SYN, the native token of cross-chain interoperability protocol Synapse, is on track to end June with gains of more than 1,000%, sharply outperforming Bitcoin (BTC) and Ether (ETH), which are poised to close the month down around 20%.
Traders are evaluating whether these gains will hold, given that the protocol's bridge activity remains relatively muted.
Traders appear to be looking past Synapse’s quieter bridge metrics and focusing instead on its pivot toward newer interoperability products such as Hypercall.
Hypercall is a fractional options platform settled on Hyperliquid (HYPE), allowing users to trade defined-risk options on crypto and stock-linked assets with smaller position sizes and no liquidation risk beyond the premium paid. The project says Hypercall is live on mainnet and uses SYN as part of the broader Synapse ecosystem rather than launching a separate token.
That narrative received a major boost after BitMEX co-founder Arthur Hayes disclosed a roughly $2.2 million purchase of SYN in a Monday post. Hayes said he wanted “asymmetry” within the Hyperliquid ecosystem and described Hypercall as an options DEX that could challenge Deribit, the dominant crypto options venue.
Hayes’ SYN mention may have fueled fresh buying, but traders are also treating the call with caution. A timeline shared by Chainink on Monday showed that Hayes has made several high-profile token calls this year, including HYPE, ZEC, NEAR, and WLD, before later exiting or reversing some positions.
While the surge reflects investor interest in Hypercall and the broader Synapse ecosystem, the sustainability of the gains will depend on actual uptake of the new interoperability product. The relatively small bridge metrics compared with peers and the dependence on a celebrity-led signal introduce potential risk if Hypercall does not gain traction. Hayes’ reputation has been controversial, and analysts note that his calls have at times been followed by reversals, underscoring the need for caution among investors.
