Synapse will make it possible to conduct cross-chain swaps with a single transaction, connecting multiple networks in under 3 minutes.
Nerve to Synapse
Nerve Finance has rebranded to Synapse as the company expands its mission. The move will see Synapse become a cross-chain token swap, moving beyond its roots as a stableswap Automated Market Maker (AMM) on Binance Smart Chain.
Synapse will consist of two core concepts: the Synapse cross-chain network and the Synapse AMM. Both will help the protocol phase into a larger entity, with speed in mind.
“With Synapse, cross-chain swaps can now be conducted in a single transaction, to & from any chain connected by the Synapse Network, in less than 3 minutes,” stated Synapse in their blog announcement on August 23rd.
An official confirmation of which chains Synapse will integrate has yet to be made. Still, from the information provided so far, it seems likely that Ethereum, Binance Smart Chain, and Polygon will all be supported.
Other layer 1 ecosystems discussed in the Synapse launch announcement included Solana, Terra, and Avalanche. Layer 2 solutions such as Arbitrum and Optimism were also mentioned, and some may also figure in the company’s future plans.
Token Swaps
The move from Nerve to Synapse will have knock-on effects for the Nerve Finance ecosystem and its native Nerve ($NRV) token too. The Synapse ecosystem will adopt a new native token, $SYN. There will therefore be a token migration event as Synapse retires the existing Nerve. Existing NRV tokens will be swapped for SYN at a rate of 2.5 SYN for every NRV token.
“The SYN token will remain an integral part of the Synapse protocol and ecosystem. Additionally, SYN will be a cross-chain token, available on all chains connected by the Synapse Network,” Synapse said in their blog.
For now, NRV pools remain unchanged and fully functional and will also be migrated. The company went on to promise that more details regarding Synapse and SYN will be forthcoming this week.
Where to find Synapse (Nerve):
Source : bsc.news
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