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In order to create an open and trustworthy derivatives market, SynFutures aims to enable trading on anything having a price feed. SynFutures is decreasing the barrier to entering the derivatives market by nurturing a free market and increasing the diversity of tradable assets.
According to Dune Analytics, SynFutures has exceeded $3 billion in cumulative trading volume and 55,000 total customers. Only four months have passed since the platform’s open beta debut, and the V2 launch is just around the corner.
There is no limit to the assets that may be traded on SynFutures. This includes large-cap cryptocurrency, as well as smaller-cap coins. Thanks to the platform, derivatives trading has been democratized, enabling anybody to list any combination with a single asset in only two clicks. SynFutures now has the most extensive product offering in the decentralized derivatives market, with more than 150 underlying pairs.
Rapid Growth of Active Users
SynFutures has more than 55,000 active users in open beta (V1), much more than any other DeFi derivatives platform, even though it is still testing. Compared to dYdX having 61,500 members, which launched two years before SynFutures, it is a remarkable achievement. Since most transactions on SynFutures occur among the broad majority of users, rather than just a few addresses, the platform’s organic retail development is firmly established. The top five traders account for less than 5% of SynFutures’ total trading volume.
Rachel Lin, CEO, and co-founder of SynFutures said:
“$3 billion in cumulative trading volume is a good starting point, and we believe that behind the number, we have good quality traction and the potential for future growth, as well,” She added, “We’re excited to ignite the next phase of expansion and provide even more opportunities for our users to get involved and engage with our ecosystem.”
SynFutures is rapidly expanding its platform in the wake of recent successes. V2 of SynFutures, an updated version of the existing exchange, is now under open beta testing and is expected to be released shortly. Additionally, the exchange will expand on its current products with Coin-Margined Futures and NFTs, the world’s first derivatives product that allows users to take long or short positions in individual or baskets of NFTs made up of multiple assets, as well as an improved user interface and an improved user experience. Perpetual Futures and other derivatives are also in the pipeline.
It is presently supported on Ethereum, Polygon, BSC, and Arbitrum. It will soon expand support to Avalanche, Near, and Fantom. Non-EVM chains will likely be supported by the end of 2022 as the exchange expands its multi-chain strategy.