- Summary:
- Hoping to attract institutions, SynFutures is on a mission to build solutions to tackle limited liquidity and capital inefficiencies in DeFi.
SynFutures, the derivatives-focused decentralised exchange, has raised $22 million in a Series B investment round to expand its derivatives trading platform. The round was led by VC giant Pantera Capital, with other key contributors being SIG DT Investments and HashKey Capital. The DEX intends to use the funds to support the development of new products and the rollout of the project across many blockchains.
The latest funding round brings the total funding for SynFuture to $38 million. SynFuture runs an order book-based protocol, which can operate independently of privileged administrators. This guarantees that any possible hidden backdoors are shut. Ultimately, this enables consistent access to the system and establishes a strong case against censorship.
SynFutures and its quest to enhance DeFi’s institutional appeal
The gap between DeFi and the institutional players who rely on derivatives largely for financial strategies is widening, despite the fact that demand for DeFi is on the rise. In light of this limited derivatives capability, it is possible that institutions will be unable to fully embrace DeFi.
SynFuture believes that DeFi’s aspirations would be hampered even further by its existing insufficient capital and liquidity efficiency should the crypto markets experience a major growth explosion. Therefore, SynFutures has released v3 of its platform in anticipation of this and expects it to provide the support needed for the future. The comprehensive on-chain order book also stands out, in the eyes of the SynFuture team due to its inherent transparency and dependability.
To improve liquidity and capital efficiency, the V3 platform now has an Oyster automated market maker (Oyster AMM), a hybrid of the orderbook and AMM models. SynFuture plans to fully deploy Oyster AMM on-chain by the time it launches on the mainnet in Q4 of 2023.
SynFutures’s v3 is an improvement to v2, which added “DAO futures” that let companies create pools of liquidity for their tokens versus ether, USDC, and USDT. SynFuture says that Oyster AMM’s distinctive feature is its fast on-chain integration of concentrated liquidity. In addition to reducing reliance on centralised administrators and off-chain technologies, it enables AMMs to leverage liquidity that is concentrated within specified price ranges.