Synapse, a platform that lets you move crypto between different blockchains, is having a great day. The price of its token, SYN, jumped 32% after Binance, the biggest crypto exchange, announced it would add futures contracts for Synapse.
What is Synapse?
Synapse is a relatively new project, launched in August 2021. It’s designed to be compatible with a bunch of different blockchains, including Binance’s own BNB Chain, as well as popular ones like Arbitrum, Optimism, Avalanche, Dogecoin, and Polygon. It even works with Fantom, Blast, and Base, the blockchain of Coinbase, another big exchange.
Synapse makes it easy to transfer crypto between these different chains. It does this by using a “cross-chain messaging framework” and a special way to verify transactions. This lets developers build apps that can work across multiple blockchains.
Binance Boost
Binance’s decision to add Synapse futures contracts means traders can now bet on the price of SYN going up or down. This has attracted a lot of attention to the project, leading to the big price increase.
Important Note: This is just news, not investment advice. Always do your own research before investing in crypto.
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