SYN Synapse

Use Cases of Synapse

• Cross-Chain Communication: Synapse enables secure communication and data transfer between different blockchain networks, including both EVM and non-EVM chains. This allows for cross-chain asset transfers, smart contract interactions, and NFT movements across various layer 1 and layer 2 blockchains.

• DeFi and NFT Bridging: Synapse facilitates the movement of in-game NFTs between blockchains, as seen in its collaboration with DeFi Kingdoms. This gaming platform leveraged Synapse to move over 10,000 NFTs, demonstrating its capability for smooth cross-chain messaging.

• Liquidity and Governance: The SYN token is used to incentivize liquidity providers and enable governance. Holders with over 50,000 SYN tokens can propose and vote on protocol changes, ensuring community involvement in the project's development.

• Asset Swapping: Synapse allows users to swap between native stablecoins or pegged assets on all Synapse-enabled chains at a low slippage, enhancing liquidity flows between chains.

• Cross-Chain Applications: Developers can use Synapse to build cross-chain applications, such as Automated Market Makers (AMMs) and other decentralized finance (DeFi) services, facilitating a multichain future.

Pros of Synapse

• Easy Onboarding: Synapse is designed to be user-friendly, requiring only a wallet connection to start using its services.
• Banking for the Unbanked: It provides a valuable tool for users with limited or no access to banking services.
• Permissionless Protocol: Services on Synapse cannot be interrupted by external interventions.
• Income Opportunity: Liquidity providers are rewarded for their contributions through various pools.
• Efficient Bridging: Synapse offers a seamless swapping experience with competitive fees and often returns more assets than sent due to its unique fee structure.
• Extensive Support: It supports a wide range of blockchains and cryptocurrencies, including 21 blockchains and over 55 cryptocurrencies.
• User Experience: The platform has an intuitive interface that simplifies asset swapping, making it accessible to both new and experienced users.

Cons of Synapse

• Security Risks: Running cross-chain DApps comes with challenges, including providing a high level of security, which the team continues to work on.
• Higher Bridging Fees: Bridging fees on Synapse can be higher than those of competitor bridge protocols.
• Limited Altcoin Options: While it supports a variety of stablecoins, the range of altcoins is somewhat restricted.
• Dependence on SYN Value: The security model relies on the value of SYN tokens, which could pose a risk if the value significantly decreases.

Founders of Synapse

• Sankaet Pathak: The founder and former CEO of Synapse, a banking-as-a-service company. He is now the CEO and founder of Foundation, a robotics startup.
• Note: The information provided in the search results does not mention other founders of Synapse. However, the website synapse.network lists different founders for a project also named Synapse, which appears to be unrelated to the Synapse mentioned in the context of Sankaet Pathak:
  • Michał Domarecki: Co-Founder & Co-CEO.
  • Wojciech Litwin: Chief Technology Officer.
  • Andrzej Korczyński: Chief Product Officer. These individuals are associated with a different entity named Synapse Network, which is involved in crypto and blockchain technology.

Investors in Synapse

• Funding and Partners: Synapse has raised $15 million for projects and has conducted 70 fundraising rounds. It has a network of 40 technology partners working on tech research and implementation.
• Investor Base: The Synapse Network includes multiple globally active market leaders, seed investors, and present users. It provides a whole web of connections to these entities through its VC fund and Tech Labs.
• Key Partners: Some notable partners include Niftify, Age of Gods, and GOINFLUENCER, who have benefited from Synapse's strategic input and support.
• Community Support: Synapse has a strong community with 600k active members, 122k people on Telegram, and a monthly followers growth rate of 16%.

Halal Status of Synapse

• Halal Status: Yes
• Reason: Synapse is considered halal because it has been evaluated and given a "Comfortable" rating by Practical Islamic Finance, indicating that it aligns with Islamic financial principles.