DeFi

Synapse Starts Voting For Proposal Regarding Deployment On Canto

Cross-chain protocol Synapse’s community has started a vote for a proposal suggesting deploying Synapse on Layer-1 blockchain Canto. If the proposal gets passed, Synapse will launch a new liquidity pool on Canto to enable users to bridge assets between Canto, Arbitrum, Optimism, Avalanche, and BNB Chain.
Synapse Starts Voting For Proposal Regarding Deployment On Canto 4

This proposal seeks to build Synapse atop Canto, a permissionless general-purpose blockchain designed using Tendermint consensus and EVM compatibility, allowing users to smoothly move stablecoins between Canto and the many linked EVM chains. The protocol can facilitate this link by introducing a new liquidity pool on Canto composed of nUSD and NOTE, the Canto ecosystem’s native stablecoin.

Canto recently launched a liquidity mining program to support the network’s and the ecosystem’s native stablecoin, NOTE. Over $100 million in TVL has been bridged to the chain in the first 30 days of the program to buy CANTO, borrow NOTE through the loan market, and offer liquidity in Canto’s native DEX.

Synapse Starts Voting For Proposal Regarding Deployment On Canto 5

Currently, all bridging is done using Gravity Bridge. Gravity only allows assets from Ethereum and Cosmos Hub to be bridged into Canto, leaving out a vast number of assets from other blockchains.

Synapse can connect the Canto ecosystem to the remainder of the multi-chain ecosystem, enabling users and assets that exist on chains like Arbitrum, Optimism, Avalanche, BNB Chain, and more.

Synapse Starts Voting For Proposal Regarding Deployment On Canto 6

Increased users and assets will help accelerate Canto’s growth plans, introducing a unique user base to the new blockchain ecosystem. In tandem, increased volume through grows and expands Synapse to a new suite of users (Canto users). According to the proposal:

“As this Synapse bridge would be the only bridge connecting Canto beyond the Ethereum mainnet, the new integration is expected to bring over a great deal of bridge volume, and therefore protocol revenues. Similarly, the Canto ecosystem is in its infant stage. Assuming the network grows, Synapse will be extremely well positioned to help encourage this growth. Canto would also represent the first Cosmos-based chain integrated by Synapse.”

For more detailed information you can see here.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

7 minutes ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

2 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

3 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

4 hours ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

4 hours ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

4 hours ago

This website uses cookies.