Synapse protocol is a cross-chain bridge that allows the transfer of assets between blockchains as Safe and efficient Provide. Normally, there is no possibility of collaboration between blockchains and they cannot be connected to each other. With the birth of the blockchain bridge or bridges, you can do the same exchange in a decentralized space without the need for authentication. Synapse protocol is one of the best bridges in the field of DeFi. In this article, we introduce and teach the Synapse protocol. Join Valex.
Synapse protocol introduction
The Synapse protocol is a multi-chain bridge and can be compatible with multiple blockchains Ethereum virtual machine (EVM) and incompatible with EVM to communicate and convert the digital currencies of these networks to each other. This chain bridge allows users to exchange coins and tokens on different networks. For example, users can use the Synapse protocol to transfer stablecoins from blockchains such as Ethereum, Polygon, and Harmony. Developers can also leverage the Synapse protocol to create useful on-chain applications such as cross-chain DEXs, derivative markets, and landing platforms.
To use this protocol, users must enter the required information:
- What network they want to transfer from: This network can be Ethereum or any other network connected to Synapse.
- What type of asset they want to transfer: This asset can be a token ERC-20, token BEP-20 or any other type of digital asset supported by Synapse.
- Destination Chain: The destination to which they want to transfer the assets.
- Amount: The amount of property they intend to transfer.
Once the user provides this information to the Synapse protocol, it allows the protocol to complete transactions by validating the token, after which it can proceed with token bridging.
Which blockchains does Synapse protocol work with?
It is possible to transfer tokens in 13 blockchains. Synapse does not charge any trading fees. In the following, you will see the list of networks as well as the tokens that you can convert.
- Ethereum: DAI, USDC and USDT
- Avalanche: DAI, USDC, WETH.e, USDT, nUSD and nETH
- Arbitrage: ETH, nETH, USDC, USDT and nUSD
- Aurora: USDC, USDT and nUSD
- Binance Smart Chain: BUSD, USDC, USDT and nUSDBoba network – ETH, nETH, DAI, USDC, USDT and nUSD
- Kronos: USDC and nUSD
- Phantom: USDC, USDT, nETH, ETH and nUSD
- Harmony: DAI, USDC and USDT, nUSD, 1ETH, nETH, JEWEL, synJEWEL, synAVAX and multiAVAX
- Polygon: DAI, USDC, USDT and nUSD
- Metis: USDC, nUSD, ETH and nETH
- Optimis: ETH, nETH, USDC and nUSD
Introducing the native token of Synapse protocol
Synapse protocol native cryptography, token SYN It is based on the Ethereum blockchain. This token is used to register votes and make suggestions. Users who have more than 50,000 Synapse digital currencies can express their opinions. Currently, SYN cryptocurrency is traded in many reputable exchanges. One of the important points about this cryptocurrency is the unknown identity of the developers and founders of this project. Of course, this is not at all strange in the world of cryptocurrency and only creates a little doubt. Currently (January 2023), each unit of SYN cryptocurrency is traded at the price of $0.67 and is ranked 242 in the list of the best digital currencies in terms of market capitalization.
How does the Synapse protocol work?
Synapse network one Decentralized and leaderless platform Is. The protocol operates by multiparty cross-chain computing (MPC) using TSS signatures, which are private and public keys, used to authenticate transactions. In this way, security standards are guaranteed in the best conditions. Each validator runs the same process when chain events are received on each of the chains tracked by the MPC validator, and the network reaches consensus when two-thirds of the validators have signed the transaction. Finally, this transaction is verified and sent to the destination chain.
Synapse users access the community for validation. In order to participate in the validation process, validators must have the SYN currency to help secure the network. If they engage in malicious behavior, the staked balances of validators are penalized, just like in other proof-of-stake chains.
AMM chain sections
Using stable exchange algorithms, Synapse’s Automated Market Maker (AMM) technology transforms tokens from a blockchain into original tokens on the destination chain, which is responsible for determining the exchange price for assets in cross-chain liquidity pools. This ensures smooth migration of assets across different platforms and ecosystems with minimal inefficiencies, losses and slippage.
Advantages of the Synapse protocol
The Synapse protocol has been welcomed by many users in the cryptocurrency world due to its special features and benefits. For this purpose, we will examine the most important advantages of this protocol.
- Simplicity of the user interface: The way to work with the Synapse protocol is very simple and smooth, that’s why it has been able to gain more popularity among users. Therefore, the user can easily enter the site and use its services. Beginners can easily use this site and no special expertise is required.
- Support for different blockchains: The Synapse protocol currently supports 15 blockchains. Among the most famous of these blockchains, we can mention Ethereum, Avalanche and Binance Smart Chain.
- Bridge support: If the user is familiar with the bridge, he can transfer his digital currencies that are on the blockchain to other blockchains.
How to work with the Synapse protocol
Login to the site to bridge in Synapse protocol synapseprotocol.com become You must connect your digital wallet to this wallet before using it. To do this, click on connect wallet and connect your wallet.
Then, in the FROM field, enter the network and digital currency you want to convert to another cryptocurrency along with its amount. In the bottom section, select the network and the cryptocurrency you want your source token to be converted to.
Each of these tokens has its own fee according to the network in which they are placed. For example, in the image below, you can see that you need to pay a fee to convert the USDC token on the Ethereum network to the USDC token on the BSC network. You can see the fee amount at the bottom of the image.
After selecting the cryptocurrencies on the two networks, click Bridge Token, pay the fee and wait for the transaction to go through. You can easily convert several digital currencies with several different networks with the help of Synapse protocol training.
The future of blockchain with Synapse protocol
The Synapse protocol has proven to be a secure and efficient way to transfer assets between different blockchains. This protocol is currently one of the bridge solutions to convert different cryptocurrencies at the same time. Synapse uses TSS security signature and MPC cryptography for the security of its network and is one of the most complete blockchain bridges for token conversion of EVM compatible networks. In most bridges you can transfer one token to the network at a time, but in the Synapse protocol you can deliver one token and receive another token on the destination network. Although the project has had a rough fall in 2021, the Synapse development team has continued to work hard, focusing on adding new features, improving security, and expanding the scope. In general, the future of the Synapse protocol and the SYN token looks promising. In this article, we taught how to work with the Synapse protocol, if you have any questions about this protocol and how to work with it, let us know in the comments section.
The text of teaching how to use the Synapse protocol as a video for the first time on the Wallex blog. appeared.
