​SYN token rises by 71% after listing on Binance

What’s new? On February 22, at 09:30 UTC, cryptocurrency exchange Binance listed the Synapse (SYN) token in the Innovation Zone of the platform and opened trading in pairs with BTC, as well as USDT stablecoin. Coin withdrawals will be available on February 23 at 09:30 UTC. Within 48 hours of listing, Binance will add SYN as a new leveraged asset for margin pairing with USDT. After the integration, the token’s rate rose by 71,11% to $1,8899. As of 12:45 UTC, the value was corrected to $1,55.

Information on the Binance website

What else does the website say? Binance warned that SYN is a relatively newer, higher-risk token that is likely to be subject to high volatility. The exchange’s team advised customers to make sure they have sufficient risk management and do their own research on the characteristics of the project to understand it before deciding to start trading.

What is known about the Innovation Zone? It allows trading new tokens, which, compared to other assets, have more volatility and, as a consequence, carry higher risks. In order to trade in this designated zone, users need to fill out an application for assuming all risks (“Initial Disclaimer”). In addition, no restrictions are imposed on trading pairs in this zone.

What is known about Synapse? It is a decentralized cross-chain protocol that enables seamless communication between blockchains. Synapse offers a messaging protocol that supports assets and smart contract calls. Developers can use the protocol to create cross-chain applications. SYN is the utility token of Synapse. According to the project’s website, Synapse has a total value locked (TVL) of $223,13 million.

After being listed on Binance, assets appreciate an average of 41%, according to analysts. For example, the rate of the MAGIC token rose by 75% in December 2022, while OSMO gained 24% in October. The token of the Aptos blockchain platform increased by 10 000% immediately after the opening of trading on Binance. On January 18, the rate of the Rocket Pool (RPL) token rose by 24%. On February 17, the value of the Gains Network (GNS) coin jumped by 67,74%.