Synapse Protocol (SYN) Live Price and charts Today

What is the utility of $SYN?

SYN is used as an incentive for liquidity providers, for voting for community governance decisions that impact smart contract upgrades or expenditures from the DAO treasury, and as the native token used for transaction fees on the Synapse network.

Core functionalities of the SYN token include:

• Staking: Validators stake SYN tokens to become a part of the network and earn rewards.
• Protocol fees and gas fees: Fees for executing transactions on the network are paid in SYN tokens. This includes fees for creating and interacting with smart contracts, fees for cross-chain swaps, and fees for ensuring the security of the network.
• Incentives and rewards: The SYN token is used to incentivize good behaviour on the network such as providing liquidity, maintaining high-quality data, and participating in governance.
• Governance: SYN token holders can vote on platform governance decisions.

What is the supply schedule of SYN?

Rewards are in the form of the SYN governance and utility token until the total token supply is reached.

The number of SYN token releases per week is 630,000. Currently, the number of unreleased tokens is about 92,000,000 SYN. It will take about 146 weeks to reach 250,000,000 SYN.