icon - Synapse
SYN Synapse
$ 0.89283219
Volume 24h
Circulating supply
Change 24h
Graph (7d)
  • 240
    $ 0.89283219
    $ 124,794,169
    $ 10,913,805
    139,773,376 SYN
The protocol consists of: 1. 2. 3.
There is cross-chain messaging. Any arbitrary data can be sent across chains in a secure and seamless way. Applications can be deployed on a single chain and communicate with other chains to create the exact same user experience from one central application layer. Smart contract calls enable smart contracts on different chains to easily interoperate with one another.
Optimistic verification. Celo's Optics protocol inspired Synapse's optimistic verification. A multi-chain future is inescapable.
There are three ways in which the security models of most bridges can be characterized. Only parties involved in a given cross-chain interaction can verify transactions. The message is Natively verified by all of the twoBlockchains involved in the transaction. An external validator set is used to verify transactions.
Most bridges today operate as basic multi-sig consensus schemes in order to create a faster user experience. The systems are useful for fast finality, but they expose users to security threats. Some tradeoffs are inherent in cross-chain communication.
Transactions are assumed to be honest by default with a network of off-chain actors responsible for submitting fraud proof during the course of an optimistic window to prevent fraudulent transactions. This mechanism adds a significant layer of security to the network, making it much more costly for a bad actor to conduct an attack than the existing M of N mechanism. Externally verified networks rely on an honest majority assumption while optimistic verification relies on a single honest verifier assumption. One honest guard is needed for the system to remain secure. The cost to attack the network increases as the number of N fraud watchers increases, so rather than a bad actor needing to co-opt M number of validators, that actor would need to co-opt all N actors.
Four off-chain actors are responsible for security of the optimistic verification mechanism. Signing merkle root on each supported chain and bonding SYN behind attestations is done by an unobligated. The broadcaster is responsible for updates from home contracts to replica contracts. The guard is responsible for observing cross-chain messages and submitting fraud proof when detecting malicious state updates. The final transaction will be posted once the window is over.
The Synapse Bridge. The first user-facing product built on top of the cross-chain communication network is the Synapse Bridge.
In a safe and secure manner, users can swap on-chain assets on the Synapse Bridge. Bridging wrapped assets across chains is a method of token Bridging. Native assets are bridged across cross-chain stable swap pools. Developers who want to integrate cross-chain asset swaps into their application can use Synapse Bridge. Developers can use the bridge to build cross-chain Defi applications such as cross-chain DEX, lending platforms, margining systems, derivatives markets, and much more. Our bridge has become one of the most widely used and trusted bridges in a short period of time, it has processed nearly $11 billion in total volume and serviced hundreds of thousands of users.
The chain is called the Synapse Chain. The rollup is designed to serve as an execution environment for cross-chain use cases. Developers will be able to build cross-chain use cases using a generalized smart contract interface. A programming environment specifically suited for use cases built atop the messaging system makes managing deployment and state across chains much simpler. This allows users to interact with state in an atomic way, even if it's deployed across various blockchains. Developers can create a whole suite of new primitives with multi-chain state. A novel feature of Synapse Chain is that it will be used to store the attestations made by the security system on the validity of cross-chain transactions. As the number of connected chains goes up, so goes the number of contracts that have to be updated to keep track of the messages. The gas costs required to use the system are reduced by the fact that only one chain needs to be updated with each valid cross-chain transaction. Synapse Chain is built as an Optimistic Rollup. Why is this route different from constructing a new chain? The EVM is compatible. There is security. The user experience. There is simplicity.
The EVM is compatible. The EVM will be used to ensure composability with the rich developer and application ecosystems built around it. Existing applications can easily be deployed to Synapse Chain with little to no architectural changes, because they match the developer experience of existing EVM blocks.
There is security. Blockspace designed for more specific use cases can dramatically increase throughput, fees, and overall user experience, but it often does so at the expense of security.
The user experience. It is orders of magnitude higher that Rollups offer.
It's simple. A simple and secure execution environment is provided by optimistic rollups. Chain does not have to re-engineer new features from scratch. Geth will be the client software for Synapse Chain, meaning it is as close to the ether as possible.
Synapse Chain Construction All Synapse Chain blocks will be stored within a smart contract. The block production on Synapse Chain will be managed by a single Sequencer, which is also responsible for state updates and submitting transactions back to ether.
In order to foster the best user experience possible, gas will be paid to the sequencer. In order to strengthen the relationship between SYN and the messaging system, the Synapse DAO could explore a number of mechanisms.