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

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. 2/ It’s time to transition Synapse into its next chapter. Gone are the days are clunky, bloated, multi-chain deployments. Synapse Chain is the first sovereign execution environment dedicated to the development of cross-chain applications and primitives. — Synapse Protocol (@SynapseProtocol) July 28, 2022 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 ...