Synapse plans to repurchase 5 million SYN Tokens and reduce the token circulation by 70%.

2024-12-05 01:56:30

Abstract generation in progress

PANews reported on December 5th that the Cross-Chain Interaction protocol Synapse announced that its full-chain abstract solution Synapse Intents Network (SIN) has officially launched on Mainnet. In January of this year, Synapse introduced the Intent Cross-Chain Interaction system RFQ, which has been deployed on multiple networks such as Ethereum, Optimism, Arbitrum, etc., reducing the processing time of Cross-Chain Interaction transactions from 20 minutes to 3 seconds, lowering costs by an average of 81% compared to competitors, and currently accounting for 90% of the Cross-Chain Interaction volume. The newly launched SIN system supports off-chain Bidding to obtain Cross-Chain Interaction quotations, and is the first decentralized intent network with real-time fraud proof, capable of supporting Relay functionality for any asset and operation. In terms of the Token economy, Synapse plans to repurchase 5 million SYN Tokens, with a budget of about $3.5 million, and reduce the Token circulation by 70%, reducing the Circulating Supply by about 2.5 million SYN Tokens annually, while transitioning to Proof of Stake (POS) and fee-based network models.

SYN-0.01%

SIN-1.17%

ETH0.62%

OP-1.25%

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