While the data shared by the decentralized finance (DeFi) platform Synapse team on protocol usage increased the interest in SYN, there was an increase of nearly 50% in one day.
The Synapse team drew attention to the usage percentages of the protocol. in the statements found. Inter-chain bridge operations are included. The data shared in this statement has boosted its interest on the token price.
With this statement made by the team $0.873 SYN at levels, 45% with a rising performance $1,265 reached. After that, SYN, which experienced some decline, made a small correction at the time of writing the news. from $1,113 is being traded.
The rise of Synapse, which allows users to transfer assets between several blockchains From the popularity of the synapse bridge thought to originate.
Why Is It Rising?
Recently released layer-1 (L1) blockchain canto experienced significant volumetric activity last week. Users who operate on the Synapse bridge, January 25to Canto since $47 million cross-chain transaction and only on Wednesday, within a 24-hour period. $12.2 million bridge operation has been performed. According to the data, this 24-hour trading volume represents a record level for the network.
According to the data on the protocol’s website, the Synapse bridge since its inception $11.45 billion hosted the transfer. Cross-chain bridges are used more frequently during these periods as investors seek to achieve the highest borrowing returns between different blockchains during volatile markets.
SYN is only among major exchanges coinbaseIt is listed in and, according to market analysts, in the coming period. Binance similar listings are likely to have a positive impact on the price.