Synapse allows users to send tokens from one chain to another almost immediately by using AMMs deployed across 16+ EVM and non-EVM blockchains. 

Synapse is a cross-chain liquidity network that enables fully non-custodial transfers between EVM and non-EVM compatible chains and L2 systems. Synapse was launched in 2021.

SYN tokenholders own and govern the protocol. They currently take a cut of the transaction fees paid by the users (revenue). Synapse’s investors include CMS Holdings, Alameda Research, Primitive Ventures, etc.

github

twitter

discord

etherscan

website

Bridges

Synapse

# Synapse Revenue Methodology

## 1. Overview

Synapse revenue represents the total fees collected by the Synapse cross-chain bridge protocol from users conducting cross-chain token transfers. This metric captures protocol revenue generated from bridging services across eight blockchain networks. The calculation aggregates fees collected on destination chains when users complete cross-chain bridge transactions, providing a comprehensive view of the protocol's fee-based revenue streams.

## 2. Data sources

The revenue calculation relies on the following raw data sources:

- **Blockchain events**: Parsed event logs from Synapse bridge contracts across Arbitrum, Avalanche, Base, BSC, Ethereum, Fantom, Optimism, and Polygon networks
- **Bridge transaction events**: Specific event types including `TokenMint`, `TokenWithdraw`, `TokenMintAndSwap`, `TokenWithdrawAndRemove`, and CCTP `CircleRequestFulfilled` events from SynapseBridge contracts
- **External data**: End-of-day token price feeds for alternative tokens (DAI, WETH, BUSD, FRAX) used for USD conversion of ntoken fees
- **Token metadata**: Token decimal information for proper unit conversion and ntoken-to-alternative token mapping data

## 3. Step-by-step calculation

### Component A: Bridge fee extraction
- **Purpose**: Extracts fee amounts from cross-chain bridge transactions across all supported chains
- **Logic**: Processes parsed event logs from Synapse bridge contracts on eight different blockchain networks. Filters for specific bridge event types that contain fee information including token minting, withdrawal, mint-and-swap, withdraw-and-remove, and CCTP fulfillment events. Extracts the fee amount from the `fee` field of each event, along with transaction metadata including block timestamp, transaction hash, contract address, token address, and chain identifier. Applies version labeling and incremental processing for efficiency.
- **Key fields**: `block_timestamp` for daily aggregation, `fee_amount` containing the raw fee value, `token_address` for the fee token, `account_address` for the bridge contract, `chain` for network identification

### Component B: Ntoken address mapping
- **Purpose**: Maps synthetic ntoken addresses to alternative tokens that have available price feeds
- **Logic**: Uses a predefined lookup table containing 11 ntoken mappings across different chains. Maps synthetic tokens like nUSD and nETH to their equivalent standard tokens such as DAI, WETH, BUSD, and FRAX depending on the blockchain network. This mapping is necessary because direct price feeds are not available for the synthetic ntokens, but equivalent value tokens can be used for USD conversion. Preserves the original token address while providing the alternative address for pricing.
- **Key fields**: `ntoken_address` as the original synthetic token, `alternative_token_address` for price feed lookups, `chain` for network-specific mappings

### Component C: USD conversion and standardization
- **Purpose**: Converts fee amounts to USD values and corrects decimal places for proper monetary representation
- **Logic**: Takes the fee amounts in native token units and applies USD conversion using end-of-day price feeds for the appropriate token (either the original token or its ntoken alternative). Simultaneously corrects decimal places based on each token's decimal configuration to ensure proper unit representation. Uses the alternative token address for ntokens and the original token address for standard tokens during price lookups.
- **Key fields**: `revenue` as the USD-converted fee amount, `token_address` as the final token reference for pricing

### Final aggregation
- **Combining components**: All processed bridge fees are combined into a single dataset with standardized business classification fields including 'Bridging' as business line, 'bridges' as market sector, and 'amm' as business segment
- **Currency conversion**: USD conversion occurs using end-of-day price feeds with simultaneous decimal correction to ensure accurate monetary values
- **Time aggregation**: Daily timestamp truncation using `timestamp_trunc` function to create consistent daily boundary logic for time-series analysis
- **Final calculation**: The final revenue metric represents the sum of all USD-converted bridge fees collected across all supported chains and bridge event types, aggregated by day with zero-fill strategy applied for dates with no bridge activity to maintain consistent time-series data

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

SynapseSYN

Revenue

Revenue

Competitive landscape

Chain breakdown