SynFutures Raises $22 Million in Series B Funding Round
SynFutures, a decentralized derivatives exchange that specializes in trading crypto perpetual futures, has successfully raised $22 million in a Series B funding round. Leading the round was Pantera Capital, with participation from HashKey Capital, SIG DT Investments (a unit of the Susquehanna International Group), and others.
The Series B funding round commenced last year and concluded approximately two months ago. While SynFutures’ co-founder and CEO, Rachel Lin, did not disclose the valuation and structure of the round, she mentioned that the company is considering a native token launch in the future, contingent on market conditions and regulatory landscape.
This latest funding brings SynFutures’ total funding to date to approximately $38 million. It follows their Series A round in June 2021, which raised $14 million.
What is SynFutures?
SynFutures was launched in 2021 as a decentralized exchange specializing in trading crypto perpetual futures. These derivative products enable traders to speculate on the future price of cryptocurrencies with leverage and no set expiration date. This allows for rapid profit or loss based on price movements.
Although available on multiple blockchains, SynFutures is currently the second largest derivatives protocol on Polygon, with a total value locked of over $6 million. It has recorded over $22 billion in cumulative trading volume thus far.
Additionally, SynFutures has unveiled its V3 platform on Ethereum testnet. The platform aims to support various blockchains, including Polygon and zkSync Era. The mainnet launch is anticipated for later this year or early next year. Previously, SynFutures V2 was available on Polygon and zkSync Era, while V1 was deployed on Ethereum, Polygon, Arbitrum, and BNB Chain.
SynFutures V3 Launch
The latest version of SynFutures’ platform, V3, incorporates a proprietary automated market maker model called Oyster. This model combines the best features of order book and AMM models to enhance trading efficiency and concentrate liquidity. SynFutures aims to directly compete with centralized exchanges using the Oyster AMM.
Rachel Lin explained that derivatives trading in the DeFi space lags behind spot market volumes, which is not the case in traditional financial markets. To bridge this gap and improve the overall health of DeFi trading, SynFutures designed its V3 platform to optimize trading efficiency by concentrating liquidity.
With the new funding secured, SynFutures plans to expand its team by hiring additional personnel for engineering and business development roles. The Singapore-based company currently has a team of about 20 individuals.
Hot Take: SynFutures Advances in Decentralized Derivatives Trading
SynFutures has successfully raised $22 million in a Series B funding round led by Pantera Capital. This decentralized derivatives exchange specializes in crypto perpetual futures trading, offering traders the opportunity to speculate on cryptocurrency prices with leverage and no set expiration date. With a total funding of $38 million to date, SynFutures is poised for growth.
The recent launch of their V3 platform on Ethereum testnet showcases their commitment to expanding their offerings across multiple blockchains. The incorporation of the Oyster automated market maker model enhances trading efficiency and positions SynFutures as a competitor to centralized exchanges.
SynFutures’ success highlights the increasing demand for decentralized derivatives trading in the DeFi space. By concentrating liquidity and bridging the gap between spot market volumes and derivatives trading, SynFutures aims to contribute to the overall health and growth of the DeFi trading environment.
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