Altcoin on Ethereum Blockchain Skyrockets Following Binance Futures Integration
A DeFi platform based on Ethereum, called Synapse, has seen a significant surge in its value following an announcement of support from Binance, the world’s largest cryptocurrency exchange. Binance revealed its plans to introduce futures contracts for Synapse’s interoperability protocol, SYN, in a recent statement. The platform is set to launch the SYNUSDT Perpetual Contract with leverage of up to 50x on August 16, 2024, to provide users with more trading options.
The news of the listing has propelled SYN, the native token of the project, to a price of $0.522, marking a remarkable 32% increase in value over the past 24 hours. Synapse, which was established in August 2021, is described on its official website as a cross-chain network that can seamlessly interact with various layer-1 and layer-2 blockchains, including Binance’s BNB Chain, Arbitrum, Optimism, Avalanche, Dogecoin, and Polygon.
Additionally, Synapse is compatible with other major chains like Fantom, Blast, and Base, the blockchain of leading US-based crypto exchange Coinbase. The platform integrates a cross-chain messaging framework and a secure method for validating cross-chain transactions, empowering developers to create native cross-chain applications. The Synapse Bridge, built on this infrastructure, facilitates the smooth transfer of assets across different blockchains.
It’s evident that the collaboration between Synapse and Binance has sparked considerable interest in the cryptocurrency community, as evidenced by the substantial price surge of SYN. With its innovative approach to cross-chain interoperability, Synapse is poised to offer users a seamless experience in navigating the complexities of multiple blockchain networks. As the DeFi space continues to evolve, projects like Synapse play a crucial role in driving innovation and expanding the possibilities of decentralized finance for users worldwide.
