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Usha Yadav
Jul 29, 2022
by Usha Yadav

Synapse Chain Announces Single-Chain Solution to Cross-Chain Swaps

Synapse Chain

Table of contents

  1. Synapse Chain Eliminates Asset Wrapping
Cross-chain breaches have cost cryptocurrency users around $2 billion this year, and crypto architects are scrambling to re-establish trust in bridges. The Synapse Protocol, however, aims to win over disgruntled investors by doing away with bridging ultimately. Cross-chain swaps would have a single-chain solution thanks to Synapse Chain, which was just launched. Theoretically, the chain may reduce expenses while boosting security.

Cross-chain bridges are essentially protocols that send data between blockchains. Transporting cryptographic assets between chains is the most typical bridge use case. In that situation, the bridge deploys a "wrapped" IOU asset on the bridged chain while holding a user's assets in a smart contract.

Synapse Chain Eliminates Asset Wrapping

According to a blog post by Synapse, Synapse Chain will eliminate asset wrapping by developing a natively compatible blockchain with various crypto assets. Although based on Ethereum, Synapse's "single execution environment" is theoretically compatible with any blockchain. Assuming all transactions to be valid pending fraud allegations from so-called guards, layer-2 uses optimistic proofs.

Optimistic verification, in the opinion of Synapse, will assist the chain and prevent adding to the approximately $2 billion in assets already lost to cross-chain protocols this year. Many compromised bridges had assets in multi-signature wallets that yielded the "multi" prefix. An optimistic system requires all validators to approve transactions because every guard implicitly verifies data when it doesn't report fraud. Using a technique known as "slashing,"

Synapse motivates security personnel to perform their duties by taking their SYN governance tokens when incorrect transactions are accepted. Following the Synapse Chain release, SYN increased by almost 40%, trading at around $1.70 on Thursday afternoon. The optimistic rollup will initially operate the optimistic rollup sequencer implemented by Synapse internally, but the protocol wants to decentralize like other layer-2s.

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Synapse Chain Single-Chain Solution Cross-Chain Swaps
Synapse Chain Announces Single-Chain Solution to Cross-Chain Swaps
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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