How to store Synapse(SYN) coins

For hardware wallet storage, the Ledger Nano X provides advanced security and offline protection for your SYN coins.

Nov 30, 2024 at 08:07 pm

How to Store Synapse (SYN) Coins

Introduction

Synapse (SYN) is a decentralized cross-chain liquidity protocol that enables seamless asset transfers between different blockchains. The native token of the Synapse protocol, SYN, plays a crucial role in securing the network, facilitating governance, and incentivizing liquidity providers. As the popularity of Synapse grows, investors and users are seeking reliable and secure ways to store their SYN coins. This comprehensive guide will provide detailed instructions on how to store SYN coins in various ways, ensuring their safety and accessibility.

Hardware Wallets

1. Ledger Nano Series: Ledger hardware wallets are renowned for their high level of security, featuring an isolated operating system and tamper-proof design. The Ledger Nano S and Nano X models support SYN storage, providing a robust solution for long-term storage and offline protection.
2. Trezor Model T: Trezor Model T is another highly reputable hardware wallet known for its advanced features and user-friendliness. It supports SYN storage and allows secure access to multiple cryptocurrencies.
3. SafePal S1: SafePal S1 is a cost-effective hardware wallet with a simple and intuitive interface. It provides ample storage space for SYN coins and safeguards them with multiple layers of security, including a fingerprint sensor and PIN code protection.

Software Wallets

1. Synapse Wallet: The official Synapse Wallet is a non-custodial web and mobile wallet designed specifically for storing and managing SYN coins. It offers user-friendly features, such as staking rewards, governance participation, and instant access to Synapse's decentralized exchange (DEX).
2. MetaMask: MetaMask is a popular software wallet with support for multiple blockchains, including Ethereum, Binance Smart Chain, and Polygon. It allows users to store SYN coins and interact with decentralized applications (dApps).
3. Trust Wallet: Trust Wallet is a mobile software wallet that supports a wide range of cryptocurrencies, including SYN. It offers a convenient interface, built-in dApp browser, and staking capabilities.

Exchanges with Custody

1. Binance: Binance is the world's largest cryptocurrency exchange, offering a secure platform for trading and storing various cryptocurrencies, including SYN. However, it is essential to note that Binance holds custody of user funds, meaning users do not have complete control over their private keys.
2. Crypto.com: Crypto.com is a global cryptocurrency exchange known for its diverse offerings, including the ability to store SYN coins. Similar to Binance, Crypto.com holds custody of user funds, providing a convenient but less secure storage option.
3. Huobi: Huobi is another prominent cryptocurrency exchange with support for SYN storage. It offers various account types, including a high-yield savings account for earning interest on SYN coins. However, users should be aware of the potential security risks associated with storing funds on exchanges.