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