- Synternet has launched its mainnet on the Cosmos network.
- Migration from $NOIA to ERC20 $SYNT tokens has begun, preceding the Cosmos bridge opening on July 29th, 2024.
- $SYNT will be the primary token for payments in the Synternet ecosystem.
- The Developer Portal has been improved for better user experience.
- Full token utility and staking rewards will be enabled on July 29th
Synternet, the blockchain known for its modular and interoperable data infrastructure, has launched its mainnet on the Cosmos network. This significant development signals the start of a new era for the decentralized data economy, providing developers with the tools to build applications using real-time, trustless data streams from multiple major chains.
Mainnet Launch and Token Migration
The mainnet launch on Cosmos offers Synternet a robust platform for growth, surrounded by a thriving ecosystem filled with diverse projects, tools, and services.
This transition is also a pivotal step in Synternet’s Pikes Peak roadmap, which is centered on growth and expansion.
In line with this, the migration from $NOIA to the new ERC20 $SYNT token is now in progress.
This process is essential before the bridge to Cosmos opens on July 29th, 2024. Ensuring the migration aligns with supply differences, it maintains a 1:1 ratio between $NOIA and $SYNT, laying a secure foundation for the upcoming bridge event.
Once the bridge opens, staking will become active with rewards paid on every block on Cosmos. Until then, $NOIA staking rewards will continue as usual.
Benefits of Cosmos Integration
Launching on Cosmos brings several advantages to Synternet, not least of which are reduced gas fees and faster transaction processing compared to other blockchain networks.
These improvements contribute to a more accessible and user-friendly ecosystem, aligning with Synternet’s mission to democratize data access and foster a more equitable Web3 landscape.
The $SYNT token emerges as a crucial element within the Synternet ecosystem. Participants will soon be able to use $SYNT to access and pay for real-time data streams from various publishers.
While the full utility of $SYNT will be realized in phases, the period from June 27th to July 29th is dedicated to ensuring the stability and security of mainnet operations.
Enhanced Developer Portal and Future Developments
The Developer Portal has received significant user experience enhancements, making it easier for builders to navigate available data streams, manage projects, and publish data.
This redesign underscores Synternet’s commitment to creating a user-friendly environment for developers to tap into the potential of decentralized data infrastructure.
The Synternet mainnet launch also sets the stage for transactions within its ecosystem to be conducted using either $SYNT or fiat.
Full token utility will be unlocked on July 29th, coinciding with the operational bridge to Cosmos. This milestone will allow data providers to monetize their data streams while empowering consumers to access and pay for high-quality data in a trustless manner.
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Looking Ahead to Pikes Peak
The Monaco milestone represents significant progress in Synternet’s roadmap. Looking ahead, the Pikes Peak phase is scheduled for the second half of 2024.
This phase will focus on expanding the Synternet ecosystem, enhancing platform capabilities, attracting more users and developers, and solidifying Synternet’s position as a leading player in the decentralized data economy.
Should one invest in this token?
Here are some factors to consider if you’re thinking about investing in $SYNT: *Not Financial Advice.
Potential Strengths
- Interoperability and Innovation: Synternet focuses on modular, interoperable data infrastructure across major chains, solving real-world problems in data accessibility and integration.
- Ecosystem and Growth Plans: Launching on Cosmos brings reduced gas fees and faster transactions. The Pikes Peak roadmap shows a clear plan for growth and expansion.
- Improved User Experience for Developers: Enhancements to the Developer Portal make it easier for developers to use, potentially attracting more projects and increasing $SYNT’s utility.
- Token Utility: $SYNT will be used for payments within the Synternet ecosystem and for real-time data streams. Growing platform usage could drive up the token’s value.
- Staking Rewards: Staking rewards will go live on July 29th, 2024, providing an additional incentive to invest and hold $SYNT, leading to a more stable token economy.
Potential Risks
- Token Migration and Bridging: The transition from $NOIA to $SYNT and the bridge to Cosmos involve complexities that could pose risks, such as technical issues or delays.
- Market Competition: The decentralized data space is competitive. Synternet needs to continuously innovate to stay relevant.
- Inflationary Token Model: The Cosmos-based $SYNT token will be inflationary, which might affect its long-term value if not managed well.
- Regulatory Environment: Changes in regulations could impact Synternet’s operations and the value of $SYNT.
- Adoption Rate: The success of $SYNT depends on how many developers and data providers adopt the platform. Low adoption could limit the token’s utility and value.
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