Why is Synapse (SYN) crypto gaining attention?

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Why is Synapse (SYN) crypto gaining attention?

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 Why is Synapse (SYN) crypto gaining attention?
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Highlights:
  • Synapse can be described as a cross-chain layer protocol that facilitates interoperability between the blockchains.
  • The token is available for buying, selling, or trading on many exchanges like Gate.io, BKEX, Coinbase Exchange, etc.
  • It returned gains of more than 81% in one month.

The rally in the global crypto market appears to be paused on early Wednesday, partly hit by the declines in Bitcoin (BTC) and Ethereum (ETH). The market cap of the global cryptocurrency market fell 3.29% to US$2.09 trillion at 4:59 am ET on April 6, while its overall volume for the last 24 hours jumped 7.67% to US$115.02 billion.

Bitcoin (BTC) and Ethereum (ETH) plummeted 2.74% and 4.69% to US$45,383.50 and US$3,356.88, respectively. However, gains in various altcoins like Synapse (SYN) have helped the market to remain above the US$2 trillion mark.

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What is Synapse (SYN)?

Synapse can be described as a cross-chain layer protocol that facilitates interoperability between the blockchains. It claims to power integral blockchain activities like asset transferring, swapping, and generalized messaging with cross-chain functionality by offering decentralized and permissionless transactions between L1, sidechain, or L2 ecosystems.

In addition, it also enables new primitives based on its cross-chain architecture while providing the services mentioned above.

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Synapse's native utility token, SYN, powers the Synapse ecosystem. It also enables the holders or users for community governance votes through SynapseDAO and incentivizes the liquidity providers that allow the cross-chain functionality of the protocol.

The token is available for buying, selling, or trading on crypto exchanges like Gate.io, BKEX, Coinbase Exchange, etc.

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Why is it gaining rising?

Even though there is no apparent news for the recent surge in the SYN token, it seems to be gaining the investors' attention lately, as evidenced by the rise in its prices in recent weeks.

The investors may have lauded the company's announcement of appointing Max Bronstein to the C-suite of its core team. Bronstein would be serving as the COO of the team while focusing on the growth, strategy, and operation developments of the firm.

Notably, Bronstein had previously worked in companies like Coinbase and Dharma.

In addition, the company's announcement of becoming the official bridge partner of DeFi Kingdoms (DFK) to seamlessly bridge assets between the DFK Chain and various EVM and non-EVM compatible blockchains may also have attracted various investors to the project.

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Synapse (SYN) crypto price and performance                                            Source: *data provided by CoinMarketCap.com

Bottom line:

The price of the SYN token was US$3.76 at 5:05 am ET on April 6, up 7.92%, while its one-day volume skyrocketed 126.96% to US$29.58 million. Its self-reported market cap is US$679.94 million, while its fully-diluted market valuation is US$939.42 million.

The token's max supply is 250 million, and its total and self-reported circulating supply is over 180.20 million. It returned gains of 81.14% over the past 30 days.

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