Synapse xAssets
Synapse xAssets are multi-chain enabled assets that can be sent, received, stored, and used on multiple blockchains. Multi-chain functionality greatly augments a token’s distribution by virtue of it being available to more users and to be used in all of the DeFi ecosystems deployed on each chain. Projects that choose to upgrade their assets into Synapse xAssets have the ability to be deployed on every existing and future chain that we support.
The most simple multi-chain integration setup is for assets that are currently deployed on a single source chain. We can turn those assets into xAssets through a canonical minting mechanism.
The way this works is a new ERC20 token contract is created on all of the desired destination chains which will serve as the pegged token. When a user bridges their token from the source chain to any destination chain, the original token is locked in Synapse’s bridge smart contract. The Synapse protocol then transmits a cross-chain message instructing the target chain to mint the destination chain token. This newly minted token is distributed to the user's wallet address on the target chain, along with a gas airdrop.
When a user wants to redeem the token on the destination chain for their original token, the user would initiate a transaction in the opposite direction, and the bridge asset is burned on the destination chain. The network then passes a cross-chain message back to the original chain, and confirms that the destination chain transaction is valid, and the original asset is unlocked for the user.
The circulating supply of tokens remains constant because the total number of tokens can always be calculated by taking the number of tokens on the source chain along with all of the tokens in Synapse’s bridging contract on the source chain.
Some tokens have already been issued on multiple blockchains but wish to expand to all of the chains that Synapse supports, some have launched without any bridging solution, and others are looking to expand how many bridges support their tokens.
Our team can work with virtually any asset to help it become a Synapse xAsset.
We require the following information to kick off the Synapse xAsset upgrade process:
- Token contract address
- Chains you wish to bridge to
- Which chains is the asset currently deployed on
- Official Logo (SVG preferred)
Our partners have the option of selecting a single destination chain or any combination of chains that we support. The first rollout takes about one week after confirming the addition of the token onto the network. Tokens can be added onto all Synapse-compatible networks at once with minimal additional effort.
If you’d like to upgrade your asset into a Synapse xAsset, fill out the following form and our team will reach out with next steps.
Welcome to the Synapse ecosystem!
Last modified 10mo ago