Synapse has announced the launch its native cross-chain app layer on July 28. Synapse is first bridge to create its own platform for cross chain applications.
Synapse, a popular cross-blockchain bridge, announced last week that it would be the first smart contract platform to be developed by a bridging protocol. According to Synapse, the new platform called “Synapse chain” will address shortcomings in the existing infrastructure for cross-chain applications.
Synapse’s bridge has enabled more than $11 Billion in volume since its launch in August 2021. It connects Layer 1 and Layer 2, as well as more than 150,000 users. The goal is to move beyond processing swaps between blockchains and enable the creation of applications that can work across multiple blockchains.
The company announced that developers can create a whole new set of primitives with multichain state, which can be deployed on one blockchain. These primitives can be used to build new user experiences and applications that better match our multi-chain reality.
Cross-chain applications are gaining popularity as they allow traders to interact across multiple blockchain ecosystems. According to Synapse, the main problem many cross-chain application developers face is a lack of an execution environment. Instead, they have to deploy smart contracts on multiple chains. This increases security risks, communication barriers, and development requirements.
Synapse’s platform and its cross-chain messaging protocol will allow developers to create a cross-chain smart contracts exclusively on Synapse chain. This is in contrast to existing systems. The company stated that Synapse Chain applications will be able execute their business logic on any blockchain. Ethereum will be the platform for settlement of transactions.
Synapse Chain will have an “Ethereum based optimistic rollup design” to improve security, scalability, and user experience. It is compatible with the Ethereum Virtual Machine, (EVM), for scalability, security and user experience.
Optimistic rollups improve speed and lower fees, while still maintaining security from Ethereum. The team stated that instead of having to create security systems from scratch, optimistic rollups allow dapps leverage the security and decentralization provided by Ethereum’s base layer. This layer has the highest security spending of any generalized smart contracts blockchain.
Its compatibility to Ethereum Virtual Machine (EVM), will allow any existing application to deploy on Synapse Chain, and developers to have a similar building experience as other EVM chains.
Synapse Chain’s launch and its associated upgrade to Synapse V2 will have significant implications for Synapse’s native SYN token. This will add a new dynamic in the economic incentives that underpin the Synapse ecosystem.
Synapse V2 will be revealed by the team in the coming months.
