Arthur Hayes invests $2.2 million in SYN, backs Hypercall

The SYN token, which powers the Synapse Protocol, surged dramatically on Monday following a major public investment and endorsement from prominent cryptocurrency investor Arthur Hayes. The BitMEX co-founder revealed he had purchased approximately 6.16 million SYN tokens, worth about $2.2 million, through an over-the-counter transaction with the firm FlowDesk on June 29.

Shortly after the purchase, Hayes publicly backed Hypercall, an on-chain options decentralized exchange built within the Synapse ecosystem on the Hyperliquid network. In a social media post, Hayes stated he was seeking asymmetric exposure to the Hyperliquid ecosystem and positioned Hypercall as a credible challenger to Deribit, the dominant centralized platform for crypto options trading. The combination of the large investment and high-profile endorsement triggered a sharp price increase for SYN, with reports of the token rising between 26% and 41% on the day.

The rally added to an already significant run for the token, which had increased more than tenfold in value throughout the month of June. Following Hayes's comments, Synapse's market capitalization moved toward a range of $55 million to $60 million, and...