Binance’s Listing of Synapse (SYN) Provides Boost to Decentralized Cross-Chain Infrastructure Project
Binance, the world’s leading cryptocurrency exchange, has announced that it will be listing Synapse (SYN) in the Innovation Zone. This will allow users to trade new and innovative tokens that are likely to have higher volatility and pose a higher risk than other tokens. The listing of SYN on Binance is expected to increase the token’s liquidity and exposure to the wider crypto community.
SYN is a decentralized cross-chain infrastructure project that provides products such as bridge, cross-chain messaging protocol and stableswap. The token serves as the utility and governance token for the Synapse ecosystem. By listing SYN, Binance is providing its users with an opportunity to access this new and exciting project.
Binance will open trading for the new spot trading pairs, SYN/BTC and SYN/USDT, on 2023-02-22 10:30 (UTC). Users can start depositing SYN in preparation for trading, while withdrawals for SYN will open on 2023-02-23 10:30 (UTC). The listing fee for SYN is 0 BNB.
In addition to spot trading pairs, Binance will also add SYN as a new borrowable asset with a new margin pair on Isolated Margin, within 48 hours from 2023-02-22 10:30 (UTC). The new isolated margin pair will be SYN/USDT. Users can refer to Margin Data for a list of the most updated marginable assets and further information on specific limits and rates.
However, it’s worth noting that SYN is a relatively new token that poses a higher than normal risk. As such, it is likely to be subject to high price volatility. Binance reminds its users to exercise sufficient risk management, do their own research on SYN’s fundamentals, and fully understand the project before opting to trade the token.
Before trading in the Innovation Zone, all users are required to visit the web version of the Innovation Zone trading page to carefully read the Binance Terms of Use and complete a questionnaire as part of the Initial Disclaimer. Although there will not be any trading restrictions on trading pairs in the Innovation Zone, users must be aware of the higher risks associated with trading innovative tokens.
The listing of SYN on Binance marks a significant milestone for the Synapse ecosystem, providing it with increased liquidity and exposure to a wider audience. With Binance being the world’s leading cryptocurrency exchange, the listing will provide SYN with increased credibility in the market. As such, it will be interesting to see how the market reacts to the listing and how SYN performs in the coming days.
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