Synternet is thrilled to announce that full token utility for SYNT is now live on the Cosmos network. As of July 31st, 2024, the bridge to Cosmos is open, staking is available, and SYNT can be used to subscribe to and pay for data streams on Synternet’s Developer Portal. This milestone marks a significant leap forward in our journey to create a decentralized data economy for Web3.
BRIDGE TO COSMOS
On July 31st, 2024, 2:00 pm CET, the bridge between Ethereum and Cosmos was opened, allowing ERC20 SYNT token holders to bridge their tokens to the Cosmos-based SYNT. This transition is crucial as it unlocks the full utility of SYNT within the Synternet ecosystem. While ERC20 SYNT served as a migration vehicle from NOIA, Cosmos-based SYNT is the native token powering our decentralized data infrastructure.
FULL TOKEN UTILITY IS NOW LIVE
With SYNT now live on Cosmos, it has become the primary means of payment for data services on Synternet’s mainnet. Builders and users can now subscribe to real-time data streams from various publishers across multiple blockchains, paying with SYNT tokens. This integration of token utility with our data services creates a seamless, efficient ecosystem for data providers and consumers alike.
SYNT STAKING ON COSMOS
Alongside the bridge opening, we're excited to announce that SYNT staking is now available. Staking provides two major benefits within our ecosystem:
- Offers staking rewards for securing the Synternet blockchain
- Locks up a portion of circulating supply of SYNT
As we fully transition to SYNT, NOIA staking ends with July 31st, 2024, 2:00 pm CET. We urge all NOIA token holders who haven’t migrated yet to complete the process and bridge their tokens to Cosmos to benefit from SYNT staking rewards. To ensure all community members have equal opportunities to earn staking rewards, inflation will be activated once 100 million SYNT tokens have been staked.
NOIA TO SYNT: STEP-BY-STEP GUIDE
To migrate your tokens, bridge to Cosmos, and start staking, visit our Token Center at staking.synternet.com. The entire process is straightforward and intuitive, below are the step-by-step instructions to transition from NOIA to staking SYNT on Cosmos:
- Migrate
- Visit https://staking.synternet.com/migration/
- Connect your wallet of choice.
- Follow on-screen wallet instructions.
- Input the amount of NOIA you would like to migrate.
- Click ‘Convert’ and follow your wallet’s instructions.
- Bridge
- Visit https://staking.synternet.com/bridge/
- Connect your Ethereum wallet
- Connect your Cosmos wallet
- Choose Synternet Mainnet as the blockchain you are bridging to and enter the token amount you wish to bridge
- Click ‘Bridge’ and follow the on-screen instructions
- Once the bridging process is complete, you will find your tokens available to be claimed in the ‘Claimable Tokens’ section
- Click ‘Claim’ to claim your tokens
- Stake
- Visit https://staking.synternet.com/
- Ensure that you have SYNT on Cosmos
- Connect your Cosmos wallet to the staking dashboard
- Click ‘Stake’ on the validator of your choosing
- Input your stake amount, click ‘Stake’, and follow the on-screen instructions
- Approve associated staking transactions and you are done
Need help? The fastest way to get an answer is by searching our FAQ here.
Still need support? Reach out to our team on Telegram or Discord.
Stay Safe: Always be cautious of impersonators and scammers! On Telegram, official team members have CM, Community Lead, or Marketing tags next to their names. On Discord, official team members have red names and the Synternet logo next to them.
Disclaimer: Synternet shall not be held liable for any losses, damages, or legal consequences arising from the use of the information provided in this document and other source material from our Website. Users engage in token migration, bridging processes, and token staking at their own risk. Read the full Staking Disclaimer here.
To learn more about Synternet’s migration from NOIA to SYNT, please refer to the SYNT Migration Blog Post.
IMPACT ON THE SYNTERNET COMMUNITY
The launch of full token utility represents a major milestone for the Synternet community. It brings us closer to our vision of a truly decentralized data economy, where data providers can monetize their streams efficiently, and consumers can access high-quality, real-time data from all the key blockchains in a permissionless manner.
For token holders and investors, this launch opens up new opportunities. By migrating NOIA to SYNT, bridging to Cosmos, and staking their tokens, community members can actively participate in securing the network while earning rewards.
For builders, this launch represents a big milestone in the Web3 ecosystem. As the first modular Layer 1 for data infrastructure, Synternet now offers developers permissionless access to real-time data across multiple chains using SYNT tokens as “gas for data.” This unprecedented capability enables instant access with zero hassle, paving the way for a new generation of data-driven dApps. We're eagerly anticipating the innovative applications that will emerge as builders leverage our robust data infrastructure.
LOOKING AHEAD
The launch of full SYNT token utility marks a significant milestone in our roadmap, with Pikes Peak now well underway. This stage will focus on growth, expansion, and further development of the Synternet ecosystem.
“Today marks a pivotal moment for Synternet,” said Jonas Simanavicius, CTO at Synternet. “With SYNT now fully operational on Cosmos and its utility activated, we've created a robust foundation for our decentralized data economy. We're excited to see how developers and businesses will leverage this to create innovative applications and services.”
We invite all members of our community to join us in this new chapter. Migrate your tokens, bridge to Cosmos, and stake your SYNT to be part of building the future of Web3 data infrastructure.
To get started, visit staking.synternet.com now.
About Synternet
Synternet is a blockchain that powers modular, interoperable data infrastructure across all major chains. At its core lies the Data Layer, a protocol serving as the customizable execution layer between blockchains. Its AEAs (Autonomous Economic Agents) empower developers to build composable, use-case-specific applications that can execute on any data from any chain.
To learn more about Synternet, visit the official website, X, Telegram, Discord or blog.
