Synapse (SYN) Skyrockets After Suddenly Gaining Support from Binance

An interoperable Ethereum (ETH)-based decentralized finance (DeFi) platform is skyrocketing after suddenly gaining support from Binance.

Binance Adds Futures Contracts for Interoperable DeFi Platform Synapse (SYN)

A new announcement from the world’s largest cryptocurrency exchange platform by volume reveals that it will be adding futures contracts for interoperability protocol Synapse (SYN).

“To expand the list of trading choices offered on Binance Futures and enhance users’ trading experience, Binance Futures will launch the SYNUSDT Perpetual Contract at 2024-08-16 12:30 (UTC) with up to 50x leverage.”

The news of the listing caused SYN, the project’s native asset, to soar. At the time of writing, SYN is trading at $0.522, marking an impressive 32% increase over the last 24 hours.

According to the project’s official website, Synapse, which was launched in August 2021, is a cross-chain network that is compatible with most other layer-1 and layer-2s, including but not limited to Binance’s BNB Chain, Arbitrum (ARB), Optimism (OP), Avalanche (AVAX), Dogecoin (DOGE), and Polygon (MATIC).

Other prominent compatible chains include Fantom (FTM), Blast (BLAST), and Base, the blockchain of top US-based crypto exchange by volume Coinbase.

“Synapse is comprised of a cross-chain messaging framework and an economically secure method to reach consensus on the validity of cross-chain transactions, enabling developers to build truly native cross-chain apps…

Synapse Bridge is built on top of the cross-chain infrastructure enabling users to seamlessly transfer assets across all blockchains.”