Difference between revisions of "Synapse Protocol (SYN)"
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==Audits & Exploits== | ==Audits & Exploits== | ||
*[[bug bounty|Bug bounty]] program can be found [insert here]. | *[[bug bounty|Bug bounty]] program can be found [insert here]. | ||
*From [[DeFi Safety]] (19-6-2023): | |||
''"Synapse is a multichain bridge and exchange with weak security, getting just a [https://synapseprotocol.com/landing.  https://defisafety.com/app/pqrs/546 44%]. No audits, no bug bounty reduced the score the most. The team is anon, but they had good code documentation (94%) and ok testing (66%). But the security score was 0% without audits or bug bounty or even excuses. For both admin controls (26%) and oracles (50%) the scores were below a pass. The devs did not respond when we sent them the report. There were simple ways to improve the score (though getting a pass without an audit is a challenge. I would give the bridge a wide berth as security and transparency do not seem high on their priorities."'' | |||
===Bugs/Exploits=== | ===Bugs/Exploits=== | ||
==Governance== | ==Governance== | ||
| Line 63: | Line 66: | ||
*Can be found [Insert link here]. | *Can be found [Insert link here]. | ||
==Usage== | ==Usage== | ||
Synapse [https://ournetwork.substack.com/p/on231-bridges crossed] $50B in volume and $15M in annualized fees (5-2024). | |||
===Projects that use or built on it=== | ===Projects that use or built on it=== | ||
==Competition== | ==Competition== | ||
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*Full team can be found [here]. | *Full team can be found [here]. | ||
===Funding=== | ===Funding=== | ||
* [[Mechanism Capital]] [https://www.mechanism.capital/investments/ lists] them in their portfolio as of 15-5-2023. | |||
===Partners=== | ===Partners=== | ||
==(:== | ==(:== | ||
Latest revision as of 01:05, 16 May 2024
Cross-chain liquidity network, a trustless AMM & bridge. Also its own optimistic rollup based on Ethereum (28-7-2022).
Basics
History
Audits & Exploits
- Bug bounty program can be found [insert here].
- From DeFi Safety (19-6-2023):
"Synapse is a multichain bridge and exchange with weak security, getting just a 44%. No audits, no bug bounty reduced the score the most. The team is anon, but they had good code documentation (94%) and ok testing (66%). But the security score was 0% without audits or bug bounty or even excuses. For both admin controls (26%) and oracles (50%) the scores were below a pass. The devs did not respond when we sent them the report. There were simple ways to improve the score (though getting a pass without an audit is a challenge. I would give the bridge a wide berth as security and transparency do not seem high on their priorities."
Bugs/Exploits
Governance
Admin Keys
DAO
Treasury
Token
Launch
Token Allocation
Utility
- Became an incentive token for its rollup (28-7-2022):
"How does Synapse’s optimistic verification system secure itself? Enter SYN — the economic incentive for the system’s off-chain actors to reach consensus on the validity of cross-chain transactions. Notaries are required to bond SYN to attest to outgoing transactions. Similarly, guards have to stake SYN in order to prevent griefing attacks, a process that regular holders will be able to participate in via DPoS. Dishonest behavior results in SYN being slashed."
Other Details
Stablecoin
Coin Distribution
Technology
- Whitepaper or docs can be found [insert here].
- Code can be viewed here.
Implementations
- Built on: its own optimistic rollup based on Ethereum (28-7-2022)
- Programming language used:
Transaction Details
How it works
- From the chain announcement (28-7-2022):
"Synapse Chain is designed as an Ethereum-based optimistic rollup. By leveraging Synapse’s messaging system and bridge, Synapse Chain will become the organizational hub of all cross-chain activity. Rather than deploy your dapp on ten different chains, why not deploy it on the bridge protocol that’s already connected to every chain? With Synapse Chain, a dapp’s business logic can be hosted on a single execution environment, while simultaneously being able to communicate with all other blockchains. This means "multi-chain" transactions happen atomically, meaning directly on the chain itself.
Fees
- Upon launch of the chain, gas will be paid in ETH, but the DAO may explore ways to tie usage of the chain to SYN (28-7-2022).
Upgrades
Mining
Staking
Validator Stats
Liquidity Mining
Scaling
Interoperability
Other Details
Oracle Method
Privacy Method
Compliance
Their Other Projects
Roadmap
- Can be found [Insert link here].
Usage
Synapse crossed $50B in volume and $15M in annualized fees (5-2024).
Projects that use or built on it
Competition
Pros and Cons
Pros
Cons
Team, Funding and Partners
Team
- Full team can be found [here].
Funding
- Mechanism Capital lists them in their portfolio as of 15-5-2023.
Partners
(:
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