and Gemini.
- The startup is building an onchain marketplace on Solana for time-locked staking positions that can be traded.
- Pye says the product targets Solana’s large pool of staked SOL, worth roughly $75 billion, and aims to give validators and stakers more flexibility over terms and reward flows.
Top Stories
