Decentralized derivatives protocol SynFutures has introduced plans to broaden its market share and is contemplating a Coinbase Layer-2 community as its platform.
The enterprise will allow its dedication to help rising meme coin initiatives with incentives obtainable for one of the best performers.
SynFutures Joins the Meme Coin Craze
In a current X submit, SynFutures introduced plans to broaden its market attain on the Coinbase L2 community, Base. The decentralized derivatives protocol can even launch a six-week marketing campaign blitz christened “Memecoin Perp Summer season.”
This advertising and marketing technique is towards increasing neighborhood asset listings. Primarily based on the submit, there are rewards or incentives for the meme communities that can drive natural traction on Base.
“SynFutures will supply 100,000 USDC and future airdrop allocation to help the expansion of rising token initiatives that meet participation necessities,” reads the excerpt.
Learn extra: 7 Finest Base Chain Meme Cash to Watch in June 2024
The 6-week marketing campaign, which started on Tuesday, June 18, will conclude on July 29, 2024, marking the tentative finish of Meme Perp Summer season. The eligibility standards stipulate that initiatives will need to have an ERC20 token on Base that doesn’t symbolize any underlying belongings. An lively and engaged neighborhood and a report of accomplishment driving neighborhood traction with out the intent of rug-pull are additionally necessities.
SynFutures entered the market as a decentralized perpetual futures protocol, enabling open and clear buying and selling. Its V3 Oyster Automated Market Maker (AMM) launched the trade’s first unified AMM and permissionless on-chain order e book. SynFutures is backed by prime traders, together with Pantera Capital, Polychain, Normal Crypto, and HashKey.
Protocol’s TVL Rises By Over $2 Million In 24 Hours
This information prompted the decentralized derivatives protocol’s Complete Worth Locked (TVL) to soar by over $2 million, from $59.91 million to $62.07 million between June 18 and 19.
The TVL metric measures the quantity of capital customers have collectively deposited into sensible contracts inside a selected ecosystem. It’s a key indicator of exercise and adoption inside the DeFi house.
Learn Extra: What are Perpetual Futures Contracts in Cryptocurrency?
SynFutures TVL. Supply: DefiLlama
SynFutures’ rise to fame got here as startups capitalized on the implosion of Sam Bankman-Fried’s (SBF) crypto empire, FTX. Particularly, this demise created the necessity for extra clear, decentralized types of crypto buying and selling.
“There’s no means for us to do any backdoor on the market. For each fund, you can see your self: how are the funds doing? What’s the actual value that you just’re buying and selling at? What’s the actual liquidity line,” stated SynFutures’ co-founder and CEO Rachel Lin in a 2023 Reddit submit.
The protocol grew to become enticing for merchants as a result of all SynFutures-facilitated transactions occur on-chain, and customers’ funds are saved in self-custodial wallets.
