PANews reported on December 5 that the cross-chain protocol Synapse announced that its full-chain abstract solution Synapse Intents Network (SIN) has officially launched the mainnet. In January this year, Synapse's cross-chain intent system RFQ has been deployed on multiple networks such as Ethereum, Optimism, and Arbitrum, reducing the processing time of cross-chain transactions from 20 minutes to 3 seconds, and reducing costs by 81% on average compared to competitors. It currently accounts for 90% of the protocol's cross-chain transaction volume.
The newly launched SIN system supports off-chain bidding to obtain cross-chain quotes. It is the first decentralized intent network with real-time fraud proof and can support relay functions for any assets and operations.
In terms of token economics, Synapse plans to repurchase 5 million SYN tokens with a budget of approximately US$3.5 million, and cut token issuance by 70%, reducing circulation by approximately 2.5 million SYN per year, while transitioning to a proof-of-stake (POS) and fee-based network model.
