Over the course of many months, our contributors and community have been hard at work to expand the future of Nerve. Today, we’re excited to announce the evolution of Nerve into a new cross-chain protocol: Synapse
Synapse unifies the thriving L1/L2 ecosystem, allowing users to seamlessly bridge assets across the most popular chains.
Where we were
Nerve started with a simple idea: build a product dedicated to outstanding user experience, while being accessible to as many people as possible.
When we launched in March, Nerve was the first stableswap AMM on Binance Smart Chain (BSC). Nerve instantly gained traction, becoming one of the largest BSC protocols, exceeding $1b in TVL and over $200m/day in trading volume. To this day, we are consistently a top 15 DEX by volume.
Realizing the difficulties in onboarding capital to a new blockchain, we launched liquidity pools that seamlessly let users move funds to BSC. Nerve is now the central on- and off-ramp for moving assets between ETH and BSC.
This trend of alternative L1 ecosystem's growth has continued to blossom — with Polygon, Solana, Terra, and now Avalanche. Similarly, a number of prominent Ethereum L2’s are coming to market, including Arbitrum and Optimism.
The multi-chain world is already here. However, capital flows from one chain to another are still heavily constrained by the existing cross-chain infrastructure.
Where we’re headed
Synapse is a cross-chain layer ♾️ protocol powering interoperability between blockchains. It consists of two core components:
- The Synapse Network — Cross-chain infrastructure powered by multi-party computation validators that collectively react to events on blockchains connected by the Synapse network
- The Synapse AMM — a cross-chain AMM supported by the network that prices and rebalances assets based on capital flow
With Synapse, cross-chain swaps can now be conducted in a single transaction, to & from any chain connected by the Synapse Network, in less than 3 minutes.
The evolution into Synapse will also change our existing token. Moving forward, the NRV token will become SYN at a token migration rate of 1 NRV = 2.5 SYN. The SYN token will remain an integral part of the Synapse protocol and ecosystem. Additionally, SYN will be a cross-chain token, available on all chains connected by the Synapse Network.
More details to come this week, as we continue to build the layer ♾️ protocol of the multi-chain future.