Synapse Protocol Launches Arbitrum Pools Supporting 5 DeFi Networks

Synapse keeps expanding its ecosystem as Arbitrum becomes the fifth supported network on its cross-chain liquidity platform.

By
Utulu Hope
on
September 23, 2021
Category:
Blockchain News

Synapse Adds Arbitrum Support 

Synapse Protocol has added a new network pool to its mainnet. The Arbitrum network is now live on the cross-chain liquidity protocol, permitting users to easily make cross-chain transfers with a single transaction from the network. 

With the addition of Arbitrum pools, the protocol now has support for five different networks, including Binance Smart Chain (BSC), Ethereum, Polygon, and Avalanche pools. The introduction was announced on 21st September via Twitter.

According to the tweet, the Arbitrum pool will bridge faster transfer of assets, starting with ETH transfers back to the Ethereum network. 

“We’re introducing support for @Arbitrum today to the Synapse Network, starting with ETH transfers. This is the first ETH fast withdraw bridge back to Ethereum. Move ETH to & from Arbitrum within minutes,” tweeted Synapse. 

Users can now visit the Synapse pools page to view the five supported chains and enjoy fast cross-chain withdrawals. With over $15,000,000 in total liquidity, Synapse is the most liquid fast withdrawal bridge from Arbitrum. 

Source

New Network, More Incentives 

Liquidity providers stand to earn fees and $SYN incentives when they supply nETH and Arbitrum ETH. Synapse announced the reward system in a Tweet thread. 

“$SYN incentives are live for the @Arbitrum nETH <> ETH pool,” Synapse wrote on Twitter. 

According to the tweet thread, users need to utilize the nETH <> Arbitrum ETH pool to get $SYN rewards. In addition, the tweet also disclosed how users would get rewards from providing liquidity on the Arbitrum ETH pool. 

“nETH is minted by bridging ETH from mainnet to nETH on Arbitrum using Synapse." 

Once you have nETH on Arbitrum, pair it with native Arbitrum ETH to provide liquidity.

As the pool balances change, arbitragers will be incentivized via a deposit bonus to rebalance the pool,” the tweet disclosed. 

What is Synapse?

Synapse is a trustless cross-chain bridge and stableswap that allows users to bridge assets across all chains, swap assets, earn yield, and more. The platform supports Ethereum, BSC, Polygon, Avalanche, and Arbitrum networks and ensures that users easily transfer assets across any supported chains. 

Where to find Synapse:

Website | Twitter | Discord | Telegram |

Tags:
Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer. He hodls mostly in Ethereum, BNB, and, Avax.

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