An interoperable decentralized finance (DeFi) platform based on Ethereum (ETH) is skyrocketing after suddenly gaining support from Binance.
In a new announcement, the world’s largest cryptocurrency exchange by volume says it will be adding futures contracts for the Synapse (SYN) interoperability protocol.
“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 PM (UTC) with up to 50x leverage.”
News of the listing sent SYN, the project’s native asset, soaring. SYN is trading at $0.522 at the time of writing, a staggering 32% increase in the past 24 hours.
According to the project’s official website, Synapse, launched in August 2021, is a cross-chain network compatible with most other Layer 1 and 2 networks, including but not limited to Binance’s BNB chain, Arbitrum (ARB), Optimism (OP), Avalanche (AVAX), Dogecoin (DOGE), and Polygon (MATIC).
Other major compatible chains include Fantom (FTM), Blast (BLAST), and Base, the blockchain of Coinbase, the leading US-based cryptocurrency exchange by volume.
“Synapse consists of a cross-chain messaging framework and an economically secure method for reaching consensus on the validity of cross-chain transactions, enabling developers to build truly native cross-chain applications…
Synapse Bridge is built on the cross-chain infrastructure allowing users to seamlessly transfer assets across all blockchains.
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