Synapse (SYN/USD), the native token of the cross-chain Synapse Protocol, has been on a very strong bullish trend since January and it is currently trading at a five-month high. At press time, it was trading at $1.17, up 39.45% in the past 24 hours.
Going by its recent performance, the SYN token has outperformed the broader DeFi players since the turn of the year. It has rallied by more than 151% since the beginning of the year.
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Growing popularity of Synapse cross-chain Bridge
The current Synapse price rise can be attributed to the rising popularity of the Synapse cross-chain Bridge that allows users to send and receive crypto assets across several blockchains.
Since it was launched, the bridge has facilitated crypto transfers worth almost $12 billion according to data from its website.
The bridge has become highly popular among DeFi investors looking for the highest yields across different DeFi protocols.
Synapse Bridge for example has facilitated cross-chain transactions worth about $47 million to layer 1 blockchain Canto launched on January 25, 2023.
Besides just being able to perform cross-chain transactions, Synapse bridge users also benefit from staking yields from the SYN/ETH pool on SushiSwap (SUSHI/USD) which offers up to 106.69% APY.