Synapse is an interoperability protocol that enables secure cross-chain communication, facilitating the transfer and swapping of assets across different blockchain ecosystems. The platform's native token, SYN, is used as an incentive for liquidity providers, voting for community governance decisions, and as the native token for transaction fees. Validators can stake SYN tokens and receive rewards. Overall, Synapse's projects do not trigger any shariah issues.
| Category | Details | Status |
|---|---|---|
| Legitimacy | Not regulated by any countries or regulatory bodies. The project has a clear roadmap and genuine product on the blockchain, while the token/coin has a fundamental underlying value that allows it to be categorized as "Mal". | Passed |
| Project | Synapse is an interoperability protocol that facilitates the safe and secure transfer and swapping of assets across various blockchain ecosystems. It consists of six components, including Synapse Bridge, cross-chain AMM, SYN token, Synapse Chain, and optimistic security approaches. Synapse Chain is an Ethereum-based optimistic rollup that serves as a sovereign execution environment for cross-chain use cases, enabling developers to build natively cross-chain applications using a generalized smart contract interface. Synapse provides an extensible cross-chain messaging protocol and set of smart contracts that can be deployed on any blockchain, offering interoperability support between every blockchain implementation. | Passed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | The native token of the Synapse platform is SYN, which powers the entire ecosystem. SYN is used as an incentive for liquidity providers, for voting for community governance decisions, and as the native token used for transaction fees on the Synapse network. SYN holders can access network services and vote on changes to the platform via the Synapse DAO. | Passed |
| Staking Method | Validators have the option to stake SYN tokens and as a result, they will receive rewards. | Passed |
Read the source document and verify project fundamentals.