Token holders can now use SYNT to access and pay for real-time data streams from various publishers across multiple chains.
By Godfrey Benjamin
Edited by Julia Sakovich
Updated
3 mins read
Synternet, a blockchain powering modular infrastructures says its mainnet is now live on the Cosmos ecosystem. The mainnet launch is an important milestone for Synternet as it represents the completion of its Monaco phase.
An important aspect of the mainnet launch is the opportunities opened for Synternet’s token, SYNT. As revealed in a press release shared with Coinspeaker, the token acts as the core means of payment for data services. The mainnet launch will activate the real monetary value of the data within its multi-chain ecosystem.
Consequently, the practical utility of the SYNT token will now remain enforced, aligning with the project’s Pikes Peak roadmap. Token holders can now use SYNT to access and pay for real-time data streams from various publishers across multiple chains.
Additionally, token holders can vote on proposals and participate in an engaging staking mechanism on Synternet. This opportunity gives them additional control over protocol upgrades, feature prioritization, and resource allocation. For developers, the mainnet launch will allow them to build innovative applications that harness the power of real-time, trustless data streams from various blockchains.
A further benefit of the launch is the lower gas fees and faster transaction processing time offered compared to other networks. This highlights the project’s dedication to democratizing access to data. The Cosmos blockchain provides a solid foundation for further growth on Synternet. It achieves this with its flourishing ecosystem and diverse range of projects, tools, and services.
Users interested in becoming active participants of the Synternet ecosystem are advised to visit the migration site. This interface empowers them to stake SYNT and manage their tokens effectively.
While commenting on the launch, Synternet’s CEO Daniel Haudenschild stated:
“The mainnet launch is a key event for Synternet, signifying the realization of our vision for a decentralized data economy. With the $SYNT token now powering monetary value for data, we’ve created meaningful opportunities for developers and businesses.”
Synternet CTO Jonas Simanavicius added noting that with SYNT, the protocol aims to provide “real utility, enabling users to pay for data services at reduced fees and fostering a more inclusive and efficient ecosystem.”
The launch comes on the heels of a recent rebrand from Syntropy to Synternet. As earlier reported by Coinspeaker, Synternet said the rebrand gives it the capacity to contribute to powering data infrastructure that is critical for creating a unified, composable Web3 ecosystem.
At the moment, the Cosmos network has already embraced dozens of Web3 projects. These projects cut across those under the direction of key blockchain players. These include projects like Stride, Stargate, Crypto.com, Regen network, Celestia, dYdX, and Injective.
Moreover, the Cosmos team recently announced the launch of a new cross-chain protocol called Valence. The protocol targets enhancing cohesion and cooperation throughout the interchain ecosystem.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
