SynFutures secures $22 million in funding, unveils v3 public testnet

SynFutures, the pioneering decentralized exchange specializing in derivatives trading, has confidently secured $22 million in a series B funding round. With unwavering determination, the team at SynFutures is thrilled to unveil the launch of a public testnet for the third iteration of its cutting-edge DEX protocol.

This triumphant funding round was spearheaded by none other than Pantera Capital, with esteemed contributions from SIG DT Investments and HashKey Capital. The influx of fresh capital is poised to serve as a catalyst for propelling product development and fueling the ambitious multichain expansion endeavors, as boldly stated by Mark Lee, SynFuture’s Chief Marketing Officer, during an exclusive conversation with Blockworks.

In an earlier milestone this year, SynFutures introduced its v2, revolutionizing the landscape with the inception of “DAO futures.” This groundbreaking feature empowers projects to create liquidity pools for their own tokens, all set to collide with ether, USDC, and USDT in the financial arena.

At the time of writing, DeFiLlama reports that SynFutures v2 boasts a formidable Total Value Locked (TVL) of $6.07 million, with the lion’s share of assets residing in Polygon, USDC, and wETH.

With the forthcoming v3 platform, SynFutures is on the precipice of introducing the Oyster automated market maker (AMM), affording users the opportunity to participate in perpetual futures trading through seamless bids. Furthermore, a fully on-chain order book will be unveiled to the world, thus reinforcing the project’s commitment to transparency and trustworthiness, as eloquently highlighted by Lee.

While some projects may opt for a hybrid approach, SynFutures takes an unwavering stance with a full on-chain methodology, offering unparalleled transparency and reliability. This method eliminates potential hidden backdoors, assuring unobstructed access to the system and adamantly opposing any form of censorship.

Rest assured, v3 retains the hallmark trading features that enable the swift listing of crypto assets, altcoins, and NFTs in under 30 seconds, much like its predecessors. However, the true gem of Oyster AMM is its ability to rapidly integrate concentrated liquidity on-chain. This innovation empowers liquidity concentration within specific price ranges and offers leverage for AMMs, reducing the reliance on centralized administrators and off-chain systems.

SynFutures is poised to revolutionize the derivatives trading landscape with unwavering confidence and an unyielding commitment to transparency, security, and innovation.


© 2023 CryptoFunding. All Rights Reserved.