Synapse token price jumps more than 40%

On February 2, the daily rise in the price of the Synapse cross-chain-bridge project’s utility token (SYN) exceeded 40%. The quotes reached a five-month high of $1.27, according to CoinGecko.

Trading volume approached $30 million, six times higher than on February 1.

In the last month, SYN’s market capitalisation rose by 143.5%.

According to the веб-сайту Synapse, since the launch of the cross-chain bridge, the volume of assets transferred through the protocol has totalled $11.45 billion.

In November, the Synapse Bridge team prevented an $8 million hack.

As noted, TVL of the DeFi ecosystem Canto built on Cosmos has more than doubled since the start of January. Over the last month, the total value of funds transferred through cross-chain bridges from Ethereum to Canto rose by $77 million.