Synapse (SYN) Price Soars 40% As Binance Unveils Futures Listing

Binance, the world’s leading crypto exchange, on Friday made a significant announcement for the universal interoperability protocol Synapse. The crypto exchange revealed futures listing for SYN token. Traders responded immediately and the price witnessed a nearly 40% uptick in value following the listing announcement today.

Binance Unveils Synapse Futures Listing

According to an official announcement by Binance today, August 16, the exchange is all set to launch the USD-Margined perpetual contract for SYN at 12:30 UTC today. Users can enjoy up to 50x leverage trading SYNUSDT.

The underlying asset Synapse is a universal interoperability protocol that enables cross-chain communication. Further, the token’s futures listing on one of the world’s leading exchanges has ignited significant optimism among market participants. High leverages encourage more market participants to invest in the asset, jacking up trading volume and market attention.

Also, the capped funding rate for the Synapse was set at +2.00% / -2.00%. However, “Based on market risk conditions, the exchange may adjust the specifications of the aforementioned futures contract from time to time,” it added in a statement. This listing chronicle has aided the token in garnering significant attention across the broader crypto market.

Simultaneously, the token’s price noted unprecedented gains today, in tandem with the listing announcement.

As CoinGape reported earlier, BANANA Price hit a weekly high following Banana Gun futures listing by Binance. Also, Banana Gun, the platform behind BANANA, initiated a massive burn to further bolster the token’s price.

SYN Price Soars

Meanwhile, Synapse price has rallied over 40% after the Binance announcement. SYN price is currently trading at $0.560, with a 24-hour low and high of $0.366 and $0.500, respectively. Moreover, the trading volume saw a massive 191% increase in the last 24 hours, indicating interest among traders.

The current market sentiment orbiting the digital asset remains extremely bullish, primarily attributable to the futures listing announcement by a leading exchange.

Additionally, aiming to streamline user experience surrounding Futures API, the exchange will perform a live upgrade on WebSocket APIs for the entire day of August 21, it revealed in another announcement today.