A surprise listing from Binance has triggered a big rally for a crypto project focused on helping funds flow from one blockchain to another.
The exchange has added Synapse (SYN) to its Innovation Zone, which is a dedicated trading space for crypto assets that could be prone to increased volatility.
Immediately after the listing, SYN surged from a 24-hour low of $1.25 to a high of $1.68 – an increase of 34%.
Following the initial burst, SYN has retraced to $1.61 at time of publishing.
Synapse is a decentralized bridge that allows crypto holders to transfer their assets to and from a long list of blockchains, including Ethereum, Arbitrum, Avalanche, BNB Chain, Optimism, Polygon, Aurora, Boba Network, Canto and more.
SYN is the utility and governance token.
Synapse is also building its own chain, which will be compatible with the Ethereum Virtual Machine (EVM) and is designed to help developers deploy crypto apps on multiple chains.
Synapse Chain is expected to launch this year and is currently in a test net phase.
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Featured Image: Shutterstock/GrandeDuc