Expanding Market Reach and Supporting Meme Coin Projects
SynFutures, a decentralized derivatives protocol, is planning to broaden its market presence by considering the Coinbase Layer-2 network as its platform. This move is part of the protocol’s commitment to supporting emerging meme coin projects by offering incentives to the best performers.
SynFutures Embraces the Meme Coin Trend
In a recent announcement, SynFutures revealed its intention to extend its market reach on the Coinbase L2 network, known as Base. The protocol will also launch a six-week campaign called “Memecoin Perp Summer” to drive community asset listings and provide rewards to meme communities that generate organic traction on Base.
- SynFutures to expand market reach on Coinbase L2 network
- Launches “Memecoin Perp Summer” campaign
- Rewards and incentives for meme communities
The Memecoin Perp Summer Campaign
- Campaign commenced on June 18 and ends on July 29, 2024
- Projects must have an ERC20 token on Base
- Active community participation and engagement required
The initiative aims to support the growth of emerging token projects that meet specific participation criteria, offering 100,000 USDC and future airdrop allocations to qualified projects.
Positive Growth in TVL
The recent development led to a significant increase in SynFutures’ Total Value Locked (TVL), rising by over $2 million within 24 hours, showcasing a surge from $59.91 million to $62.07 million between June 18 and 19.
Understanding TVL in DeFi
- TVL measures total capital deposited in a DeFi ecosystem
- Key metric for activity and adoption
The TVL metric signifies the amount of capital collectively deposited into smart contracts within a particular ecosystem, aiding in gauging user activity and adoption within the DeFi space.
Roots of Success and Transparency
SynFutures gained traction as a decentralized perpetual futures protocol that introduced the industry’s first unified AMM and permissionless on-chain order book through its V3 Oyster Automated Market Maker. Backed by prominent investors like Pantera Capital and Polychain, SynFutures guarantees open and transparent trading for its users.
Closing Thoughts on SynFutures’ Expansion and Support
SynFutures’ decision to broaden its market reach on the Coinbase Layer-2 network showcases its dedication to supporting meme coin projects and driving community engagement. By offering incentives and rewards to qualifying projects, SynFutures aims to foster growth and innovation within the decentralized derivatives space.
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