SYNOSynonym is Here
The universal cross-chain credit layer for busy DeFi Professionals.Decentralized finance has evolved significantly over the last few years. New primitives have become battle tested, infrastructure has made progress on scaling, and use-cases continue to expand. Despite this, our lending and borrowing markets remain heavily siloed in practice, even for those with extensive technical expertise. It’s time for a new standard in money markets to emerge. The era of crosschain decentralized financial...
SYNOSynonym: Now Live on Scroll!
OverviewSynonym is focused on providing users with unified access to more assets, more opportunities and more chains. Chain and asset selection is a key part of what we do and we’re proud to announce that Synonym is now deployed on Scroll! Scroll is an Ethereum-aligned zkEVM L2 built for security, speed and ease of use. Even better, it does all of this with the core decentralized values of Ethereum at heart. In this article, we’ll cover Scroll, why we deployed there and how you can earn a sha...
A next-generation multichain lending market. Built on Arbitrum, Wormhole, Pyth and Chainlink. Lend, borrow and earn from any chain.
SYNOSynonym is Here
The universal cross-chain credit layer for busy DeFi Professionals.Decentralized finance has evolved significantly over the last few years. New primitives have become battle tested, infrastructure has made progress on scaling, and use-cases continue to expand. Despite this, our lending and borrowing markets remain heavily siloed in practice, even for those with extensive technical expertise. It’s time for a new standard in money markets to emerge. The era of crosschain decentralized financial...
SYNOSynonym: Now Live on Scroll!
OverviewSynonym is focused on providing users with unified access to more assets, more opportunities and more chains. Chain and asset selection is a key part of what we do and we’re proud to announce that Synonym is now deployed on Scroll! Scroll is an Ethereum-aligned zkEVM L2 built for security, speed and ease of use. Even better, it does all of this with the core decentralized values of Ethereum at heart. In this article, we’ll cover Scroll, why we deployed there and how you can earn a sha...
A next-generation multichain lending market. Built on Arbitrum, Wormhole, Pyth and Chainlink. Lend, borrow and earn from any chain.
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Welcome to SYNO Summer!
Synonym is a universal multi-chain lending market that allows users to lend, borrow, and earn interest on native assets across multiple blockchains. Synonym does this while maintaining simple, unified accounts for users to view and interact with all of their positions. Synonym fixes critical issues that have plagued DeFi for years and have limited scale potential for the industry. Synonym uses the Wormhole cross-chain messaging protocol and Circle CCTP for cross-chain transactions and is currently live on Ethereum, Arbitrum, Optimism, Base and Scroll. Synonym will be expanding beyond these chains this summer with a planned expansion to Solana, enabling true cross-VM DeFi for the first time.
SYNO Summer is here 🏝️
To kick off SYNO Summer, a total of 6,000,000 SYNO, 400,000 ARB (Arbitrum) and 400,000 W (Wormhole) will be distributed to users over the next 10 weeks, totalling over $1,000,000 in incentives! All incentives will be distributed based on performance in our points system, Synonym BIPS. What Are BIPS?
BIPS are the native points that drive Synonym’s incentive allocation system. The more BIPS you have, the more you’ll be rewarded. BIPS are given to users based on alignment with the protocol and reward real users the most. Fortunately for you, there are plenty of ways to earn them!
As mentioned above, users that earn BIPS will be rewarded with both SYNO tokens and ecosystem allocations. SYNO Summer is starting off strong with a massive release schedule of both Wormhole and Arbitrum tokens (via our Builders Grant and the Arbitrum LTIPP).
BIPS Season One has been in progress for just over two months with users already earning their share of rewards. The first distribution of rewards will happen on July 3rd, 2024 and will be distributed based on the cumulative BIPS earned by that date. After that, SYNO, W and ARB tokens will be distributed based on the difference of BIPS earned between each bi-weekly distribution. Weekly distributions will follow the rewards schedule found below.
This incentivization structure will last until the end of SYNO Summer on August 28th, 2024.
Example:
Total Cumulative BIPS (BIPS Season One, First Distribution)
Total Cumulative BIPS emitted at Distribution 1: 1,000,000
Total Cumulative BIPS emitted at Distribution 2: 1,800,000
Users Accumulated BIPS
Total Cumulative BIPS earned by User at Distribution 1: 500,000
Total Cumulative BIPS earned by User at Distribution 2: 750,000
Emissions Capture:
Distribution 1 (July 3rd):
500,000 BIPS / 1,000,000 BIPS = 50% of Total Emissions
Total Cumulative User BIPS / Total Cumulative BIPS
Distribution 2 (Distributions after July 3rd):
250,000 BIPS / 800,000 BIPS = 31.25% of Total Emissions
User Earned BIPS that Epoch / Total BIPS Emitted in Epoch
This schedule means that you can keep earning a large share of rewards, even if you haven’t earned any BIPS yet. Time to get started.
Note that any additional Points earned from our DeFi integrations will always be attributable back to the users. EtherFi Loyalty points (which also get EigenLayer exposure) and Scroll Marks are all being tracked on the backend and will be distributed to users as expected.
Earning BIPS
Synonym users will earn BIPS for specific actions taken on the platform. For example, simply depositing and borrowing on Synonym will generate BIPS - the larger your position and the longer it’s active, the more BIPS you earn! We recommend both depositing and borrowing to maximize your potential rewards.
Breakdown:
Deposit: Earns 1 BIP per $ per day
Borrow: Earns 2 BIPS per $ per day
vlSYNO BIPS: Users that lock WETH-SYNO Balancer LP Tokens (BPTs) are eligible for more BIPS:
Scenario 1: 0.5 BIPS per vlSYNO per day If your vlSYNO $ value is >5% of your Supplied assets If you have no Supplied Assets
Scenario 2: 0 BIPS per vlSYNO If your $ value of the vlSYNO lock is <5% of your Supplied assets
Asset Multipliers
Each asset has a unique multiplier that is applied on top of the base BIPS distribution amounts above. For example, if USDT positions have a 2x multiplier, and USDC positions have a 3x multiplier, BIPS will be accrued at the following rates:
USDT deposits = 2 BIPS per $ per day | USDT Borrows = 4 BIPS per $ per day
USDC deposits = 3 BIPS per $ per day | USDC borrows = 6 BIPS per $ per day
All multipliers will vary depending on activity levels and will be subject to change. Current multipliers are always visible on the Synonym Markets page.
Based on the multipliers described above, if you deposit 100 USDT and borrow 50 USDC, you’ll earn the following amount of BIPS per day:
USDT deposits: 200 BIPS (100 USDT x 2 (BIPS multiplier)
USDC borrows: 300 BIPS (50 USDC x 2x (for borrows) x 3 (BIPS multiplier))
At Synonym Finance, we love LPs (a lot). vlSYNO lockers will earn even more BIPS! When you lock WETH-SYNO BPTs (Balancer LP Token) to receive vlSYNO, you’ll get to choose a rewards multiplier. The longer you lock your BPTs, the more vlSYNO you will receive
(BPT x Multiplier = vlSYNO amount).
For more information on how to lock and use vlSYNO, click here.
Longer SYNO:ETH BPT Token locks dramatically expand the amount of vlSYNO BIPS you can earn 0.5 BIPS will be earned per 1 vlSYNO per day 1 SYNO:ETH BPT Token lock gets you: 2 vlSYNO if locked for 1 Month 5 vlSYNO if locked for 3 Months 11 vlSYNO if locked for 6 Months 25 vlSYNO if locked for 12 Months
Important Note: If you have assets supplied, 5% of the value of supplied assets should be locked into vlSYNO to receive vlSYNO BIPS. If this threshold is not met vlSYNO BIPS will not be earned. We recommend a safe buffer of 10% of the required value to account for price volatility.
SYNO Summer Strategies
So now that you know how to earn those coveted BIPS, what else can you do with Synonym? The answer? A lot. As a natively multi-chain lending market, you get a ton of flexibility in how you approach opportunities across multiple chains. With the ability to lend, borrow, earn, repay and withdraw from any chain, the amount of strategies you can put together is essentially endless. A few examples:
The Scroll Power Farmer
Deposit Scroll ETH on Synonym Borrow USDC against your ETH Buy more ETH with that USDC Start collecting Synonym BIPS and additional Scroll marks with your higher ETH balance Receive W, ARB and SYNO tokens while simultaneously earning Scroll Marks (points) Note: Extra Scroll Marks are not earned on loops that use single-asset looping, ex. A user that borrows ETH against their ETH will not get more marks (the strategy above of using borrowed USDC to buy ETH is eligible)
The EtherFi Maximalist
Love LRTs? So do we. Deposit EtherFi weETH on Synonym, borrow USDC on Scroll Use Scroll USDC (Bridged) to LP in other Scroll applications, ex. DEXes Earn Scroll Marks, BIPS, SYNO, ARB and W with your EtherFi ETH, improving yields across the board
The Memecoin Hunter
Deposit WETH on Scroll Borrow USDC against it on Base Start hunting the latest Base memecoin, preferably anything related to Brian Armstrong being bald Ape
The strategies that can be assembled using Synonym can drastically improve your reward opportunities across multiple chains. Securely borrow against your preferred assets while getting active in ecosystems you previously wouldn’t have. Remember, none of these examples are financial advice, always do your own research (obligatory).
Conclusion
SYNO Summer has officially started. Get active on Synonym and new ecosystems today to earn your share of the rewards. Ask him about his BIPS:
Community Links
A next-generation cross-chain lending market.
Welcome to SYNO Summer!
Synonym is a universal multi-chain lending market that allows users to lend, borrow, and earn interest on native assets across multiple blockchains. Synonym does this while maintaining simple, unified accounts for users to view and interact with all of their positions. Synonym fixes critical issues that have plagued DeFi for years and have limited scale potential for the industry. Synonym uses the Wormhole cross-chain messaging protocol and Circle CCTP for cross-chain transactions and is currently live on Ethereum, Arbitrum, Optimism, Base and Scroll. Synonym will be expanding beyond these chains this summer with a planned expansion to Solana, enabling true cross-VM DeFi for the first time.
SYNO Summer is here 🏝️
To kick off SYNO Summer, a total of 6,000,000 SYNO, 400,000 ARB (Arbitrum) and 400,000 W (Wormhole) will be distributed to users over the next 10 weeks, totalling over $1,000,000 in incentives! All incentives will be distributed based on performance in our points system, Synonym BIPS. What Are BIPS?
BIPS are the native points that drive Synonym’s incentive allocation system. The more BIPS you have, the more you’ll be rewarded. BIPS are given to users based on alignment with the protocol and reward real users the most. Fortunately for you, there are plenty of ways to earn them!
As mentioned above, users that earn BIPS will be rewarded with both SYNO tokens and ecosystem allocations. SYNO Summer is starting off strong with a massive release schedule of both Wormhole and Arbitrum tokens (via our Builders Grant and the Arbitrum LTIPP).
BIPS Season One has been in progress for just over two months with users already earning their share of rewards. The first distribution of rewards will happen on July 3rd, 2024 and will be distributed based on the cumulative BIPS earned by that date. After that, SYNO, W and ARB tokens will be distributed based on the difference of BIPS earned between each bi-weekly distribution. Weekly distributions will follow the rewards schedule found below.
This incentivization structure will last until the end of SYNO Summer on August 28th, 2024.
Example:
Total Cumulative BIPS (BIPS Season One, First Distribution)
Total Cumulative BIPS emitted at Distribution 1: 1,000,000
Total Cumulative BIPS emitted at Distribution 2: 1,800,000
Users Accumulated BIPS
Total Cumulative BIPS earned by User at Distribution 1: 500,000
Total Cumulative BIPS earned by User at Distribution 2: 750,000
Emissions Capture:
Distribution 1 (July 3rd):
500,000 BIPS / 1,000,000 BIPS = 50% of Total Emissions
Total Cumulative User BIPS / Total Cumulative BIPS
Distribution 2 (Distributions after July 3rd):
250,000 BIPS / 800,000 BIPS = 31.25% of Total Emissions
User Earned BIPS that Epoch / Total BIPS Emitted in Epoch
This schedule means that you can keep earning a large share of rewards, even if you haven’t earned any BIPS yet. Time to get started.
Note that any additional Points earned from our DeFi integrations will always be attributable back to the users. EtherFi Loyalty points (which also get EigenLayer exposure) and Scroll Marks are all being tracked on the backend and will be distributed to users as expected.
Earning BIPS
Synonym users will earn BIPS for specific actions taken on the platform. For example, simply depositing and borrowing on Synonym will generate BIPS - the larger your position and the longer it’s active, the more BIPS you earn! We recommend both depositing and borrowing to maximize your potential rewards.
Breakdown:
Deposit: Earns 1 BIP per $ per day
Borrow: Earns 2 BIPS per $ per day
vlSYNO BIPS: Users that lock WETH-SYNO Balancer LP Tokens (BPTs) are eligible for more BIPS:
Scenario 1: 0.5 BIPS per vlSYNO per day If your vlSYNO $ value is >5% of your Supplied assets If you have no Supplied Assets
Scenario 2: 0 BIPS per vlSYNO If your $ value of the vlSYNO lock is <5% of your Supplied assets
Asset Multipliers
Each asset has a unique multiplier that is applied on top of the base BIPS distribution amounts above. For example, if USDT positions have a 2x multiplier, and USDC positions have a 3x multiplier, BIPS will be accrued at the following rates:
USDT deposits = 2 BIPS per $ per day | USDT Borrows = 4 BIPS per $ per day
USDC deposits = 3 BIPS per $ per day | USDC borrows = 6 BIPS per $ per day
All multipliers will vary depending on activity levels and will be subject to change. Current multipliers are always visible on the Synonym Markets page.
Based on the multipliers described above, if you deposit 100 USDT and borrow 50 USDC, you’ll earn the following amount of BIPS per day:
USDT deposits: 200 BIPS (100 USDT x 2 (BIPS multiplier)
USDC borrows: 300 BIPS (50 USDC x 2x (for borrows) x 3 (BIPS multiplier))
At Synonym Finance, we love LPs (a lot). vlSYNO lockers will earn even more BIPS! When you lock WETH-SYNO BPTs (Balancer LP Token) to receive vlSYNO, you’ll get to choose a rewards multiplier. The longer you lock your BPTs, the more vlSYNO you will receive
(BPT x Multiplier = vlSYNO amount).
For more information on how to lock and use vlSYNO, click here.
Longer SYNO:ETH BPT Token locks dramatically expand the amount of vlSYNO BIPS you can earn 0.5 BIPS will be earned per 1 vlSYNO per day 1 SYNO:ETH BPT Token lock gets you: 2 vlSYNO if locked for 1 Month 5 vlSYNO if locked for 3 Months 11 vlSYNO if locked for 6 Months 25 vlSYNO if locked for 12 Months
Important Note: If you have assets supplied, 5% of the value of supplied assets should be locked into vlSYNO to receive vlSYNO BIPS. If this threshold is not met vlSYNO BIPS will not be earned. We recommend a safe buffer of 10% of the required value to account for price volatility.
SYNO Summer Strategies
So now that you know how to earn those coveted BIPS, what else can you do with Synonym? The answer? A lot. As a natively multi-chain lending market, you get a ton of flexibility in how you approach opportunities across multiple chains. With the ability to lend, borrow, earn, repay and withdraw from any chain, the amount of strategies you can put together is essentially endless. A few examples:
The Scroll Power Farmer
Deposit Scroll ETH on Synonym Borrow USDC against your ETH Buy more ETH with that USDC Start collecting Synonym BIPS and additional Scroll marks with your higher ETH balance Receive W, ARB and SYNO tokens while simultaneously earning Scroll Marks (points) Note: Extra Scroll Marks are not earned on loops that use single-asset looping, ex. A user that borrows ETH against their ETH will not get more marks (the strategy above of using borrowed USDC to buy ETH is eligible)
The EtherFi Maximalist
Love LRTs? So do we. Deposit EtherFi weETH on Synonym, borrow USDC on Scroll Use Scroll USDC (Bridged) to LP in other Scroll applications, ex. DEXes Earn Scroll Marks, BIPS, SYNO, ARB and W with your EtherFi ETH, improving yields across the board
The Memecoin Hunter
Deposit WETH on Scroll Borrow USDC against it on Base Start hunting the latest Base memecoin, preferably anything related to Brian Armstrong being bald Ape
The strategies that can be assembled using Synonym can drastically improve your reward opportunities across multiple chains. Securely borrow against your preferred assets while getting active in ecosystems you previously wouldn’t have. Remember, none of these examples are financial advice, always do your own research (obligatory).
Conclusion
SYNO Summer has officially started. Get active on Synonym and new ecosystems today to earn your share of the rewards. Ask him about his BIPS:
Community Links
A next-generation cross-chain lending market.
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