Derivatives DEX SynFutures raises $22 million, open to token launch idea
SynFutures, a decentralized derivatives exchange focused on trading crypto perpetual futures, has raised $22 million in a Series B funding round.
Pantera Capital led the round, with HashKey Capital, SIG DT Investments (a unit of the Susquehanna International Group) and others participating, SynFutures said Thursday.
The firm started raising for the Series B round last year and closed it about two months ago, Rachel Lin, co-founder and CEO of SynFutures, told The Block in an interview. She declined to comment on valuation and structure of the round but said SynFutures is open to the idea of a native token launch in the future. Any decision would depend on market conditions and regulatory landscape, she added.
SynFutures’ Series B round comes nearly two and a half years after its Series A round worth $14 million in June 2021. It brings the firm’s total funding to date to about $38 million.
✅What is SynFutures?
Launched in 2021, SynFutures is a decentralized exchange for trading crypto perpetual futures, a derivative product that allows traders to bet on the future price of a cryptocurrency with leverage and no set expiration date, making it possible to profit or lose rapidly based on price movements.
While deployed on several blockchains, SynFutures is currently the second largest derivatives protocol on Polygon, with a total value locked of over $6 million, according to DeFi Llama. SynFutures says it has recorded over $22 billion in cumulative trading volume to date.
✅SynFutures V3 launch
SynFutures said it has developed a proprietary automated market maker model called Oyster for its V3 platform that combines the best of order book and AMM models. “Our model unifies concentrated liquidity AMM (with up to 26,666x boost) and order book (with unlimited liquidity boost),” Lin said in the interview. With Oyster AMM, SynFutures looks to compete directly with centralized exchanges.