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SynFutures

SynFutures is a decentralized platform for trading derivatives. It enables users to list and trade crypto assets without the need for permission, thereby promoting open and unrestricted trading. As a derivatives platform, SynFutures allows users to trade contracts whose value is derived from underlying crypto assets, such as futures contracts. [1]

Overview

The platform has undergone several iterations, each aimed at improving functionality and user experience: [1]

  • SynFutures v1: Introduced the concept of permissionless listing and trading, allowing any crypto asset to be traded without prior approval.
  • SynFutures v2: Enhanced the user interface, making it more intuitive and easier for traders and liquidity providers to navigate and interact with the platform.
  • SynFutures v3: Focuses on expanding the user base by catering to a larger pool of market participants. It introduces the Oyster Automated Market Maker (AMM), which combines concentrated liquidity and order book models into a single on-chain system. This innovation aims to improve liquidity and provide better trading opportunities for everyday traders, professional market makers, and liquidity providers.

Oyster Automated Market Maker (AMM)

The Oyster Automated Market Maker (AMM) is a key feature of SynFutures v3, designed to enhance decentralized derivatives trading. [2]

Single-Token Concentrated Liquidity for Derivatives

The Oyster AMM allows liquidity providers to concentrate their liquidity within specific price ranges, increasing capital efficiency. Unlike traditional models like v3, which cater to spot markets, the Oyster AMM includes margin management and liquidation frameworks for derivatives. It uses a single token for liquidity provision, eliminating the need for dual-sided liquidity. This simplification supports the listing of any asset pair, including niche assets like meme coins and Liquid Restaking Tokens (LRTs). [2]

Permissionless On-chain Order Book

The model integrates a permissionless on-chain order book. Traditional AMMs require significant liquidity for price impact, whereas order book models are more capital efficient but complex. The on-chain order book in Oyster AMM ensures transparency, trustlessness, and avoids reliance on centralized administrators, reducing potential vulnerabilities. [2]

Unified Liquidity Model

The Oyster AMM combines concentrated liquidity and order book models into a single system, offering a unified liquidity mechanism. This integration supports efficient atomic transactions, avoiding the inefficiencies and synchronization issues seen in systems combining on-chain AMM with off-chain order systems. [2]

Stabilization Mechanisms

The Oyster AMM includes advanced risk management mechanisms to enhance user protection and price stability: [2]

  • Dynamic Penalty Fee: Discourages price manipulation by penalizing significant deviations between trade prices and mark prices, balancing risk and reward for liquidity providers.
  • Stabilized Mark Prices: Uses an exponential moving average to reduce the risk of sudden price fluctuations and mass liquidations, providing a more stable trading environment.

Odyssey Points

Odyssey Points are rewards obtained through the Oyster Odyssey program within SynFutures, earned by completing actions such as referrals, providing liquidity to the , and placing limit orders. To qualify for Mystery Boxes, users must register, refer others, or have their squad's meet specific requirements. [3]


Liquidity addition significantly influences Odyssey Points accumulation, with users earning points by adding liquidity or placing limit orders. Actions like adding liquidity with a narrower range and placing limit orders close to the market price enhance point allocation. The minimum liquidity deposit requirement is determined by the platform. [3]

Limit orders contribute to point earnings, with users earning more points by placing larger orders closer to fair prices. Points are only awarded for limit orders, as they are considered a way to provide liquidity. [3]

Invitees must complete registration for referrers to gain points, with referrers earning a portion of invitees' liquidity points. Higher referrer levels can boost invitees' liquidity points with a higher boost factor. The Boost Percentage, related to the referrer and squad TVL, accumulates over time and directly affects the points accumulated. [3]

The Squad's Total Value Locked (TVL) includes margin deposits and liquidity added, with limit orders playing a part since margin is required. Users can earn spins by maintaining TVL for a specific period, potentially receiving points as rewards. The outcome of spins is influenced by luck, with higher luck increasing the chances of receiving points. [3]

Products

Perps

The SynFutures platform offers various categories to cater to different user needs. These categories include Market, Trade, Earn, Portfolio, and Odyssey. [4]

The Market category provides users with access to real-time market data, including prices, trading volumes, and other relevant information for informed decision-making. Trade facilitates seamless execution of trades, allowing users to buy, sell, or trade various derivatives contracts, including perpetual contracts (perps), futures, and options. [4]

The Earn category offers opportunities for users to earn passive income through various strategies such as providing liquidity to the AMM, staking, or participating in yield farming programs. The Portfolio section enables users to manage their investment portfolios, track performance, and monitor profit and loss in real-time. [4]

The Odyssey category encompasses the rewards program, providing users with incentives such as Odyssey Points and Mystery Boxes for participating in platform activities like referrals, liquidity provision, and trading. [4]

NFTures

NFTures is an app for trading perpetual contracts, developed by SynFutures, a decentralized derivatives exchange enabling users to list and trade various futures and perpetual contracts on any asset with a price feed. [5]

NFTures is crafted to accommodate a diverse audience of traders, including those new to the crypto futures platform. Acknowledging NFTs as an entry point into the crypto and sphere, the team has prioritized user-friendliness, drawing inspiration from mainstream social and dating apps. [5]

Fractionalized NFTs frequently exchange hands on spot such as and . NFTures distinguishes itself by offering futures trading on these assets, a capability not found on other platforms. Trading on NFTures promises accessibility and enjoyment for all users. [5]

Funding

In October 2023, SynFutures concluded its Series B funding round, securing $22 million in investment. The round was led by , with participation from Capital, SIG DT Investments, and other investors. [6]

Rachel Lin, co-founder and CEO of SynFutures, mentioned that the fundraising process began the previous year. While Lin declined to disclose specific details regarding valuation and round structure, she mentioned that SynFutures is considering the possibility of launching a native token in the future. However, any decision regarding this would be contingent upon market conditions and regulatory considerations. [6]

This Series B funding took place nearly two and a half years after its Series A round, which raised $14 million in June 2021. With this latest round, the total funding secured by SynFutures to date amounts to approximately $38 million. [6]

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SynFutures

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Edited On

June 15, 2024

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