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A chemical synapse transmits a signal by releasing neurotransmitter from a presynaptic neuron to act on postsynaptic receptors across a synaptic cleft. The two cell membranes remain separate. A typical fast transmission sequence is:

See Chemical Synapses and 3.1 Synapses. The fast pathway uses synaptic vesicles prepared near release sites; it does not require a distant synaptic vesicle to travel across the terminal after every action potential. See Basic Neurochemistry: calcium entry and vesicles at release sites. Some chemical synapses release neurotransmitter in response to graded presynaptic membrane potential changes rather than action potentials.

Neurotransmitter clearance limits how long released neurotransmitter remains available. Depending on the neurotransmitter and location, diffusion away, uptake through membrane transport proteins into the sending or neighboring biological cells, and breakdown by enzymes contribute. Receptor binding and unbinding also affect response duration. Recovering synaptic vesicle membrane is a separate recycling task; uptake of released neurotransmitter is not the return of an intact synaptic vesicle. See General Principles of Cell Communication.

This electrical-to-chemical-to-electrical sequence offers several places to adjust a signal: synaptic release probability, receptor availability and neurotransmitter clearance can change its strength or duration. It helps explain why synaptic plasticity can modify communication between neurons, and why an arriving action potential need not cause a postsynaptic action potential.

Otto Loewi's 1936 Nobel lecture describes his 1921 experiment: fluid from a frog heart whose nerves had been stimulated produced the corresponding response when transferred to another heart. The transferable substance established chemical mediation in that preparation. This was evidence for released chemical signaling, not yet an identification of synaptic vesicle fusion and not a claim that every synapse is chemical. See Loewi, The Chemical Transmission of Nerve Action, Nobel lecture, 12 December 1936.

Synaptic release probability is the probability of release at a specified site during a specified opportunity, such as one presynaptic action potential. It depends on the site's state and conditions; it is not the probability that the receiving neuron fires. In the example under synaptic vesicle, $p$ refers to one available site, whereas $1-(1-p{)}^4$ refers to any of four independent sites releasing.

A synaptic vesicle is a small membrane-bounded compartment in a presynaptic terminal that stores neurotransmitter for release. Fusion with the cell membrane exposes its contents to the synaptic cleft; the packet supplied by one synaptic vesicle is a quantum of release. Quantal neurotransmitter release refers to these discrete packets, rather than the release of one molecule at a time. The postsynaptic response to a packet can vary with its contents, receptors and recording conditions. See Purves and colleagues: vesicles as the source of transmitter quanta.

The useful cycle is filling, preparation for fusion, calcium-triggered exocytosis, and recovery of membrane and proteins through endocytosis for reuse. Different recovery routes occur; recycling need not preserve a particular synaptic vesicle as an identifiable container throughout. Limited availability of prepared synaptic vesicles can reduce release during repeated stimulation, while changes in synaptic release probability can also change successive responses. See Basic Neurochemistry: secretion machinery and vesicle reuse and 3.1 Synapses.

For an illustrative calculation, assume four release sites, each with one prepared synaptic vesicle, each releasing with synaptic release probability $p=0.25$ during one presynaptic action potential. Assume independent Bernoulli trials and at most one release per site. The released packet count $K$ has a binomial distribution:The probability of no release is $\mathbb{P}(K=0)=0.75^4=0.31640625$; at least one release has probability $0.68359375$. An expected value of one packet does not mean that every action potential releases one packet. If each packet contributes a stipulated $0.5\mathrm{nS}$ conductance increment and increments add, the expected value of that increment is $0.5\mathrm{nS}$, with zero increment on about $31.6\%$ of trials. These assumptions are a teaching model: shared calcium fluctuations, unequal sites, depletion and nonlinear receptor responses can invalidate them.