Skip to main content

SYNT Token

SYNT token is a native token of Synternet blockchain launched on Cosmos ecosystem. SYNT also has an ERC-20 representation on Ethereum mainnet, which was created mostly for listing the token on multiple centralized and decentralized exchanges. ERC-20 SYNT is bridged with native SYNT, effectively making it a single cross-chain token.

SYNT Token Utility and Purpose​

Synternet blockchain security guarantee. SYNT token secures the blockchain by incentivizing network participants - Validators and Delegators. Tokens are staked as collateral, which can be slashed if Validators behave maliciously. Incentives have two sources: transaction fees and block rewards that are mined when a new block is validated. By making dishonest behavior economically disadvantageous token plays a critical role in securing the network.

Synternet protocol governance token. SYNT token facilitates protocol governance through on-chain proposals and voting. Token holders can propose, vote on, and influence key protocol changes, such as software updates or parameters changes. Community members gain ability to vote by staking their tokens, where each token staked represents one vote, whereas to raise a proposal, a certain amount of tokens needs to be deposited to prevent spamming. Through on-chain governance SYNT token enables each community member to express its will for the future of the protocol.

Utility token for the agent economy. Agents are earning their revenue in SYNT tokens. They are selling the access to insights in the form of data streams as well as interactions, where the user sends a request and the agent replies. All data streamed or sent to the agent have a price set in SYNT tokens. The value of SYNT token reflects the future value of agent-based interactions on Synternet network.

Gas token of the Synternet blockchain. The underlying price of computation on Synternet blockchain is defined in SYNT tokens. Users pay gas fees to compensate Validators for processing and securing the transactions. The gas cost of on-chain operations prevents spam, allocates resources efficiently, and ensures that only valid, paid-for computations are executed. This mechanism makes the SYNT token essential for the blockchain’s functionality and performance.

Learn More​

Bridge​

Synternet maintains a two-way centralized bridge for moving SYNT token between its two representations: native on Synternet blockchain and ERC-20 on Ethereum mainnet.

Token holder having tokens on a source chain can request to move them to a destination chain. Strict bridging logic prevents double-spending by:

  • Cold-locking native SYNT on the source chain (Synternet) before minting ERC-20 SYNT on the destintion chain (Ethereum)
  • Burning ERC-20 SYNT on the source chain (Ethereum) before unlocking native SYNT on the destination chain (Synternet)

Learn More​

Exchanges​

SYNT token (ERC-20 representation) is listed on multiple centralized exchanges:

  • Gate.io
  • KuCoin
  • XT.COM
  • HTX
  • MEXC
  • BVOX
  • CoinEx

If you want to buy SYNT on one of these exchanges and stake it to secure the chain and earn the block rewards, you first have to send it from the custodial wallet of that exchange to the Ethereum wallet address that you actually own. Then you have to bridge it to the Synternet blockchain.

SYNT can be also traded on Uniswap and Osmosis. If you buy on Osmosis, you will have to send SYNT tokens via Inter-Blockchain Communication (IBC) protocol to Synternet blockchain. This is natively supported by the Keplr wallet.

Learn More​

Liquidity Provision​

SYNT token is traded on Osmosis and Uniswap decentralized exchanges. You can also use your SYNT tokens to provide liquidity to the liquidity pools on those exchanges. The officially supported pools are:

  • SYNT/USDC on Osmosis
  • SYNT/ETH on Uniswap V3

In case you want to provide SYNT liquidity on Osmosis, at first tokens have to be sent via IBC protocol to Osmosis blockchain. The IBC channel between Synternet and Osmosis is maintained by decentralized Relay nodes. The IBC transfers are natively supported by the Keplr wallet. Read the guides how to send tokens and provide liquidity.

Providing liquidity on Uniswap V3 requires ERC-20 SYNT. In addition to standard swap fees earned by liquidity providers, SYNT/WETH liquidity pool on Uniswap V3 offers incentives. The process to earn these incentives is not trivial. Read the guide how to achieve this.

Learn More​