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CoinDesk experts studied the quotes of the Synapse (SYN) cryptocurrency and talked about its rapid growth. As of 17:00 Moscow time on February 2, 2023, the quotes of the native token of the cross-chain protocol of the decentralized finance sector (DeFi) recorded a five-month high at around $1.22. This came after a 44.74% rise in the rate over the past 24 hours.
According to the CoinDesk DeFi Index, the token has outperformed its peers in the decentralized finance space since the beginning of the year, gaining 151.56% in price compared to the sector-wide average of 58.27%.
The experts explained that such a rapid growth of Synapse quotes was partly due to the popularity of the protocol bridge. It allowed users to transfer digital assets across multiple blockchains at once. Since its inception, the Synapse bridge has generated $11.45 billion worth of transfers, according to the project’s website.
Such protocols have become very popular in 2022, according to researchers. The fact is that traders are trying to fix the maximum yield on loans in different blockchains. The recently launched blockchain of the first Canto last week also recorded a boom in the number of transactions and interest from users.
Since January 25, the Synapse bridge has provided $47 million worth of cross-chain transactions in Canto. On February 1 alone, market participants made $12.2 million worth of cryptocurrency transfers, which was a record daily value.
Synapse users have benefited from staking with a SYN/ETH pool powered by Sushiswap. It is accessible through the user interface of the protocol and has generated 106.69% APY (annual return).
In the past year, cross-chain bridges have been the subject of interest for hackers. According to experts from Chainalysis, $2 billion was stolen from such protocols in the first 8 months of 2022.
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