Decentralized Derivatives Exchange SynFutures Crosses $3 Billion in Cumulative Trading Volume
Next-generation derivates trading platform SynFutures has surpassed $3 billion in cumulative trading volume and 55,000 total users, data from Dune Analytics shows.
SynFutures Continues to Witness Rising Adoption
SynFutures’ $3 billion cumulative trading volume milestone comes merely four months after the platform’s open beta launch.
Notably, the strong adoption means the derivatives exchange will carry strong momentum into the launch of SynFutures V2 in the coming months.
The market for decentralized crypto derivatives is ballooning at an exponential rate as is evident from the success of some of the top derivatives exchanges such as dYdX and Synthetix. However, a large chunk of market opportunities continues to remain untapped.
Another issue facing some of the aforementioned exchanges is the limitations they possess in terms of listing certain assets for trading. Such limitations essentially prohibit a considerable number of traders from participating in the market.
Enter SynFutures
SynFutures aims to tackle all the pressing issues facing the decentralized derivatives market. The innovative derivatives trading platform allows users to freely trade what and how they want, including large-cap cryptocurrencies, altcoins, equities, gold, indices, or any other asset.
SynFutures democratizes the derivatives market as it enables anyone to list any pairs with a single asset in just two clicks. At present, SynFutures offer over 150 underlying trading pairs which is also the largest offering in the decentralized derivatives space.
Despite being in open beta (V1), SynFutures has already amassed more than 55,000 total users, a figure that significantly eclipses the user-base of other DeFi derivatives platforms.
For instance, dYdX has approximately 61,500 total users despite launching almost two years earlier than SynFutures.
Another point to highlight is that most of the transactions on SynFutures are concentrated among the vast majority of users. This is unlike other platforms where just a few addresses dominate trading. Notably, the top 5 traders account for less than 5 percent of SynFutures’ total trading volume.
Commenting on the development, Rachel Lin, CEO, and co-founder of SynFutures, said:
“$3 billion in cumulative trading volume is a good starting point, and we believe that behind the number, we have good quality traction and the potential for future growth, as well. We’re excited to ignite the next phase of expansion and provide even more opportunities for our users to get involved and engage with our ecosystem.”
All Eyes on SynFutures V2
While SynFutures organic growth as the top decentralized derivatives platform is commendable, it is far from done just yet.
SynFutures is preparing for its highly-anticipated V2 upgrade that will uplift the platform’s performance with a seamless, one-click trading experience.
In addition to its enhanced user interface and user experience, SynFutures plans to expand on its current products with Coin-Margined Futures and NFTures, a first-of-its-kind derivatives product that allows users to go long or short an individual or basket of NFTs comprised of multiple assets.
Besides, SynFutures will also witness the launch of other derivatives products such as Perpetual Futures on the platform.
Currently deployed on Ethereum, Polygon, Binance Smart Chain, and Arbitrum, SynFutures has plans to expand to other chains such as Avalanche, Near, and Fantom in the coming months.
Further, as the platform continues to grow its multi-chain strategy, it will also introduce support for non-EVM chains such as Solana toward the end of 2022.
About SynFutures
SynFutures is a next-generation derivatives exchange focused on creating an open and trustless derivatives market by enabling trading on anything with a price feed. By cultivating a free market and maximizing the variety of tradable assets, SynFutures is lowering the barrier to entry in the derivatives market, creating a more equitable digital assets exchange market.
