Synapse Chain: Layer0 cross chain infrastructure in a multi chain world

Original title: Synapse Chain: Cross chain Infrastructure in Multi chain WorldOriginal author: @ alphanonceStaff

Synapse Protocol, a cross chain communication protocol, announced that Synapse Chain will be introduced.However, last week's focus was on the mainstream Ethereum merger, which did not attract enough attention. This article will elaborate on what Synapse Chain is and its importance.

TL; DR

1. nUSD features make Synapse a unique cross chain service;

2. Synapse Protocol may change qualitatively with the introduction of Synapse Chain;

3. Synapse chain is a single execution layer of different blockchains;

4. A single execution layer can be an encrypted infrastructure.

Synapse Protocol has achieved great success since its launch in August 2021. Although it does not have as many chains as Celer Network supports, it has a stable user base. Since the agreement was launched, Synapse has completed a total of 987000 transactions, with a total amount of cross chain transfers of $11 billion and a total revenue of $18 million.

If you provide liquidity on Celer Network or Multichain, your liquidity may be transferred to other networks. For example, if you provide liquidity on Ethereum, your coins may be transferred to Fantom. When you need to remove the liquidity, you have to use the cross chain bridge to move the stablecoins back to the original chain.

The cumbersome process of liquidity extraction represents a poor user experience across the chain bridge. In addition, given the fragility of cross chain bridges in blockchain security, providing liquidity across networks always makes users uneasy.

Synapse solves this problem through nUSD. Users on Synapse can specify networks to provide mobility. NUSD is fully supported by USDT, USDC and DAI on Ethereum. When necessary, it will be destroyed on the source chain and cast on the target chain. Recommended readingThis articleTo understand the detailed mechanism. As a result, Synapse has become one of the leaders in the cross chain bridge field. The transfer data of each cross chain bridge in recent 30 days are as follows:

Multichain: US $1.67 billion;

CBridge: $455 million;

Synapse: 241 million dollars;

Stargate: US $238 million;

Hop: $115 million.

With its user base, Synapse tries to transition to the next stage.

They launched a new cross chain product Synapse Chain. Dapps will not need to deploy its protocol to each chain, but only to Synapse Chain. The main function of Synapse Chain is to facilitate the cross chain deployment of contracts.

Synapse uses Optimal Rollup to provide a single execution layer for various networks. Each block of Synapse Chain will be stored on the Ethereum network, which means that the security is almost the same as that of the main network. The gas fee will be initially paid by ETH, and then changed to SYN.

At present, they have released aTest Network for Developer Deployment Contract。 Recently, the popular protocol GMX has announced its cooperation with Synapse, and plans to deploy the GMX protocol to Synapse Chain. As a result, GMX no longer needs to deploy its protocols to various networks. Synapse can also obtain value improvement through gas fees. Win win cooperation.

The share of TVL in Ethereum has dropped from 96% in January 2021 to 58% now. With the emergence of new public chains such as Canto, cross chain expansion will become the only way for many Dapps.In the multi chain world, the single execution layer of different blockchains will become the basic infrastructure