The Synapse Network team has compared its token burn to the famous Crypto.com event that saw billions worth of CRO removed from circulating supply.
Synapse Network, a major cross-chain launchpad in the crypto industry, is looking into ways to incentivize long-term holders. With a vibrant community of over 600K members across social media platforms, the network is seeking to reward the community in various aspects.
To start with, Synapse Network has announced one of the largest token burns in the crypto industry. Announced earlier this year, the Synapse Network burnt 60 percent of its total token supply.
Notably, the Synapse Network team has compared its token burn to the famous Crypto.com event that saw billions worth of CRO removed from circulating supply. As such, the underlying asset value is expected to significantly grow in the coming months.
With CRO token being a billion-dollar project, the Synapse team anticipates more gains than Crypto.com recorded. Moreover, Synapse Network has a market cap of approximately 8.16M according to the company. This represents approximately 416 times lower than CRO with a market capitalization of approximately $11.7 billion.
“All Research Tokens 125,000,000 SNP, all Reserve Tokens 65,000,000 SNP, most Team Tokens 40,000,000 SNP, half of Advisory Tokens 15,000,000 SNP, Exchanges Tokens 20,000,000 SNP, and Marketing Tokens 35,000,000 SNP,” the company noted the tokens meant for the incinerator.
The Synapse Network and the Staking Industry
In addition to the token burn, the Synapse Network has provided users with different staking options.
“The proportion of staking rewards in overall supply has grown from 6% to 15% of the total supply, while the share of liquidity supply rewards has also climbed from 6% to 15% of total supply,” the company added.
Staking is a way for projects to directly interact with their users in a decentralized platform. The Synapse Network is all about rewarding long-term investors. Furthermore, the platform has introduced different staking rewards for users to choose from along with different paths.
First of all, there is the ‘Stable Increase’ path, which essentially involves a steady increase in APR with each higher level at 5% each. There is also the ‘Fast Rewards’ path, which involves a higher percentage APR of rewards compared to other paths, however, there is also a decrease with each level. Next, there is the ‘Extra Allocations’ path, which includes a fixed 5% APR along with a high allocation multiplier. Similarly, there is the ‘Epic Allocations’ path, which involves no APR and maximum allocation. As if that weren’t enough, there is also the ‘No Allocations’ path, which as the name would suggest involves the highest APR, no allocations, high unstake cost, and finally long decay time. Lastly, there is also the ‘Periodic Tier’, which involves no claiming of prizes during staking or periodic staking for certain periods of time like 30 days.
“Each path will have multiple levels that can be achieved each staking month. Each level will increase the bonuses the staker gets. In other words, the longer you are with Synapse Network the bigger and more interesting bonuses await you,” the company noted.
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