Ethereum

Polygon

Arbitrum

<p>SynFutures, the Singapore-based project behind the SynFutures Protocol and decentralized derivatives exchange (DEX) specializing in crypto perpetual futures, has successfully <a href="https://www.coindesk.com/business/2023/10/19/pantera-susquehanna-and-hashkey-back-dex-synfutures-with-22m-funding/" rel="noopener noreferrer nofollow">completed</a> its Series B funding round of $22 million.</p><p>In a big week for the DEX project, SynFutures also <a href="https://medium.com/synfutures/introducing-the-v3-public-testnet-28994fc29288" rel="noopener noreferrer nofollow">launched</a> V3 of the protocol on public testnet, incorporating its updated automated market maker (AMM) model, Oyster AMM.</p><h2 id="header-0">Potential token launch</h2><p>The Series B funding round was spearheaded by Pantera Capital, with participation from Singapore’s HashKey Capital, SIG DT Investments (a unit of the Susquehanna International Group), and other investors.</p><p>Co-founder and CEO of SynFutures, Rachel Lin, stated that while the company is excited about its recent funding success, it is also open to the idea of launching a native token in the future. However, any such decision would be contingent on market conditions and regulatory considerations.</p><h2 id="header-1">Enabling decentralized crypto derivatives trading</h2><p>This Series B funding, which was initiated in 2022, marks a significant milestone for SynFutures, coming to a close nearly two and a half years after its Series A round that raised $14 million in June 2021. In total, the company has now secured approximately $38 million in funding to date. In an interview with The Block, Lin <a href="https://www.theblock.co/post/258378/synfutures-dex-funding-token-plan?utm_source&#61;twitter&amp;utm_medium&#61;social" rel="noopener noreferrer nofollow">declined</a> to indicate the company valuation associated with the recent funding round.</p><p>SynFutures, established in 2021, serves as a decentralized exchange catering to the trading of crypto perpetual futures, a derivative product that allows traders to speculate on the future price of cryptocurrencies with leverage and without fixed expiration dates. This approach enables traders to rapidly profit or incur losses based on market price movements.</p><p>While SynFutures operates on various blockchain networks, it currently ranks as the second-largest derivatives protocol on Polygon, with a total value locked (TVL) of over $6 million, according to <a href="https://defillama.com/protocol/synfutures-v2" rel="noopener noreferrer nofollow">data</a> from DeFi Llama. The platform has facilitated over $22 billion in cumulative trading volume since its inception.</p><p>Notably, SynFutures has introduced its latest platform public testnet version, V3, on the Ethereum testnet. The company aims to extend its support for multiple blockchains, including Polygon and zkSync Era, an Ethereum Layer 2 network, when the mainnet version goes live, scheduled for late this year to early next year. Previous iterations of the platform, such as SynFutures V2 and SynFutures V1, have been deployed on Ethereum, Polygon, Arbitrum, and BNB Chain.</p><h2 id="header-2">V3 Features</h2><p>One of the standout features of SynFutures’ V3 platform is its proprietary AMM model called Oyster. Lin clarified that Oyster AMM combines concentrated liquidity AMM (offering up to 26,666x boost) with the traditional order book model (providing unlimited liquidity boost).</p><p>With Oyster AMM, SynFutures aims to compete directly with centralized exchanges. The project’s Chief Marketing Officer (CMO) Mark Lee maintains that the offering provides advantages over other decentralized platforms also. “While several projects, including dYdX, opt for a hybrid approach — integrating off-chain orders with on-chain settlements — the full on-chain methodology stands out for its inherent transparency and trustworthiness,” Lee <a href="https://blockworks.co/news/derivatives-trading-dex-funding" rel="noopener noreferrer nofollow">told</a> Blockworks.</p><p>SynFutures currently maintains a team of approximately 20 individuals. With the latest funding infusion, the company plans to expand its workforce, particularly in engineering and business development roles, to further its mission of advancing decentralized derivatives trading.</p>

SynFutures Completes Series B Funding Round and V3 Launch

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