EOL Candidate Proposal: Synonym

EOL Allocation Candidate
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Introduction

Synonym is a natively multi-chain lending market that allows users to lend, borrow and earn rewards from anywhere. Users can deposit assets on Chain A, borrow on B, and repay or withdraw from C or D. It is a truly flexible lending platform that is powered by the Wormhole tech stack, Circle CCTP and our unique hub and spoke architecture. Synonym is backed by leading investors, angels and is protected by auditors and quantitative risk specialists including OtterSec, Runtime Verification and Gauntlet.

Contact Information

Team Contact: beachball

Title/Position: Core Contributor

Team Member Telegram: beachball_0x

Email: beachball@synonym.finance

Links

dApp: https://app.synonym.finance

Website: https://www.synonym.finance/

Documentation: https://synonym-finance.gitbook.io

Twitter: x.com

Discord: Synonym Finance

Value Proposition

Synonym delivers truly flexible lending options to users. Example: From a single interface, users can borrow against their LST/LRTs on Scroll and borrow CCTP-enabled USDC onto any connected chain. This opens up endless multi-chain farming and liquidity strategies that previously would require multiple protocols and a highly fragmented collateral base. Synonym makes this possible via a unique hub and spoke architecture that is powered by the Wormhole xChain Technology Stack.

Synonym’s hub model avoids the desync issues that plague point to point models and makes efficient liquidation of multi-chain asset positions possible. Upcoming upgrades include Optimistic Finality and Solana support. Optimistic Finality will reduce cross-chain transaction wait times to essentially instant while maintaining high levels of security and creating an additional fee stream for vlSYNO holders (ex. Stargate Fast Mode). Solana support will be launching towards the end of the summer and will enable seamless EVM<>SVM borrowing and lending for the first time.

Security

Synonym has gone through three External Security audits from Runtime Verification and OtterSec. Two additional audits are currently in progress for Optimistic Finality and Solana support. We audit everything we ship.

Reports from the audits can be found here:

Fundraising

Synonym Finance has raised $1.5M in a funding round led by Borderless Capital. The round included prominent investors such as Robot Ventures, Big Brain Holdings, Wormhole’s Cross-chain Eco Fund, Veris Ventures, and others. Angels from teams like Arbitrum, Jones DAO, Renzo, Scrib3 and The Rollup also participated.

Synergy with Mitosis and EOL

Synonym is deeply aligned with Mitosis through its natively multi-chain focus. With the influx of tokens that Mitosis EOL could provide, Synonym stands to gain from the growth in borrowing and lending of assets currently supported by Mitosis EOL, along with the additional assets to come. Synonym has very active weETH markets and is about to launch Scroll support, bringing support for one of Mitosis’ preferred assets to Arbitrum, Ethereum and Scroll.

Synonym’s deployments on multiple chains directly benefit EOL and provide a far wider range of opportunities for collaboration and yield. It provides access to the multi-chain landscape, similar to Mitosis streaming yield to depositors from multiple chains. If Mitosis wanted to create strategies or methods to directly incentivize borrowing into remote chains/target partners, doing so on Synonym would be very straightforward.

We are confident that Synonym is an ideal partner for Mitosis EOL. Synonym amplifies the multi-chain prospects of Mitosis by providing a one-stop solution for delivering liquidity to target expansion chains and fresh yields to Mitosis.

Conclusion

Partnering with the Mitosis community via the EOL Partner Program is a win-win for both Mitosis and Synonym. We offer flexible lending and yield tools that are fundamentally new to DeFi. Our solution is innovative, secure, powerful and capable of meeting and exceeding the requirements of an ideal EOL Partner Protocol.

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Can we get specifics re “Synonym is backed by leading investors, angels”

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When end-users or those following Mitosis from the outside encounter partnerships with organizations they haven’t heard of before, they might initially be skeptical. Over time, if these partnerships don’t show clear benefits or align with the users’ expectations, they may begin to lose interest and gradually distance themselves from the project. Trust and familiarity play a significant role in maintaining user engagement, so it’s crucial for any project to communicate the value of such partnerships clearly. Thanks.

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As a part of the Mitosis community, I see great potential in the partnership with Synonym. Their multi-chain platform is impressive in its flexibility – allowing for work with assets across different blockchains through a single interface, which greatly simplifies interactions. For Mitosis, this means not only expanding access to new assets but also quickly connecting to new chains, opening up more opportunities for earning and liquidity.

Synonym, with their active weETH markets and Scroll support, perfectly complements Mitosis’ strategies. This partnership will enable the creation of more efficient strategies for working with different blockchains, which is important for future development. Additionally, Synonym’s reliability, confirmed by numerous audits, gives confidence that our assets are secure.

I am confident that this partnership will bring great benefits to all of us, and together with Synonym, we will be able to unlock even more opportunities for effective work with assets across multiple blockchains.

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This is interesting… having the assets on one chain and use them on every other supported one could ease problems with bridging and swapping…

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If they allow for lending and borrowing of miweeth it would be awesome

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Hi, there! Thanks for sharing your thoughts and expectations here :slight_smile:

Mitosis EOL aims to utilize the underlying assets locked in Mitosis Vaults, leveraging diverse protocols.

In other words, Mitosis LPs will receive benefits by allocating the underlying assets (weETH, uniETH, weETHs, etc.), not miAssets themselves.

miAssets will be used as voting power for your EOL governance participation.

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The DeFi lending space is already quite crowded. Synonym will need to differentiate itself from others.

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Please see:

  • x. com/synonymfinance/status/1750171980803051637
  • thenewscrypto. com/new-order-launches-dao-incubator-for-defi-by-raising-4m-fund/

Synonym raised $1.5 million and merged with New Order DAO, which previously raised $4 million. This is quite exciting for the Mitosis community! I did not know Synonym before, but their backing from Wormhole seems quite interesting!

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What is the reason why mitosis is preferred? I think it’s just a place frequented by airdrop hunters.

Mitosis has many strong competitors, so what will make it stand out? That’s the focus. Good, pioneering products and great partnerships are the key to gaining a permanent foothold.

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Synonym’s innovative, multi-chain lending platform unlocks a world of flexible borrowing and earning opportunities, making DeFi truly borderless

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Borderless Capital, Robot Ventures, Veris and Big Brain Holdings are our primary investors.

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Appreciate your feedback here! Fortunately we have differentiated ourselves already in terms of our capabilities. Our universal markets allow you to deposit assets on one chain, borrow on another, and repay/withdraw from wherever you want!

We’ll be improving the experience even further with our upcoming optimistic finality upgrade, which drops wait times and increases efficiency.

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Thanks for the feedback beachball!

It’s clear that Synonym stands out with its universal markets and the ability to deposit, borrow, and repay across different chains. The upcoming optimistic finality upgrade sounds like it will make the platform even more efficient.

if you don’t mind i have some suggestions:

-try to reduce wait times and making transactions smoother.

-Consider creating simple guides or videos to help users understand and make the most of Synonym’s features.

-Gather feedback from early users

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To echo Beachball and others, I agree Synonym would be an excellent EOL Partner Protocol for Mitosis and other partner protocols. Opening up a range of cross chain looping strategies and yields in a way that has been impossible up to now.

Given Synonym’s natively multi-chain focus the benefits of using it as a liquidity hub will compound as more spoke chains are deployed, providing mitosis with easy access to the freshest yields.

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