SynFutures closes in on dYdX as decentralized exchange boasts 55,000 users

Rick Steves

While there is a consensus that centralized exchanges are still the safer bet for cryptocurrency users amid a technology gap, the end goal is still decentralization and SynFutures is aiming for the top spot.

SynFutures has reported cumulative trading volume in the decentralized derivatives exchange has surpassed $3 billion amid the trading activity of its 55,000 registered users.

The platform opened beta launch four months ago ahead of the V2 launch in the coming months but it quickly became a hit as users looked to tap DeFi market opportunities via SynFutures, which already offers more than 150 underlying pairs, currently the largest offering in the decentralized derivatives space.

SynFutures closes in on dYdX

Moreover, SynFutures allows anyone to list any pairs with a single asset in just two clicks, democratizing how derivatives are listed and traded.

This feature is one of the reasons why the exchange operator is so unique. Many other DeFi platforms limit the listing of certain assets or trading pairs.

The Singapore-based decentralized exchange seems to be closing in on dYdX in all-time users, according to data from Dune Analytics.

Rachel Lin, CEO and co-founder of SynFutures, said: “$3 billion in cumulative trading volume is a good starting point, and we believe that behind the number, we have good quality traction and the potential for future growth, as well. We’re excited to ignite the next phase of expansion and provide even more opportunities for our users to get involved and engage with our ecosystem.”

SynFutures has reached 55,000-plus total users while still in open beta (V1). Leading DeFi derivatives platforms are just ahead: dYdX, for example, has about 61,500 total users.

Organic retail growth on SynFutures

The top five traders account for less than 5% of SynFutures’ total trading volume, which underlines the platform’s democratized demographics as the majority of transactions on SynFutures are concentrated among the vast majority of users, not just a few addresses.

SynFutures allows users to trade anything really, from large-cap cryptocurrencies to altcoins, equities, gold, indices, or any other asset.

The exchange plans to expand on current products with Coin-Margined Futures and NFTures, and add derivatives products such as Perpetual Futures.

Deployed on Ethereum, Polygon, BSC, and Arbitrum, the decentralized exchange will expand support to Avalanche, Near, and Fantom in the coming months.

SynFutures offers an open and trustless derivatives market by enabling trading on anything with a price feed, thus cultivating a whole new paradigm of free markets and lower barriers to entry in the derivatives market.

  • Read this next

    Inside View

    Scalping or day trading?

    Among the many popular trading styles with both beginners and experienced traders are scalping, which allows you to extract small portions of profit from each price movement, and day trading, which aims to trade over a single day. In this article, you will learn what scalping and day trading are and their differences and peculiarities. Ultimately, you will learn what to look for to understand which trading style is right for you.

    Crypto Insider

    Unveiling Plasma Next: INTMAX’s Solution to Scale Ethereum with Stateless Layer

     INTMAX has launched Plasma Next on the mainnet α, a groundbreaking Layer 2 zkRollup, revealed by co-founder Leona Hioki at ETH Denver. This innovation offers scalability with constant costs per block, merging Plasma’s scalability goals with zkRollups’ security.


    Nuam selects Vermiculus for clearing system in Chile, Colombia, and Peru

    “We are proud to deliver a system that plays an integral role in the core of this historical merger, empowering one of Latin America’s most crucial markets with VeriClear’s state-of-the-art technology, together with our deep market expertise.”

    Retail FX, Uncategorized

    Moomoo launches super app in Malaysia

    “As an investment platform connecting 21 million retail investors globally, we envision collaborating with exchanges, regulatory bodies, and partners in the visible future to become the gateway, connecting Malaysia’s investment products to global capital and investors.”

    Executive Moves

    FXPA elects Joe Hoffman as new Chair in its 10th anniversary

    “The opportunity to serve as Chair of the FXPA is truly an honor, and I am committed to upholding the exceptional work of a FXPA. Given the recent market fluctuations due to global tensions, inflationary pressures, shifts in monetary policy, as well as the outcome of the US election and the risk of recession, brings the potential for more FX volatility in 2024. I am dedicated to expanding the FXPA’s membership and I’m excited about collaborating with all members to echo the unified voice of the FX market.”

    Market News

    Eurozone Fights Stagnation Whilst Stock Indices Rally

    European stock markets are defying economic gloom as they continue to soar to all-time highs, showcasing resilience amidst broader economic challenges.


    Lisk Partners with Indonesia’s Communications Ministry to Boost Web3 Startup Ecosystem

    Discover the strategic partnership between Lisk and the Indonesian Ministry of Communications and Informatics, aimed at propelling local Web3 startups to new heights through comprehensive support and education.

    Executive Moves

    Admirals appoints founder Alexander Tsikhilov as CEO

    “Striking the right balance between sourcing new talent and developing and harnessing the strength and capabilities of our current workforce, is key to achieving our vision.”

    Executive Moves

    GCEX appoints Ignacio Corral and Helen Man to UK operation

    GCEX has announced the appointment of Ignacio Corral and Helen Man to its UK FCA-regulated operation based in London as the firm further expands its global business on account of increasing demand for its digital prime brokerage services.