An interoperable Ethereum (ETH)-based decentralized finance (DeFi) platform is skyrocketing after suddenly gaining support from Binance.
In a new announcementThe world’s largest crypto exchange platform by volume says it will add futures contracts for the interoperability protocol Synapse (SYN).
“To expand the list of trading choices offered on Binance Futures and improve users’ trading experience, Binance Futures will launch the SYNUSDT Perpetual Contract on 2024-08-16 12:30 (UTC) with up to 50x leverage.”
News of the IPO sent SYN, the project’s main asset, flying. SYN is trading at $0.522 at the time of writing, up a staggering 32% over the past 24 hours.
According to the project officer websiteLaunched in August 2021, Synapse is a cross-chain network 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 the leading US crypto exchange by volume Coinbase.
“Synapse consists of a cross-chain messaging framework and an economically secure method for reaching consensus on the validity of cross-chain transactions, allowing developers to build truly native cross-chain apps…
Synapse Bridge is built on top of cross-chain infrastructure, allowing users to seamlessly transfer assets across all blockchains.”
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Generated image: Midjourney
