With the current state of the crypto ecosystem, it’s little wonder people are not too keen on investing and placing their hard-earned funds in the hand of projects that either employ predatory tactics, like internal price manipulations or don’t ensure the best possible security for their users.
Synapse has already more than solved the second issue thanks to the integrations made by the Synapse Tech labs and never availed itself to employ the first methods in its tokenomics.
But now The Network takes another step, by eliminating the possibility to do so in the first place and by placing full agency over the token price in the hands of the community, with a never before seen 60% token burning even, totalling at more than 33 million dollars of SNP being put directly as deflation shields for our user-base.
Synapse’s burn was conducted only on non-community pools, including partners, reserves, and team tokens, ensuring gradual and natural growth for the Synapse Community price action and for the SNP token itself.
Cypto.com lead the market previously with a similar move that led the price of their token to skyrocket in the short span of 9 months, but due to the vastly different natures of the projects, Synapse token burn is even more significant than it may seem on the surface.
Apart from the more obvious benefits, like ensuring fast and organic growth for the token price, and preventing any deflation from happening, even in a period of market turmoils, the Synapse token burn event is both a shield for its community and a potent tool that can be used to ensure rapid growth in the entire ecosystem.
By leading from the front, Synapse has demonstrated to other projects the success that can be achieved by keeping high-quality features coupled with community safety mechanisms, which will lead to widespread benefits for the whole DeFi sphere.
With the pools burned also being the one more tied to the possible price manoeuvres intended by other projects to boost their personal wealth, Synapse also double-downs on the transparency of its purpose, showing the heights that can be reached by not cutting corners and rewarding the userbase for its fidelity.
The Synapse token burn is all-in-all a multi-purpose event, that ensures very tangible benefits for the Synapse community members, while also enacting upon the core beliefs from which DeFi was born, to create a free, fair and now secure market for everyone, everywhere.
To better understand how this event was structured, you can simply check out our Medium, and if you want to become one of the early adopters of what is the future of Decentralized Finance join the Synapse Network.
About Synapse Network
Synapse Network is developing a cross-chain investment and start-up acceleration ecosystem based on blockchain technology to give everybody an equal chance to contribute to great upcoming projects and to do so early on. We are bridging the gap between the traditional & crypto market. The idea of the Synapse Network technology goes beyond the standard offer of launchpads available on the market, becoming a true technological brand providing tech solutions.