SynFutures Raises $22 Million in Funding Round
Singapore-based decentralized exchange (DEX) SynFutures has secured $22 million in its latest funding round, bringing its total funding to $38 million. The funding was led by Pantera Capital and included participation from SIG DT Investments and HashKey Capital. SynFutures focuses on perpetual futures, a type of financial derivative commonly used in cryptocurrency and commodities trading. Unlike traditional futures contracts, perpetual futures do not have a fixed expiration date and can be traded with leverage.
SynFutures Unveils V3 Platform
SynFutures has also announced the upcoming release of its V3 platform, scheduled for the fourth quarter of 2023. The upgraded platform incorporates an Oyster automated market maker (AMM), which combines attributes of orderbook and AMM models to enhance liquidity and capital efficiency in decentralized finance (DeFi). The platform allows for the listing of various trading pairs, including major cryptocurrencies, stablecoins, altcoins, NFTs, and indices. Built on the Polygon blockchain network, the protocol ensures two-sided liquidity and fast, inexpensive transactions.
Derivatives Trading and DeFi
According to Rachel Lin, Co-founder and CEO of SynFutures, derivatives trading is a driving force behind substantial trading volumes in traditional finance (TradFi) and centralized finance (CeFi). However, the existing derivatives infrastructure within DeFi is struggling to keep pace with institutional trading outfits. Lin believes that DeFi needs to bridge the gap between retail investors and institutional players by offering robust derivatives functionality. SynFutures hopes that its V3 platform will be a tipping point for DeFi’s growth and adoption.
Hot Take: SynFutures Aims to Boost DeFi’s Derivatives Ecosystem
SynFutures’ recent funding round and the launch of its V3 platform signal the company’s commitment to strengthening DeFi’s derivatives ecosystem. By combining elements of orderbook and AMM models, SynFutures aims to enhance liquidity and capital efficiency in DeFi trading. With the growing demand for DeFi and the potential influx of institutional investors, the development of a robust derivatives infrastructure is crucial for mainstream adoption. SynFutures hopes that its V3 platform will serve as a catalyst for bridging the gap between retail and institutional players in the DeFi space.
Edited by Liam Kelly.
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