How to Buy Synapse (SYN) in 5 Simple Steps

What Is Synapse (SYN)?

Synapse is a decentralised finance (DeFi) platform that allows users to transfer crypto tokens between different blockchain networks like Ethereum, Avalanche, or Polygon. In other words, Synapse serves as a “cross-chain bridge”.

If you were to think of blockchain networks as small islands spread across a vast ocean, cross-chain projects like Synapse are the bridges connecting these islands –– and their resources –– with one another. Bridging projects like Synapse bring interoperability to blockchains and the crypto tokens built atop them.

For instance, Synapse lets you move cryptos like Highstreet, a Metaverse token, from the Ethereum network to the Binance Smart Chain almost instantly and without the high gas fees you’d have to pay using other bridging platforms. Similarly, cross-chain bridges like Synapse are integral to the way centralised exchanges like Coinbase or FTX onboard different cryptos onto their platforms.

SYN is the native crypto of the Synapse network and can be used to vote on any decisions that would aim to make changes to the platform –– a feature strongly contributing to the decentralisation of Synapse. SYN token-holders can also “stake” or loan out their SYN to protect the network from threats and gain attractive rewards in return.

Ways to Invest in Synapse

You can opt to either invest in Synapse for the short-term or long-term depending on your financial position and goals. Short-term investors will usually look to earn quick gains while long-term investors usually have a view to letting profits build up over time.

Buy and hold Synapse

Buying and holding onto SYN for the long haul is usually the safest and most desired financial strategy among investors.

This approach requires little skill or effort and gives you the ability to sit back and watch the value of your SYN potentially multiple over time. At the same time, holding onto your SYN also means you can stake it in return for incentivising interest rates –– possibly acting as passive income.

Best Synapse wallets

The best Synapse wallets tend to be private software wallets or hardware wallets like Trezor, BitBox, and Ledger. By using private wallets, you take self-custody of your SYN tokens.

This means you have full ownership over your SYN and nobody but you has the “keys” to access it. Private wallets are also more secure locations for the storage of SYN because of their strong counter-measures against hackers, as opposed to web wallets integrated with centralised exchanges.

Trade Synapse

After buying Synapse, some investors look to exploit the swings in the price of SYN by trading it on decentralised exchanges that are open 24/7.

While trading can be a highly profitable financial strategy, it does require a sufficient amount of skill, effort, and time to master. You should keep in mind that even the most prolific traders are capable of losing money while trading.

Should I Buy SYN Now?

Ultimately, buying Synapse is a decision that you must come to on your own. The best thing for you is to do your own research on the fundamentals of Synapse, the innovations bringing value to it, and its path forward. With this in mind, here are a few pointers that may help you when it comes to making the choice of buying Synapse.

Synapse is a project that is continually innovating and evolving. The platform launched its “Hadean Phase” in August 2021 that allowed the platform to become a popular destination for the cross-chain swapping of stablecoins like USDT and USDC through the formation of liquidity pools.

This has led to a rise in the total value of crypto locked in Synapse’s protocol –– an important measure when it comes to the long-term value of DeFi platforms according to some institutional and retail investors.

Synapse’s stringent network security could be another factor that brings utility to the project –– and its SYN tokens –– in the eyes of investors. In November 2021, Synapse prevented a hacker from accessing $8 million from one of its stablecoin liquidity pools. This demonstrates that Synapse is not only a tried-and-tested bridging platform but also capable of mitigating hackings that are becoming increasingly common in today’s crypto landscape.

Altogether, with a number of blockchain projects emerging almost overnight in the crypto space, demand for bridging platforms like Synapse may only rise as it solves the enduring question of how to make competing blockchain ecosystems interoperable.