What is the issuance price and circulation amount of Synapse(SYN) currency?

The initial issuance price of $0.05 and the current circulating supply of approximately 650 million SYN tokens indicate a commitment to long-term growth and value preservation within the Synapse ecosystem.

Nov 29, 2024 at 11:26 am

What is the Issuance Price and Circulation Amount of Synapse(SYN) Currency?

Introduction to Synapse(SYN) Currency

Synapse (SYN) is a decentralized, cross-chain liquidity protocol that enables seamless asset transfer and exchange between different blockchains. It operates as a central hub for liquidity pools, allowing users to swap assets efficiently and cost-effectively.

Issuance Price of SYN

The initial issuance price of SYN was $0.05 during its initial coin offering (ICO) in April 2022. The ICO raised a total of $20 million, with a maximum supply of 1 billion SYN tokens.

Circulation Amount of SYN

As of March 2023, the circulating supply of SYN is approximately 650 million tokens, representing around 65% of the total supply. The remaining 35% is held by the Synapse team, investors, and locked in various protocols.

Tokenomics of SYN

The distribution of SYN tokens is as follows:

• Team: 15%
• Investors: 10%
• Community incentives: 20%
• Ecosystem growth fund: 10%
• Liquidity provision: 5%
• Reserved for future use: 40%

Role of SYN in the Ecosystem

SYN plays a vital role in the Synapse ecosystem, serving as the native utility token for the following purposes:

• Governance: SYN holders can participate in governance, vote on protocol improvements, and influence the direction of the Synapse network.
• Fees: SYN is used to pay transaction fees on the Synapse platform, ensuring the sustainability of the network.
• Staking: Users can stake SYN to earn rewards and participate in the operation of the Synapse protocol.
• Protocol bonding: The Synapse network occasionally bonds SYN to maintain stability and ensure the security of the protocol.
• Liquidity provision: SYN is used to incentivize liquidity providers, ensuring sufficient liquidity for asset swapping.

Factors Influencing the Value of SYN

The value of SYN is influenced by various factors, including:

• Market demand: The overall demand for SYN tokens among investors, traders, and users.
• Adoption rate: The extent to which Synapse is used for cross-chain liquidity, asset swapping, and other decentralized finance (DeFi) applications.
• Competition: The emergence of other cross-chain liquidity protocols and their competitive offerings.
• Tokenomics: The distribution and lock-up mechanisms of SYN tokens, as well as their use cases within the ecosystem.
• Macroeconomic conditions: Broader economic conditions, such as interest rates, inflation, and global events, can also impact the value of SYN.