Recently, decentralized exchange (DEX) SynFutures successfully raised $22 million in a Series B funding round led by Pantera Capital, along with significant investments from HashKey Capital, SIG DT Investments (a unit of the international Susquehanna Group), and more.
With this new capital, Rachel Lin, co-founder and CEO of SynFutures, revealed the platform’s plans to introduce its native token. However, she did not disclose specific details or timing for the token’s launch, stating that decisions would depend on market conditions and legal considerations.
Notably, SynFutures’ Series B round comes almost two and a half years after its Series A round, which raised $14 million in June 2021, bringing the total funding for the company to approximately $38 million.
The substantial amount raised in SynFutures’ latest funding round reflects investors’ confidence and optimism in the DEX platform. Additionally, with investors pouring in capital and Bitcoin’s halving event scheduled for 2024, along with the possibility of the Fed tightening its monetary policy, the crypto community is hopeful for a bullish turn in the crypto winter.
In addition to the funding announcement, SynFutures also introduced its enhanced trading platform, which includes the “Oyster Automated Market Maker” (Oyster AMM). SynFutures aims to combine order book and AMM models to improve trading efficiency by concentrating liquidity in decentralized finance (DeFi) financial products.
Launched in 2021, SynFutures is a decentralized exchange for trading perpetual crypto futures contracts, allowing traders to speculate on the future price of cryptocurrencies with leverage and without expiration dates. This enables investors to profit or incur losses quickly based on price fluctuations.
According to DeFi Llama, SynFutures is currently the second-largest derivative protocol on Polygon, with over $6 million in total value locked. SynFutures reported an accumulated trading volume of over $22 billion to date.
Prior to this, SynFutures also unveiled a new version of its V3 platform on the Ethereum testnet. For the mainnet, the platform aims to support various blockchains, including Polygon and zkSync Era.
The mainnet is expected to go live by the end of this year or early next year. SynFutures V2 is available on Polygon and zkSync Era, while SynFutures V1 is deployed on Ethereum, Polygon, Arbitrum, and BNB Chain.