Perp DEX SynFutures' V3 Goes Live on Blast, Launches Oyster Odyssey Points Program

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Mar 01, 2024, 09:00 ET

Innovative Oyster AMM (oAMM) combines onchain order book and AMM to put DeFi trading efficiency on par with CEXs

SINGAPORE, March 1, 2024 /PRNewswire/ -- SynFutures, a leading decentralized exchange for perpetual futures, today announced the launch of its new V3 platform for perpetual futures ("perps") on Blast mainnet, featuring a proprietary order book Automated Market Maker (oAMM). This fully onchain deployment seamlessly integrates the strengths of an order book and AMM model into a unified liquidity model, enhancing capital efficiency and operational simplicity that brings its usability closer to centralized exchanges.

Enhancing Loyalty and Engagement with DEXs

The eventual convergence of retail investors around a decentralized solution, amid today's uncertainties associated with CEXs, is increasingly holding weight as a viable reality. By recognizing the increasing DEX trading volume, suggestive of the start of its own bull run, SynFutures is making a strategic move to further enhance DEX user engagement. SynFutures is announcing its "Oyster Odyssey" Points Program, a redeemable loyalty program determined to allot points for engagement of on-chain activity while also qualifying users for the upcoming Blast airdrop.

SynFutures V3's Capital Efficiency and Execution Simplicity Made on Par with CEXs

A surge in crypto market optimism, propelled by Bitcoin ETF approval, upcoming halving, and anticipation of Ethereum ETFs, is beginning to extend into DeFi and derivatives. Decentralized exchanges (DEXs) have faced challenges in capturing the derivatives market, representing only <1.0% on-chain compared to centralized exchanges' dominance. The fundamental issue lies in DEXs' pricing and execution competitiveness, hindering their share in the lucrative derivatives landscape.

Recognizing the challenges faced by decentralized perpetual futures exchanges, SynFutures is launching V3 with its orderbook Automated Market Maker (oAMM) on the Blast blockchain to bridge the existing gaps, setting a new standard for capital efficiency in the derivatives DEX space.

The decision to launch V3 on Blast, a Paradigm-backed optimistic rollup, is strategic. As with any rollups, Blast increases transaction speeds and lowers costs while maintaining Ethereum's security. In particular, the Blast blockchain's native yield feature has contributed to a total locked value (TVL) of approximately US $2 billion in its bridge, attracting more than 146,000 users.

"With these enhancements, SynFutures strives to achieve unparalleled capital efficiency with a derivatives DEX, positioning us to compete with CEXs on a more level playing field. V3 not only provides a secure and user-friendly environment but also addresses the obstacles limiting the widespread adoption of derivatives trading on DEXs," Rachel Lin, Co-founder and CEO of SynFutures. "With the anticipation of more institutional participation in 2024, this upgrade will prepare us for the potential influx in trading volumes through improved trading throughput and reduced transaction costs," she added.

"We are thrilled to welcome SynFutures to Blast. They moved fast as an early adopter on the Blast Testnet and we look forward to witnessing their continued success on the Blast Mainnet!," said Pacman (Tieshun Roquerre), Core Contributor of Blast.

In fact, SynFutures witnessed remarkable signals suggesting the arrival of a tipping point in engagement among DEXs, including its own. Since the launch of its V3 platform on the public testnet in October 2023, SynFutures has seen a remarkable influx of users, with a total of 81,016 actively participating in trading activities. This heightened engagement is underscored by the V3 platform's impressive performance on both the Goerli and Blast-Sepolia chains, recording a total of 460,662 transactions. Notably, users have demonstrated an average of 5.686 transactions per user, highlighting robust activity levels within the ecosystem.

In addition, the V3 platform has demonstrated remarkable traction on the Blast chain network, accounting for an impressive 10% of all transactions during a notable spike observed at the end of January.

Deciphering the Mechanism of SynFutures' Oyster AMM

SynFutures specifically facilitates trading perpetual futures in the crypto space—contracts without expiry. This allows investors to speculate on crypto asset prices without the need for physical settlement.

The innovative Oyster AMM enables permissionless listing of any trading pairs, including major cryptocurrencies, altcoins, NFTs and indices, in 30 seconds. It ensures two-sided liquidity and remarkably enables users to provide a single token for a trading pair. This simplifies the entire trading ecosystem, building on the user-friendly approach established in SynFutures V1 and V2.

Automated Market Makers (AMMs), which DEXs tend to opt for, come with a demand for substantial liquidity to achieve equivalent price impact compared to order book models. To boost liquidity, the Oyster AMM presents an innovative market making paradigm by seamlessly integrating concentrated liquidity AMM (CL AMM) and on chain order book in a single, unified model, offering a significant capital efficiency boost tailored to active traders and passive liquidity providers. The model facilitates liquidity concentration within specific price ranges and incorporates leverage for automated market makers, addressing challenges like higher fees and limited trading functions.

Compared to a CEX' order book, the fully on-chain model brought by SynFutures' V3 model helps ensure transparency, trustlessness, and anti-censorship, thus eliminating dependence on centralized administrators and mitigating vulnerabilities across on-off chain systems.

Recognizing the paramount importance of user protection and price stability, the Oyster AMM in SynFutures V3 further introduces an advanced financial risk management approach through a dynamic penalty fee system. This discourages price manipulation and strikes a balance in the risk-reward profile for liquidity providers.

About SynFutures

SynFutures is a leading perp DEX that creates an open and trustless derivatives market by enabling trading on anything with a price feed anytime. SynFutures democratizes the derivatives market by employing an Amazon-like business model, giving users the tools to freely trade any assets and list arbitrary futures contracts within seconds.

Deployed on multiple blockchains, SynFutures is currently the largest derivatives exchange on Polygon and is among the top three most actively used decentralized derivatives exchanges. Backers include Tier 1 Web3 institutional investors Pantera Capital, Polychain Capital, Susquehanna International Group (SIG), Dragonfly Capital, Standard Crypto, and Framework Ventures, and team members have extensive experience at global financial institutions, fintech companies and blockchain technology companies such as Alipay, Bitmain, Credit Suisse, Deutsche Bank, Matrixport, and Nomura Securities.