Permissionless perpetual trading platform SynFutures secures $22 million in Series B funding
SynFutures, a permissionless perpetual trading platform, has recently announced that it has secured $22 million in a Series B funding round. The investment round was led by Dan Morehead’s Pantera Capital, with participation from other notable firms including Hashkey Capital and SIG DT Investments, a subsidiary of Susquehanna International Group.
This new funding round marks the second successful fundraising effort for SynFutures since its launch a few years ago. In June 2021, the platform raised approximately $14 million in a Series A funding round from investors such as Polychain Capital, Bybit, and Wintermute.
With this recent funding, SynFutures’ market valuation has now reached $38 million, making it an attractive option for venture capital firms looking to invest in high-value cryptocurrency service providers.
SynFutures’ CEO, Rachel Lin, on future plans
“The preparations for this new funding round began in 2022,” said Rachel Lin, the CEO and co-founder of SynFutures, in an exclusive interview with The Block. Lin also mentioned that the platform is considering a token launch, but the decision will depend on market conditions and the regulatory landscape of the crypto industry.
In addition to securing funding, SynFutures has announced the launch of its Oyster automated market maker (AMM) protocol and its version 3 (V3) testnet. The OysterAMM protocol combines the benefits of centralized finance (CeFi) order books with the widely used automated market maker model found in decentralized finance (DeFi).
The platform claims that OysterAMM offers a staggering 26,666x boost, making it highly competitive against established centralized cryptocurrency exchanges. This boost allows the AMM to operate with unlimited liquidity, providing users with instant access to capital whenever they need it.
Enhancing trading efficiency and liquidity
Rachel Lin emphasized that SynFutures aims to address the lack of derivatives trading volume on decentralized exchange (DEX) platforms compared to centralized counterparts. The introduction of the V3 testnet will enable users to trade crypto perpetual futures contracts with higher leverage and zero expiration date. This will enhance trading efficiency and generate the necessary liquidity for the platform.
Currently, SynFutures operates on Ethereum’s layer-2 scaling solution Polygon. According to DeFiLlama, the platform has achieved a total value locked (TVL) of $6.21 million, establishing itself as a prominent DEX protocol on the Polygon network.
