What is Synapse (SYN)? How To Buy SYN In India?

What is Synapse (SYN)?

Synapse is an interoperable protocol designed to offer a safe and secure platform to send data between layer-1,layer-2 & sidechains. It connects with the blockchains with an extensible cross-chain messaging mechanism that supports smart contracts. By leveraging Synapse, the blockchains can easily integrate with each other, and the developers can build cross-chain applications. 

The SYN token is the native token of the Synapse Protocol, which has multiple use cases. SYN holders can stake SYN tokens, become a part of the network, and earn rewards. The token can also be used to pay fees and gas fees for executing the transactions. Moreover, the token can also be used to provide liquidity, maintain high-quality data, and participate in governance. 

Who Are the Founders of the Synapse?

Synapse is a blockchain-based platform but has not listed its founders, co-founders, or team members. Meanwhile, the core team continues to remain active on Twitter with the anonymous names AureliusBTC, Socrates0x, Ceasar0x, and Trajan. 

The platform was launched under the brand name Nerve Finance, which was the first stable swap AMM on the BSC. Further, in August 2021, the project was renamed the Synapse Protocol, and in March 2022, Max Bronstein joined the protocol as COO. 

How Does Synapse Work?

Synapse is an interoperable protocol that is designed to send data between chains safely and securely. Hence the network is compromised of the following,

Generalized Cross-Chain Communication

With the Synapse cross-chain communication system, any data can be sent across various chains within a secured environment. The applications are deployed on a single chain, where they can communicate with other chains. This process is carried out using smart contracts, which enable the smart contracts on different chains to be easily interoperable with one another.

Optimistic Security Model

The optimistic security model requires a network of off-chain actors who will be responsible for submitting fraud proofs during the course of an optimistic window to disallow any fraudulent transactions. The Optimistic verification comprises 4 off-chain actors, Notary responsible for signing Merkle root, Broadcaster to forward updates from home contracts to replica contracts, Guard to observe cross-chain messages and report malicious activities, and the Executor to post the final transaction 

Synapse Bridge

It is a useful product built on a cross-chain communication network that allows users to seamlessly swap on-chain assets across more than 15 EVM and non-EVM blockchains. It supports two types of bridging, canonical token bridging, which bridges wrapped assets across chains, and liquidity-based bridging, which bridges native assets across cross-chain stableswaps. 

What Makes Synapse Unique-Use Cases?

EVM Compatible

The chain aims to leverage EVM and ensure compatibility with the rich application ecosystem built around it. The applications built on the chain offer the same experience as an EVM-developed blockchain, and the existing chains can also be easily deployed with no architectural changes. Hence, ensuring the chain can be bootstrapped into a vibrant ecosystem of cross-chain applications.

Highly Secured

As Synapse can be bootstrapped with independent security systems, the optimistic rollups, upon which it is built enable the dApps to leverage the security and decentralization of Ethereum’s base layer. Hence, offering the highest security to the chain. 

User Experience

Transactions on the Synapse chain are instant and cost-effective as the roll-ups offer throughput and scalability, which are higher than on Ethereum.

Simple to Use

The optimistic rollups offer a platform that is simple and secure. As the chain functions using Ethereum’s infrastructure, Synapse doesn’t require to re-engineer new features from the scratch. 

Synapse (SYN) Price Analysis

Source: Tradingview

• The SYN price has faced acute bearish action in the past few days which has dragged the price by more than 50% and compelled it to remain under narrow regions
• The price faced rejection from the 100-Day EMA and is heading toward the lower trend line which is acting as a crucial support zone since the beginning
• The RSI is lowering while a bearish divergence emerged with the ADX which may further compel the price to slice through the trend line and drop hard
• However, if the bulls are successful in triggering a rebound at $0.6 then the bearish narrative may be pulled off, else a drop below $0.5 may be imminent. 

How to Buy Synapse in India?

To buy Synapse in India, just follow the below-mentioned steps:

• Download the CoinDCX App on your Smartphone
• Enter the details required for registration
• Complete KYC
• After your profile is verified, fund your wallet and buy an SYN