SynFutures, one of the leading decentralized derivative exchanges, announced on January 27th that it has hit the $3 billion mark in cumulative trading volume. This is a significant milestone for the platform, which now touts over 55,000 users according to metric analysis from Dune Analytics. The new record high in SynFutures trading volumes comes four months after the platform debuted its V1 open beta, with V2 set for launch in a few months.
As the crypto market continues to grow, decentralized derivatives are becoming one of the most sought instruments. While pioneer exchanges such as dYdX and Synthetix have had their fair share of success in this market, they are yet to maximize the underlying potential of decentralized crypto derivatives. This is because of their existing limitations in listing specific assets or trading pairs, ultimately denying crypto traders some market opportunities.
Unlike its predecessors, the SynFutures derivatives trading platform features a wide range of assets, including large-cap cryptocurrencies, altcoins, indices, gold and any other asset that can be synthesized into a decentralized derivative instrument. Traders who use this platform have access to over 150 listed pairs; additionally, one can leverage the SynFutures Synthetic Automated Market Maker (sAMM) to list a single asset trading pair within two clicks.
Though still in its V1 open beta, SynFutures is proving to be a serious competitor of the dYdX protocol in the decentralized crypto derivatives market. As it stands, dYdX leads the pack with around 61,500 users; however, most of the volumes traded on this protocol come from a few addresses. On the other hand, the volumes on SynFutures are more distributed, with the top five traders accounting for less than 5% of the total trading volumes.
Commenting on the $3 billion trading volume milestone, SynFutures Co-founder and CEO Rachel Lin expressed optimism, noting that,
“$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,” added Lin.
With SynFutures V2 scheduled for launch in the coming months, the platform is set to enhance the user experience through a one-click trading function. The exchange will also expand its product suite to include Coin-Margined Futures and NFTures; these will be the pioneer derivative instruments that enable traders to take long or short positions based on individual or baskets of NFTs featuring several assets.
Currently, the SynFutures platform is available on EVM compatible chains, including Ethereum, BSC, Polygon and Arbitrum. They plan on scaling to non-EVM compatible chains such as Fantom, Near and Avalanche in the course of 2022.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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