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Synapse Update - Short Post
Level 2 - Value Investor
Welcome Avatar! As usual we *strongly* prefer that you add value to the Synapse Protocol as we’re happy to pay you for your efforts. Also, Synapse is always looking for new devs and new opportunities. No matter what we’ll be ear-marking SYN tokens for our community so in a way long-term readers will always have some exposure. That said here is the quick update.
We’ve got a pretty major update out of the Synapse camp which you may have heard about from the DeFi Education team.
As a reminder, we are advisors to Synapse Protocol and 1/3 of the total allocation is paid out to either 1) jungle contributors or 2) the jungle treasury. If you’re interested in getting involved be sure to reach out to the Synapse team on their Discord.
The Synapse team has announced Synapse v2, which includes the launch of the highly anticipated Synapse Chain, an EVM compatible smart contract execution layer built on Synapse’s cross chain messaging system and bridge.
If that sounds like a word salad, don’t worry. Here’s how it works.
Synapse Chain is an “optimistic rollup” settled on Ethereum. Optimistic means that the aggregators are assumed to be honest, operating without attempting to commit fraud (previously covered on BTB here). Synapse Chain will be fully EVM compatible.
Cross chain message passing will allow for an app on one chain to trigger an action on another chain. Any dApp can go natively multichain.
Synapse will use a network of off-chain actors to flag malicious transactions, with SYN acting as the economic incentive for consensus. In other words, SYN will provide economic security for optimistic verification.
Notaries and guards will be required to bond and stake SYN. All holders of SYN can back guards by delegating.
Some of the biggest DeFi hacks targeted bridges.
Synapse v2 offers a better security model - optimistic verification - than bridges which still use the legacy M of N Proof of Stake consensus system.
In a nutshell: an optimistic fraud proof system works if there is only one honest participant; legacy systems require 2/3rds of validators to be honest. Similar fraud proof technology powers popular layer 2 scaling solutions Optimism and Arbitrum.
The official announcement is below for reference. If you’re interested in learning about how Synapse v1 works under the hood check out our previous post here. If you’re building an application and want to partner with Synapse, you can contact the team here.
More Bridge Hacks
If we look around the landscape, we continue to believe that SYN is the best bridge in the market. Many other major bridges have already been hacked for millions.
This is still the greatest risk for SYN since it is simply a honey pot. So far so good. That said, it is a major risk to the project offset by the major upside of more and more cross chain transactions.
If you are already part of the BowTied community NightOwl is the point person for all Synapse questions.
If you want to see us build the first ever digital cartoon country live and watch as we actively grow the treasury, you should consider signing up for a whopping $0.27 a day or $100 a year which is less than the cost of stepping outside in any major city. Or you could pay $1,000+ a year to be pitched Celsius and BlockFi from one of our competitors. The choice is yours anon!
Disclaimer: None of this is to be deemed legal or financial advice of any kind. These are *opinions* written by an anonymous group of Ex-Wall Street Tech Bankers and software engineers who moved into affiliate marketing and e-commerce. We’re an advisor for Synapse Protocol and on the JPEG team.