Synapse became a victim of its own success on Monday, as higher than predicted demand forced the cross-chain exchange to suspend operations shortly after launch.
Rethink
The Synapse mainnet launched on Sunday, August 29th, with support for cross-chain swaps between Binance Smart Chain. Avalanche, Polygon and Ethereum.
The launch was immediately hailed by community members as a game changer for cross-chain token swaps and bridging between layer 1 and layer 2 solutions.
The exchange quickly became a victim of its own success however, with higher than expected activity creating a backlog of transactions, forcing Synapse to suspend operations on August 30th. A statement from the team explained the decision.
“Unfortunately, a mix of an high [sic] initial surge of transactions + an ETH gas fee spike at the same time has caused a queue of pending transactions. A lot of these have been processed by the validators already, but some are still pending.
“We’re going to temporarily pause the bridge on the site, while we focus on making sure every pending transaction is caught up on — this is the first priority right now. All funds remain safe, and the transactions stuck are due to lag. They will be processed,” – Synapse statement, August 30th.
Synapse went on to add that all funds are completely safe. The team have sought to play down the suspension, citing the mainnet launch as ‘battle-testing’. Synapse is working on a solution to the problem and and hope to have the site up and operational again by around 7pm (UTC) on August 30th.
The Right Idea
While Synapse has encountered some early teething problems, the Synapse community and crypto Twitter remain positive about the project.
A number of users on Twitter referred to the project as a game changer, comparing the project favorably to their previous experiences switching assets cross-chain on other platforms.
“Tried to swap $50k in stables on Avalanche yesterday. Slip + cost was ~$600 on JOE and ~$1800 on Pangolin. Used Synapse and swapped for a total cost of $30. Game changer for anyone farming on Avalanche right now,” said one user.
“Synapse just unironically created the greatest L1/L2 bridge in the entire crypto ecosystem,” added another.
While the initial reception for the project has been hugely positive, Synapse will undoubtedly wish to capitalize on that goodwill and return to normal operations as swiftly as possible.
Token News
Among the flurry of recent news activity at Synapse, one of the most positive announcements in terms of usability was that for every bridge transaction users will receive $AVAX, $BNB, or $MATIC.
“On every bridge transaction, you’ll also receive $AVAX, $BNB, or $MATIC to make sure that you have enough gas to get started alongside the assets you bridged,” the company Tweeted on August 29th.
While the addition of $AVAX, $BNB, or $MATIC will be a welcome addition for users of Synapse, the updates on tokens didn’t stop there.
The company also announced additional information on the migration of the company’s native token.. As we previously reported, the company is also migrating from its $NRV token to $SYN. Synapse has now provided a portal where users can convert the old token for $SYN.
Anyone with existing $NRV tokens is invited to migrate to $SYN here.
Source : bsc.news
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