As a seasoned crypto investor with a knack for spotting potential in decentralized finance projects, I find SynFutures intriguing. Their ambitious plan to create a permissionless derivatives market for retail traders is something that resonates with me. Having been part of the crypto space since its early days, I’ve seen how traditional markets have been slow to adapt, and SynFutures seems poised to fill that gap.
SynFutures, a continuous derivatives trading platform, is moving towards decentralization by establishing a foundation and issuing a governance token. The platform has completed three funding stages and introduced its Oyster automated market maker (AMM) about a year ago.
10 billion tokens in three years
The platform aspires to establish a market for derivatives without restrictions, open to individual investors. At its inception, it announced its intention to list any asset with a pricing data stream.
Currently, it features 330 different trading pairs and has accumulated a total trading volume of approximately $235.1 billion. In the third quarter of this year alone, a volume of $71 billion was traded. Concerning SynFutures, its total value locked in the third quarter amounted to $26.5 million, marking a decrease from the $44.3 million recorded during the first quarter.
As a crypto investor, I’m excitedly anticipating the arrival of the F Token (F) on the Ethereum mainnet. Although the token generation event date is yet to be determined, the foundation predicts that a total of 10 billion tokens will be emitted somewhere between December 2025 and November 2028.
After the initial launch, we’ll disclose information about our governance structure. In the next phase, or what we call “Season 2,” details about staking rewards will be shared. The distribution of tokens will be made to the community, early investors, advisors, a treasury, key contributors, team for protocol development, and liquidity providers.
Funding from major VCs
SynFutures made its debut in January 2021 with an initial funding round, known as a seed round, that collected $1.4 million. In June of the same year, they conducted a Series A round, which was headed by Polychain Capital and resulted in another $14 million being raised. Additionally, Pantera Capital, Framework, and Wintermute were among the other participants in this round.
The platform was introduced a month later on the Ethereum’s Layer 2 network, Blast. In July of this current year, it was also made available on Base.
In October 2023, SynFutures managed to secure a $22 million Series B funding round, primarily orchestrated by Pantera Capital. This was accompanied by investments from Susquehanna International Group and HashKey Capital. Additionally, they unveiled their Version 3 testnet and Oyster Automated Market Maker (AMM) during the same period. The Oyster AMM enables users to place bids on perpetual futures contracts, and it boasts an on-chain order book devoid of administrators.
The Oyster Points system seems set to determine how F Tokens are allocated within the SynFutures community.
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2024-11-25 21:54