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BCH $208.83 (-1.5%)
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SynFutures Gains 55K Users, $3B Trade Volume in Open Beta

SynFutures Gains 55K Users, $3B Trade Volume in Open Beta Altcoin News
  • SynFutures has reached 55,000+ total users and $3 billion in trade volume while still in open beta.
  • The company is gearing for the next phase of expansion.
  • The V2 version will offer short or long positions in individual or baskets of NFTs.

SynFutures has reached 55,000+ total users and $3 billion in cumulative trading volume while still in open beta, according to data from Dune Analytics.

SynFutures CEO and Co-founder Rachel Lin remarked that $3 billion is a good starting point and its traction has potential for future growth.

$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 (…) 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.

SynFutures currently supports Ethereum, Polygon, BSC, and Arbitrum. Eventually, it will also expand its support to Avalanche, Near, and Fantom. Support towards non-EVM chains is expected toward the end of 2022.

Users are looking to expand their DeFi investment strategies, therefore the market for decentralized crypto derivates has seen growth. Decentralized derivatives exchanges such as dYdX and Synthetix have seen early success.

The company offers more than 150 underlying pairs at the moment and is currently the largest offering in the decentralized derivatives space.

SynFutures is preparing for V2– the upgraded version of its current exchange featuring one-click trading experiences. The exchange will include new products such as coin-margined futures and “NFTures”. These would mark the world’s first derivatives product that allows users to take long or short positions in individual or baskets of NFTs that are composed of multiple assets.

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Vanmarc is a writer for trade and hobby, as well as a business management graduate. He's currently on a journey to explore the intricacies of the crypto industry; and what better reason to do research than to write about it?