Under-the-Radar Altcoin Jumps 34% After Surprise Crypto Exchange Binance Listing

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A surprise listing from Binance sparked a big rally for a crypto project aimed at helping funds flow from one blockchain to another.

The exchange has added Synapse (SYN) to its Innovation Zone, which is a dedicated trading space for crypto assets that are likely to be subject to increased volatility.

Immediately after listing, SYN rose from a 24-hour low of $1.25 to a high of $1.68, an increase of 34%.

After the initial breakout, SYN fell back to $1.61 at press time.

Synapse is a decentralized bridge that allows crypto holders to transfer their assets to and from a long list of blockchains, including Ethereum, Arbitrum, Avalanche, BNB Chain, Optimism, Polygon, Aurora, Boba Network, Canto and more.

SYN is the utility and governance token.

Synapse is also building its own chain, which will be compatible with the Ethereum Virtual Machine (EVM) and is designed to help developers deploy crypto applications across multiple chains.

Synapse Chain is expected to launch this year and is currently in a test network phase.

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Featured image: Shutterstock/GrandeDuc

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