SynFutures' elephant turned around, and the "new niche" of derivatives was behind the 90-fold increase in trading volume?

has been online for less than a month, and the transaction volume has soared by more than 90 times. TVL has become the leader of Blast derivatives. is the three most intuitive tags of SynFutures recently.

The derivatives track has always been one of the sexiest on-chain narratives, and the SynFutures V3 version, which was launched simultaneously with the Blast mainnet, has been launched in less than 4 weeks. The pig has made rapid progress, The transaction volume has grown at a rate of over 9400%, far surpassing the established leaders such as dYdX and GMX.

The depth of SynFutures Take stock and analyze why it has received the attention and influx of market funds, whether it can open up a new value space with the dual superposition of "derivatives" and "Blast Summer", and the potential risks behind it.

The daily trading volume exceeds that of GMX, behind the rise of Synfutures

From a certain perspective, in fact, SynFutures has always been regarded as a DeFi derivative A "veteran" in the field that has been tested by time and the market:

As early as 2021, when the industry was still confused about which paradigm should be used to trade on-chain derivatives, SynFutures The first permissionless contract market model, which allows anyone to add liquidity to a single currency and list it in 30 seconds, has become one of the universal standards widely adopted by many on-chain derivatives.

The SynFutures team has a comprehensive background in international first-tier investment banks, Internet companies and crypto OGs. In addition, they just completed a new round of financing of US$2.2 billion in October 2023, including Pantera. Capital, SIG, HashKey Capital and other top investment institutions.

In June 2021, more than US$14 million in Series A financing has been completed. In addition to the participation of well-known VC players such as Polychain Capital, Framework Ventures, Bybit, Wintermute, CMS, Kronos and IOSG Ventures, the final amount raised exceeded US$38 million. Investments are mainly concentrated in the field of decentralized finance and are unique.

Dune’s statistics show that as of March 26, 2024, SynFutures has been running stably for more than 2 years. It has more than 11 million users, a cumulative trading volume of more than 23 billion US dollars (V1 V2), and a total number of transactions of 8.12 million. It has been active in centralized derivatives exchanges to this day.

On March 1st, the SynFutures V3 platform was officially launched on the Blast mainnet, and the transaction volume continued to rise. On March 21st, it hit a record high of US$623 million. As of March 3 On March 26, the cumulative transaction volume of the V3 version alone was close to 5.8 billion US dollars.

In other words, less than a month after its launch on Blast, the cumulative transaction volume of V3 version is already equivalent to 25% of the total transaction volume of V1 V2 in the past two years or so. %.

In contrast, we may be able to more intuitively feel how fierce the growth momentum of Synfutures V3 version is:

As we all know, GMX is the largest DeFi protocol in the Arbitrum ecosystem and is currently the on-chain derivatives market with the highest TVL in the entire network (DeFiLlama data), but its daily trading volume is currently lower than Synfutures— —As of the time of publication, GMX’s 24-hour trading volume is US$270 million, while Synfutures V3’s daily trading volume is approximately US$375 million.

Among all on-chain derivatives protocols, Synfutures is also leading the growth rate in the same period by at least an order of magnitude, :

• In the 7-day dimension, the growth rates of dYdX and Hyperliquid as leaders were -18% and -42% respectively, while Synfutures was 67% in the same period;
• On a monthly basis, as the leaders, the growth rates of dYdX and Hyperliquid were 77% and 91% respectively, while Synfutures’ growth rate exceeded 9400% in the same period;

From this perspective, after the launch of the V3 version on Blast, Synfutures’ growth momentum has been extremely fierce, almost leaving other decentralized derivatives far behind, and it seems that it has finally ushered in its own When the wind blows.

Synfutures V3 enters second half with derivatives?

In fact, in the current mature financial market, derivatives trading is higher than spot trading in terms of liquidity, capital volume and transaction scale, and the Crypto world is at least The CEX field also confirms this market law:

As early as 2020, derivatives trading represented by contract futures on CEX began to replace spot trading and gradually became the dominant market. Coinglass data shows that in the past 24 hours, the daily trading volume of the top five CEX contract futures has reached tens of billions of dollars, and Binance, the leader, has exceeded 80 billion U.S. dollars.

The trading volume of CEX derivatives in one day is equivalent to the trading volume of spot in one week - combined with The Block data, the currency The total single-day trading volume of An derivatives is equivalent to 16% of the total monthly spot trading volume in February ($506.2 billion).

ButOn the chain, the spot trading volume of DEX represented by Uniswap still greatly crushes that of decentralized derivatives trading protocols such as dYdX Transaction volume, Even GMX, which is regarded as the "veteran leader" of on-chain derivatives protocols, TVL is only less than 750 million US dollars, ranking around 40th among all categories of DeFi protocols in the long term.

In the final analysis, the development of on-chain derivatives protocols such as GMX and dYdX, which have been at the top for a long time, is far from keeping up with the changing narrative - DeFiLlama statistics show that as of 2024 On March 12, the total scale of DeFi on the entire network exceeded US$100 billion, but the total volume of derivatives protocols was less than US$30 billion, accounting for less than 30%.

Therefore, the derivatives market, as the most imaginative narrative of the on-chain DeFi track, is in urgent need of new ideas to break the situation.

For today's Blast ecosystem, SynFutures, with its surge in transaction volume, is the best example, which may have demonstrated the performance and cost advantages of L2, coupled with Blast's own traffic effect. , many use cases of derivatives themselves that are limited by the Ethereum main chain can be gradually implemented.

Therefore, in the future, with the help of the Blast airdrop, the narrative of on-chain derivatives seems to have ushered in a period of development opportunities at the right time. Among them, how to first layout this wave of "Blast" Possible seed players in "Summer"?

From a product perspective, “old and latecomer” DeFi protocols like SynFutures undoubtedly have the most advantages:

• On the one hand, SynFutures has developed Oyster AMM (oAMM) in V3, which combines the advantages of order books and AMM to maximize capital efficiency. That is accompanied by The increase in ecological TVL after the Blast airdrop makes it easier to absorb the influx of funds;
• On the other hand, as an established on-chain protocol, SynFutures has not yet issued coins. Users can enjoy derivatives trading services while accumulating potential airdrop opportunities, thereby sharing the possibility of making big dividends from Blast and the on-chain derivatives track in the future；

Going back to the data level, Synfutures’ transaction volume TVL ratio in the past 30 days has reached 12.7, which can be said to be one of the most underestimated projects in the on-chain derivatives track—— Compared with the ratios of GMX and dYdX that have issued coins, they are as low as 0.43 and 3.03 respectively. It is simply the most cost-effective seed player.

How to use SynFutures to "eat more from one fish" in the Blast ecosystem?

So as an ordinary user, what opportunities are there to achieve "one fish, eat more" in the Blast ecosystem through SynFutures, and maximize the early dividends of Synfutures (V3) and Blast?

On the day the V3 version was launched as mentioned above, that is, March 1, Synfutures simultaneously launched a triple points event (Blast points, Blast Big Bang championship points, SynFutures O_O points) , and the points competition is expected to last 3 to 4 months.

What's the meaning? That is to sayUsers who participate in the interaction of SynFutures V3 at this time can obtain triple rewards including Blast points, Blast Gold and SynFutures points at the same time.

It is rumored that the Blast public chain with the highest value is Blast Gold. In the first round of Gold distribution officially announced by Blast last Saturday, SynFutures received the second most Gold incentives in the entire ecosystem. Nearly 500,000 coins were obtained at one time. The market price for Blast Gold is generally US$5-10 per piece. SynFutures announced earlier that 100% of Blast Gold will be awarded to users. For Blast Gold alone, the value of SynFutures' first round of rewards is already between US$2.5 million and US$5 million. On the day this article was written, SynFutures TVL was US$32 million, and the trading volume on that day was US$380 million. The official has announced that 50% of Blast Gold's distribution will be awarded to liquidity providers (makers), and the other 50% will be provided to traders (takers). We will continue to pay attention to the details of the project's allocation of rewards.

The allocation of Blast Gold by SynFutures is closely and positively related to the number of SynFutures O_O points itself. In one sentence: the more SynFutures O_O points, the more Blast Gold.

Interestingly, SynFutures launched the Trading Grand Prix trading competition with a prize pool of US$500,000 on March 12. While the team launched this Blast points competition and trading competition, it also stated that it was studying token issuance. , stated that the points plan will last for 3-4 months, and hinted that there will be plans for currency issuance and airdrops by then.

The latest news is that the project will launch on April 9 The first contract snapshot will be taken on the same day, which may mean that good things related to token airdrops are coming, so the window period is constantly shortening, and you still need to participate in the interaction as soon as possible.

Summary

In 2020, we have experienced the explosive growth of the DeFi world, among which the derivatives track (futures, options, synthetic assets, etc. ) was once regarded as the most promising sector to take over DeFi and the entire industry. However, what is unsatisfactory is that the performance limitations of Ethereum have not brought the expected wind to the derivatives track.

The wheel of time points to the beginning of 2024. The recently activated Dencun upgrade has improved the cost-effectiveness ratio of L2, which makes people vaguely feel that a screw has been loosened in the decentralized derivatives track. .

Especially as the strongest catfish in the new L2 war, The follow-up Blast will be accompanied by the inflow of funds and the increase of market attention. If it can be used for derivatives The track brings incremental value, and sharing the track brings big dividends. The on-chain derivatives association may really be just one tipping point away from the "Cambrian Explosion" this time.

From this perspective, Synfutures, as a leader in both established players and emerging players, has strong growth potential in derivatives and investment backgrounds from first-tier institutions such as HashKey Capital. As we gradually accumulate potential energy, there is a high probability that we will take a completely different pace.

In 2024, Whether we believe in the Blast ecology or the imagination space of the derivatives track, perhaps we should pay enough attention to seed players like Synfures .

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