DeFi
Derivatives protocol SynFutures will quickly launch a V2 model of its derivatives decentralized alternate.
The preliminary V2 launch will likely be on Polygon, with plans to finally broaden the decentralized alternate, or DEX, to Arbitrum, Polygon zkEVM and zkSync.
SynFutures V1 has been dwell for over a yr and a half however has not too long ago been sunsetted in preparation for the launch of V2, Matthew Liu, the co-founder of SynFutures instructed Blockworks.
V2 of the DEX will characteristic perpetual swaps, perpetual futures, and improved UI/UX in addition to an upgraded automated market maker (AMM), Liu mentioned.
“The thought is to make derivatives on-chain and accessible and make the expertise a lot simpler for a mean person,” he mentioned.
Introducing DAO futures
Mark Lee, a associate and chief advertising officer of SynFutures, notes that one of many major differentiators of SynFutures in comparison with different crypto spinoff DEXs is its concentrate on long-tail belongings.
“We help just about any token, it doesn’t must be majors like BTC or ETH — if there may be an obscure token that’s gaining reputation we enable the liberty for anybody to come back right here and listing that token that’s gaining reputation,” Lee mentioned.
In conventional derivatives buying and selling DEXs, a core crew nonetheless decides what belongings may be listed, and Lee says that that is SynFutures’ try at democratizing itemizing and buying and selling belongings.
The introduction of V2 may even introduce a brand new characteristic known as “DAO futures,” Liu mentioned.
“That is principally coin margin futures, or coin margin perp, the place we designed the AMM with a single token liquidity provision mannequin,” he mentioned.
Which means DAOs or tasks can use their token to create liquidity swimming pools for his or her token in opposition to cryptocurrencies akin to ETH, USDC or USDT with out the necessity for pairing it with these tokens.
“This reduces the boundaries of entry for lengthy tail asset liquidity creation within the derivatives layer,” Liu mentioned.
An instance of this in apply, Lee explains, is when a mission might have a decent-sized neighborhood and wish to present its token holders with utility.
“What you are able to do is use DAO futures and launch buying and selling pairs BTC in opposition to [your own native token]. You present the liquidity, carry extra folks into your ecosystem and it offers us liquidity for these pairs, and retains your customers inside your individual asset,” Lee mentioned.
Anybody will be capable of present liquidity to current buying and selling pairs or these listed by themselves. In return, these liquidity suppliers will be capable of get a share of the buying and selling charges proportionate to their contribution to the pool, Lee famous.
“If the liquidity I supplied as an LP makes up 50% of the full pool, then I take 50% of all charges generated by that buying and selling pair,” he mentioned.
On SynFutures LPs will recover from 80% of the buying and selling charges — with the precise ratio at 5:1.
Improved UX/UI
One other vital characteristic that will likely be a part of the general public beta launch of SynFutures V2 launch would be the main enhancements made to the person interface of the product.
“UI and UX is likely one of the most vital points of DeFi generally as a result of within the current ecosystem, tasks actually cater to tremendous DeFi native customers — however it is a very small neighborhood,” Lee mentioned.
With the intention to cater to a bigger person base, Lee mentioned SynFutures V2 is designed in order that it will likely be simple to make use of for on a regular basis customers.
“Accessibility means making it extra approachable, making it streamlined. making it person pleasant and extremely intuitive in order that anybody can get began,” he mentioned. “That is our approach of attempting to broaden the DeFi ecosystem past the handful of DeFi degens that exist on this area immediately.”
