Here is Synapse’s 3 step plan for world domination in 2024.
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Build the best bridge.
- Be the Uniswap of bridging. Fastest, cheapest and everywhere. More on this.
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Launch the best Interchain Network
- What are interchain networks? They’re the most important category in crypto, enabling applications to pass data and money between different blockchains. Like the internet connected all the computers in the world, interchain networks will connect all the chains. If we as an industry solve this problem, we’ll have scalable, cheap & secure blockchains. Learn more about the Synapse Interchain Network. More to be announced on projects building on SIN and mainnet.
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To be announced.. Crypto is as much about technology as it is about economics & incentives.
To date, Synapse has done $40B in volume across 10M transactions and 2M addresses. Synapse DAO has generated $26M+ in fees & $6M+ in grants. Continuously innovating and being the best bridging experience for users is key to building the best interchain network. The strongest inter-chain use case remains secure asset transfer. Becoming the trusted bridge the same way Uniswap is the trusted DEX has compounding network effects. Users trusting Synapse leads to protocols trusting Synapse. We already see this flywheel with GMX, Defi Kingdoms, and others building on top of the Synapse Bridge.
Synapse Interchain Network
SIN enables inter-chain transactions with the same reliability as transactions on a single chain. Every blockchain is a global decentralized computer. Today, we have decentralized computing and centralized networking. Developers rely on centralized oracles and consensus to move money and data between different chains, defeating the whole purpose of building on blockchains in the first place. As Synapse transitions from being the bridge of choice to the Interchain Network of choice, we’re unlocking a whole ecosystem of Dapps, games & NFTs natively built on Synapse’s Interchain Network. The same users bridging today will be gaming or taking inter-chain loans out in the future.
Today, step 1 is going live with the best bridging architecture. Synapse will remain the only bridge you’ll ever need.
Step 1 - Build the best bridge
What is RFQ?
Request for quote bridging turns every bridge transaction into an auction. Users submit their bridge requests, and relayers compete with each other to provide the cheapest possible quote. The relayer with the best quote is selected and immediately gives the users their funds on their desired destination chain.
This will make Synapse the fastest, cheapest, most capital-efficient and most flexible bridge.
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Fastest - bridge in less than 10 seconds. Relayers provide users their funds immediately.
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Cheapest - relayers are incentivized to offer the cheapest possible quote in order to win a transaction. Every single MEV bot, market maker, etc can become a relayer competing to win transactions and collectively bringing down bridging costs for users.
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Capital Efficiency - RFQ bridging doesn’t rely on a liquidity pool. This means a relayer with $1000 USDC can complete hundreds of transactions a day by constantly rebalancing its capital as users bridge.
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Flexible - As the RFQ ecosystem expands, relayers can quote for any asset they choose. The architecture isn’t limited to only stables or same asset bridges, it’s inherently cross-chain and asset agnostic. In the future, users could bridge and swap within the same transaction, taking advantage of the same inter-relayer competition dynamics to get the best price.
RFQ bridge transaction lifecycle
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User has $10 USDC on Ethereum and wants to bridge to Arbitrum
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Relayers pick up this transaction and submit their best offer. Relayer A offers $9.99 USDC and Relayer B offers $9.98 USDC
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Relayer A has the best price so it wins the transaction
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It immediately sends the user $9.99 USDC on Arbitrum
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Later, the SynapseRFQ contract unlocks the origin $10 USDC to Relayer A.
RFQ bridging is live today on Optimism, Arbitrum and Etherum for USDC transactions under $10k. In the coming weeks, more chain assets and larger transaction sizes will be supported.
Try it out - synapseprotocol.com
Interchain Request for Quote is the end game of bridges.