Binance to Launch Synapse (SYN) Perpetual Contracts with 50x Leverage, SYN Price Soars 32%

An Ethereum-based decentralized finance (DeFi) platform is making waves after getting support from Binance. This is big news in the crypto world!

Binance, the largest crypto exchange by trading volume, announced that it will offer futures contracts for the interoperability protocol Synapse (SYN). They plan to launch the SYNUSDT Perpetual Contract on August 16, 2024, at 12:30 UTC. Traders can use up to 50x leverage. That’s a significant opportunity!

Following this announcement, the price of SYN skyrocketed. It’s currently trading at $0.522, marking an impressive 32% increase in just 24 hours.

Synapse, launched in August 2021, is designed to connect various blockchains. It works with many layer-1 and layer-2 networks, including Binance’s BNB Chain, Arbitrum (ARB), Optimism (OP), Avalanche (AVAX), Dogecoin (DOGE), and Polygon (MATIC). Other notable chains like Fantom (FTM), Blast (BLAST), and Base, the blockchain linked to Coinbase, are also compatible.

What sets Synapse apart? It features a cross-chain messaging system and a secure method to validate transactions across different blockchains. This allows developers to create applications that work seamlessly across various networks.

The Synapse Bridge enhances this capability, making it easy for users to transfer assets between blockchains without any hassle. It’s all about making the crypto experience smoother and more efficient!