SynFutures, a decentralized derivatives exchange focused on cryptocurrency perpetual futures trading, has launched its latest version, V3. Ethereum ETH
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Layer 2 Blast mainnet launched earlier today.
Perp DEX also launched a points rewards program today called Oyster Odyssey. SynFutures said V3 users are also eligible for the upcoming Blast airdrop.
“By interacting with SynFutures, users will be eligible to receive Oyster Odyssey points and Blast points,” Rachel Lin, co-founder and CEO of SynFutures, told The Block. She added, “We are also committed to returning 100% of the Blast developer airdrops to our users, so they can enjoy many benefits.”
A source with direct knowledge of the matter said SynFutures plans to launch its own token this year. Last October, when DEX raised $22 million in a Series B funding round, it announced its intention to launch a token as part of its roadmap to decentralize the project.
SynFutures V3 on Blast mainnet
The launch of SynFutures V3 on the Blast mainnet comes shortly after the launch of the layer 2 network. Backed by high-profile investors including Paradigm, Blast has quickly gained popularity since going public, garnering over $2.3 billion in total value locked (TVL) before its mainnet even launched.
SynFutures first released V3 on the Ethereum testnet last October. It then planned to commit to Blast and release the underlying protocol on several blockchains, including Polygon and zkSync Era, another competing Ethereum Layer 2 network, before committing to Blast and launching V3 on Blast’s testnet in January. Lin now said that multichain expansion is still in the V3 plans, but the project has not decided which chain to deploy next. “Our immediate focus is to increase adoption and volume of Blast,” she said.
SynFutures V2 still exists on the Polygon proof-of-stake chain, but the project has begun phasing out support as it prioritizes the release of V3, while V1 has been phased out, he added. V1 and V2 have processed more than $23 billion in cumulative transaction volume to date, Lin said.
SynFutures Plan
With the launch of V3, SynFutures plans to grow the platform through localized expansion, Lin said.
The Singapore-based company currently employs more than 20 people. Lin plans to hire “regional leaders in business development and marketing in key markets” and several more people across research and product functions. Multichain expansion is also expected in the medium term, she added.
SynFutures has raised approximately $38 million in total funding and is backed by investors including Pantera Capital, HashKey Capital and SIG DT Investments (a unit of Susquehanna International Group).
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