SynFutures Passes $3B in Cumulative Trading Volume and Closes in on dYdX in All-time Users
SINGAPORE, SINGAPORE, 27th January, 2022,
Decentralized derivatives exchange SynFutures (www.synfutures.com) revealed that it has surpassed $3 billion in cumulative trading volume and 55,000 total users, according to data from Dune Analytics. The milestones come only four months after the platform’s open beta launch and ahead of the V2 launch in the coming months.
The market for decentralized crypto derivatives is growing, as users look to expand their DeFi investment strategies. Decentralized derivatives exchanges such as dYdX and Synthetix have seen early success, though the market opportunities still remain largely untapped. Furthermore, many of these platforms have limitations when it comes to listing certains assets or trading pairs, further preventing some traders from entering or actively participating in the market.
With SynFutures, users can freely trade what and how they want, whether it be large-cap cryptocurrencies, altcoins, equities, gold, indices, or any other asset. The platform allows anyone to list any pairs with a single asset in just two clicks, democratizing how derivatives are listed and traded. SynFutures already offers more than 150 underlying pairs, currently the largest offering in the decentralized derivatives space.
While still in open beta (V1), SynFutures has reached 55,000-plus total users, significantly more than other DeFi derivatives platforms. In comparison, the leading platform dYdX has about 61,500 total users despite launching almost two years earlier than SynFutures. Furthermore, the majority of transactions on SynFutures are concentrated among the vast majority of users, not just a few addresses, further cementing the platform’s organic retail growth. The top five traders account for less than 5% of SynFutures’ total trading volume.
“$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,” said Rachel Lin, CEO and co-founder of SynFutures. “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.”
On the heels of its recent milestones, SynFutures is aggressively growing its platform. Currently in open beta, SynFutures is preparing for V2, an upgraded version of the current exchange with a seamless, one-click trading experience. Along with its enhanced user interface and user experience, the exchange will be expanding on its current products with Coin-Margined Futures and NFTures, the world’s first derivatives product that enables users to take long or short positions in individual or baskets of NFTs comprised of multiple assets. Additional derivatives products such as Perpetual Futures are in the pipeline as well.
SynFutures is currently deployed on Ethereum, Polygon, BSC, and Arbitrum and will expand support to Avalanche, Near and Fantom in the coming months. As the exchange grows its multi-chain strategy, support for non-EVM chains is expected 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.
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Contacts
CMO
- Mark Lee
- mark.lee@synfutures.com
