A little-known cryptocurrency that is currently held on the blockchain by just over 7,000 wallets, has seen its price surge after it was listed on leading cryptocurrency exchange Binance’s Innovation Zone.
The price of Synapse ($SYN) moved up well over 30% in intraday trading after the Binance listing was announced, but it has since returned most of those gains amid a wider cryptocurrency market correction. The cryptocurrency is nevertheless up over 80% in the past 30 days.
SYN is an Ethereum-based utility and governance token for the Synapse protocol, which is used to bridge and swap assets across different chains, generate yield, and perform other functions.
SYN token holders can exercise their voting rights to influence the protocol’s future and also receive rewards for providing liquidity to the network. Synapse also intends to launch its own proof of stake blockchain called Synapse Chain, where validators can stake SYN tokens to enhance network security.
Binance’s listing includes two new spot trading pairs, against the flagship cryptocurrency BTC and leading stablecoin USDT. The cryptocurrency is also being added as a borrowable asset with a new SYN/USDT margin trading pair.
Also read: Where is Binance Located?
The exchange noted in its announcement that its Innovation Zone is a “edicated trading zone where users are able to trade new, innovative tokens that are likely to have higher volatility and pose a higher risk than other tokens.
According to Binance, before users are able to trade in the Innovation Zone they must visit its web version to “carefully read the Binance Terms of Use” and complete a questionnaire. SYN, the exchange added, is a “relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility.
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