SynFutures Admits New V2 Upgrade Adds “Permissionless Listing” Of Futures
A permissionless listing of futures trading pairs will be possible thanks to SynFutures’ new V2 update, a decentralized exchange on the Polygon network, it was announced.
The Singapore-based startup claims the latest improvement might satisfy growing interest in decentralized finance, or DeFi, among retail traders. The company is funded by the cryptocurrency investment companies Polychain and Dragonfly. According to a press release from SynFutures, the trend picked up speed after Sam Bankman-FTX Fried’s exchange failed and Three Arrows Capital provided a “feeling of urgency to the need for transparency and retail user protections.”
According to the business, the change will allow “traders to permissionlessly list any futures trading pairs, resulting to a greater diversity of alternatives.”
The Synthetic Automated Market Maker (sAMM) technology, according to SynFutures, has also been added to its V2 upgrade. This technology enables liquidity providers to supply just one asset of a trading pair, such as a stablecoin, as opposed to an equal amount of both tokens, as is typical with most AMMs.
According to SynFutures, other enhanced features include enhancing the user interface with a one-click design and bolstering risk-management measures.
With a $1.4 billion monthly trading volume, SynFutures is the biggest DEX for cryptocurrency derivatives on Polygon, according to the business. A $14 million Series A fundraising round headed by Polychain was disclosed by the company in June 2021, bringing the total funding to date to $15.5 million.
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