SynFutures V3, a decentralized contract platform, launches Blast and introduces Oyster Odyssey incentive.

Singapore, February 29, 2024 – SynFutures, a leading decentralized contract platform, announced today the launch of its new V3 platform on the Blast mainnet. The platform adopts a proprietary order book automated market maker (oAMM) mechanism. This on-chain deployment seamlessly integrates the advantages of order books and AMM models into a unified liquidity model, thereby improving capital efficiency and operational simplicity, making it more comparable to centralized exchanges.

Table of Contents
Toggle
Enhancing User Participation and Loyalty in DEX
SynFutures V3: Capital Efficiency and User-Friendliness
Decoding SynFutures’ Oyster AMM Mechanism
Enhancing User Participation and Loyalty in DEX

As uncertainty associated with centralized exchanges increases, the urgency for retail investors to find decentralized solutions is also growing. Signs such as the continuous increase in trading volume on decentralized exchanges indicate that the bull market for decentralized exchanges has begun. Therefore, SynFutures is actively organizing events to further enhance user participation. The Oyster Odyssey incentive program is one of them, aiming to distribute points to users based on their level of participation in on-chain activities, and users can participate in the upcoming Blast airdrop.

SynFutures V3: Capital Efficiency and User-Friendliness

With the approval of Bitcoin ETFs, the upcoming halving, and the expected approval of Ethereum ETFs, the optimistic sentiment in the cryptocurrency market is spreading to the DeFi and derivatives markets. However, decentralized exchanges face numerous challenges in capturing market share in the derivatives market and currently account for less than 1.0% of the market share compared to the dominance of centralized exchanges. The fundamental problem lies in the pricing and execution competitiveness of decentralized exchanges, which hinders their ability to gain more market share in the highly profitable derivatives market.

Advertisement – Continue Reading Below

In view of the challenges faced by decentralized contract platforms, SynFutures is launching V3 on the Blast blockchain, using its unique order book automated market maker (oAMM) mechanism to address existing deficiencies and establish new standards of capital efficiency for decentralized derivatives markets.

Choosing to launch V3 on Blast is strategically significant. Like any Rollup, Blast increases transaction speed, reduces costs, and maintains the security of Ethereum. It is worth mentioning that Blast’s native revenue function has brought in a total locked value (TVL) of approximately $20 billion and attracted over 146,000 users.

Rachel Lin, Co-founder and CEO of SynFutures, said, “Through these improvements, SynFutures is committed to achieving higher capital efficiency in the decentralized derivatives field, making us more competitive in competition with centralized exchanges. V3 not only provides a secure and user-friendly environment but also solves the barriers that hinder the widespread adoption of derivative trading on decentralized exchanges.” She added, “With the expected increase in institutional participation in 2024, this upgrade will prepare us for the upcoming growth in trading volume by increasing transaction throughput and reducing transaction costs.”

Pacman (Tieshun Roquerre), a core contributor to Blast, said, “We are delighted to welcome SynFutures to Blast. As an early adopter of the Blast testnet, we look forward to seeing their continued success on the Blast mainnet!”

In fact, a series of signals indicate that decentralized exchanges are about to see a turning point in user participation, including SynFutures. Since the launch of its V3 platform on the public testnet in October 2023, SynFutures has witnessed active participation from 81,016 users, with a total of 460,662 transactions recorded on the Goerli and Blast-Sepolia chains, demonstrating excellent performance. It is worth noting that the average user conducted 5.686 transactions, highlighting the ecosystem’s activity.

Furthermore, the V3 platform has shown remarkable momentum on the Blast chain, accounting for 10% of the significant increase in trading volume at the end of January, which is quite impressive.

Decoding SynFutures’ Oyster AMM Mechanism

SynFutures is a decentralized exchange focused on perpetual futures trading in the cryptocurrency field. Perpetual futures contracts are contracts without an expiration date, allowing investors to speculate on the price of cryptocurrencies without the need for physical settlement.

The innovative Oyster automated market maker (AMM) mechanism of SynFutures allows users to list assets within 30 seconds without permission, including mainstream cryptocurrencies, altcoins, NFTs, and indices. It ensures bidirectional liquidity and allows users to provide liquidity through single-asset liquidity, simplifying the entire trading ecosystem and continuing the user-friendly concept of SynFutures V1 and V2.

Automated market making (AMM) is a preferred model for decentralized exchanges, but there is a high requirement for liquidity in order to achieve price influence comparable to order book models. To increase liquidity, the Oyster AMM employs an innovative market maker model that seamlessly integrates centralized liquidity AMM (CL AMM) and on-chain order books into a unified model, providing significant capital efficiency improvements for active traders and passive liquidity providers. This model promotes liquidity concentration within a specific price range and introduces leverage for automated market makers, addressing issues such as high fees and limited trading functions.

Compared to the order book model of centralized exchanges, the V3 model introduced by SynFutures with its on-chain model helps ensure transparency, permissionlessness, and censorship resistance, eliminating reliance on centralized administrators and mitigating vulnerabilities across chains and off-chain systems.

To protect users and maintain price stability, the Oyster AMM of SynFutures V3 introduces advanced financial risk management through a dynamic penalty mechanism. This mechanism can curb price manipulation and strike a balance between risk and reward for liquidity providers.

SynFutures

Further Reading
Airdrop Information: Community Identifies Nearly 200 Potential Airdrop Cryptocurrency Projects (Part 3)
Is Binance Threatening National Security? Nigeria Demands $10 Billion Compensation: Binance Devalues National Currency by 70%