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Synternet Token (SYNT) is a cryptocurrency used within the Synternet blockchain ecosystem. Synternet focuses on providing interoperable, real-time data infrastructure across multiple blockchains. The SYNT token plays a key role in this ecosystem, allowing users to access and pay for data streams from various blockchains.
Synternet operates through a network of publishers, subscribers, brokers, and observers, each contributing to the data flow and security. Publishers generate data, which subscribers can access by paying with SYNT tokens. Brokers act as intermediaries, and observers ensure the integrity of the data transactions.
Recently, Synternet migrated from the NOIA token to the SYNT token to enhance its integration with the Cosmos ecosystem and improve its tokenomics.
Synternet Token (SYNT) powers the Synternet blockchain, which enables real-time, interoperable data sharing across multiple blockchains. The core of Synternet is the Data Layer. It uses real-time data streams to provide continuous information flow from various blockchains. You subscribe to these streams to access data without managing nodes or APIs.
Synternet network participants include:
Synternet recently migrated from NOIA to SYNT. If you held NOIA on centralized exchanges, it was automatically converted to SYNT. For self-custody wallets, you need to migrate your tokens using Synternet's migration portal manually.
Synternet was founded with the vision of creating a decentralized data infrastructure that supports interoperability across different blockchains. This concept originated from the earlier Syntropy project, which rebranded to Synternet to better reflect its mission and goals.
The Synternet mainnet launched on Cosmos in June 2024, marking a significant milestone in its development. This launch brought lower gas fees and faster transactions, aiming to democratize data access in the Web3 ecosystem. The SYNT token, which replaced the NOIA token, became integral to this ecosystem, providing utility for accessing and paying for data services across various chains.
The key figures behind Synternet include CEO Daniel Haudenschild and CTO Jonas Simanavicius. They have been instrumental in driving the project forward and envisioning a future where Synternet powers a decentralized data economy. The project roadmap, known as the Pikes Peak roadmap, outlines plans for growth, expansion, and the introduction of advanced features like WebAssembly support and enhanced developer tools.
The $SYNT token has several key uses within the Synternet ecosystem:
1. Payment for Data Services: You use SYNT to pay for real-time data streams and other data services within the Synternet network. This creates a seamless payment system between data providers and consumers across multiple blockchains.
2. Staking and Rewards: By staking SYNT tokens, you can participate in securing the network. Staking helps to ensure the network's security and integrity, and in return, you earn rewards. This also aligns your interests with the network's success.
3. Governance: Holding SYNT tokens gives you voting power on protocol upgrades, feature prioritization, and resource allocation. This governance mechanism allows the community to influence the future direction of the Synternet protocol.
4. Trade SYNT on KuCoin: Trade Synternet Token against other cryptos listed on the KuCoin Spot Market to make the most of changing market conditions, but only after you DYOR. You can buy, sell, or HODL $SYNT in your portfolio based on your investment goals and risk tolerance.
The maximum supply of SYNT tokens is set at 2.5 billion. This cap ensures security and accommodates potential scenarios where tokens from the Cosmos chain might be transferred back to Ethereum.
At the initial stage on the Cosmos mainnet, the circulating supply is expected to be less than 1 billion SYNT tokens. The goal is to maintain this supply level through token burns and buybacks.
A portion of SYNT tokens is burned whenever they are used for data transactions. This reduces the total token supply over time, aligning with the network's growth.
Period | Change | Change (%) |
---|---|---|
Today | $0.0011 | 3.03% |
7 Days | $-0.00406 | -9.83% |
30 Days | $-0.01975 | -34.66% |
3 Months | $-0.02276 | -37.93% |
The following advantages make SYNT a potentially compelling investment for those interested in the decentralized data economy and blockchain technology.
1. Real Utility: You can use SYNT to access and pay for real-time data streams across multiple blockchains. This practical utility underpins the token's value within the decentralized data economy.
2. Synternet Staking Rewards: By staking SYNT, you can earn rewards. This incentivizes you to support the network's security and operations while earning passive income.
3. Governance Participation: Holding SYNT allows you to vote on proposals, influence protocol upgrades, and decide on resource allocation. This gives you a say in the future development of the Synternet ecosystem.
4. Lower Fees and Faster Transactions: The launch on the Cosmos network brings reduced gas fees and faster transaction times compared to other networks, making the platform more efficient and cost-effective.
5. Growth Potential: Synternet’s expanding ecosystem, supported by its Pikes Peak roadmap, includes plans for integrating new features and expanding its capabilities. This growth potential can lead to increased token value over time.
Understanding these factors can help you make informed decisions when considering the SYNT price prediction:
1. Market Demand and Supply: The basic principle of supply and demand significantly impacts the SYNT price. High demand for the token can drive up the Synternet Token price, while an excess supply can lower it.
2. Utility and Adoption: The practical use of SYNT in accessing and paying for real-time data streams across various blockchains boosts its value. As more developers and businesses adopt Synternet's services, the token's utility increases, positively affecting the SYNT to USD price.
3. Staking Rewards and Mechanisms: SYNT offers staking rewards, incentivizing holders to stake their tokens. This reduces the circulating supply, which can increase the SYNT token price if demand remains constant or increases.
4. Token Burn Mechanism: Synternet implements a burn mechanism where a portion of SYNT tokens used in transactions is burned, reducing the total supply over time. This scarcity can lead to appreciation in the SYNT crypto price.
5. Market Sentiment and Speculation: Investor sentiment and speculation play a crucial role. Positive news, developments, and partnerships can drive speculation and price increases, while negative news can lead to declines in the SYNT coin price.
6. Technological Developments and Roadmap Progress: The implementation of new features, improvements in technology, and the successful achievement of roadmap milestones can positively influence the $SYNT price by increasing confidence and interest in the token.
7. Broader Market Trends: The overall cryptocurrency market trends and macroeconomic factors also affect SYNT's price. A bullish market can lift SYNT along with other cryptocurrencies, while a bearish market can have the opposite effect.
To stake Synternet Token (SYNT) on the Synternet blockchain, follow these steps:
1. Visit the Staking Portal: Go to the Synternet staking portal.
2. Connect Your Wallet: Connect your wallet of choice to the staking portal. Ensure your wallet supports the integration.
3. Delegate Your Tokens: Once connected, select the amount of SYNT tokens you want to stake. Delegate these tokens to a validator of your choice. Validators are responsible for validating transactions and securing the network.
4. Earn Rewards: By staking SYNT, you earn rewards based on network inflation. These rewards are added to your staked amount, increasing your earnings over time.
5. Unstaking: If you decide to unstake your tokens, remember there is a 7-day unbonding period during which your tokens will not earn rewards and cannot be transferred.