Synonym is a universal cross-chain lending market for DeFi users across multiple ecosystems. We’re building the cross-chain lending and borrowing experience that users deserve, powered by the Wormhole cross-chain technology stack. Users can earn yield, borrow, repay and withdraw from any chain, all from a single unified interface. Our markets are truly cross-collateralized, meaning users can borrow on destination chains with source chain collateral, all without using other applications to wrap, unwrap and swap cross-chain assets. Deposit, earn, lend and borrow from anywhere. We're making chain boundaries a thing of the past. Synonym is currently deployed across multiple chains, including Optimism and Base. We operate on a unique hub and spoke architecture and plan on deploying even more spokes to OP Stack chains.
Category:
DeFi
Venture Funding
1m-3m USD
Synonym raised a $1.5M Seed round in early 2024 with participation from funds including Robot Ventures and Borderless Ventures.
Wormhole Builders Grant
250k-500k USD
Synonym received a Wormhole Builders grant totalling 500,000 $W (Wormhole) tokens. We have opted to share all of these tokens with the community to bootstrap activity across our connected chains, including both Optimism and Base.
Arbitrum LTIPP
250k-500k USD
We were approved with overwhelming support for an ARB grant (400K tokens) to help bootstrap activity on Arbitrum. Similar to the Wormhole grant mentioned above, all of these tokens will be given to our community as incentives.
Pyth Builders Grant
Under-250k USD
We received 100K Pyth tokens for being an active Pyth Builder. We have staked these and delegated for governance purposes.
Revenue
Under-250k USD
Synonym earns a small portion of borrow and lending volumes. To date, total revenue has been quite small as we are focused on dialing in our product first and foremost. Revenues since launch has been less than $50K. Of that, $45K has been distributed to community token holders.
OP Mainnet
0x577Fd586c9E6BA7f2E85E025D5824DBE19896656
Base
0x577Fd586c9E6BA7f2E85E025D5824DBE19896656
