{"id":"synfutures","version":1,"language":"en","title":"SynFutures","hidden":false,"content":"**SynFutures** is a decentralized platform for trading [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) derivatives. It enables users to list and trade crypto assets without the need for permission, thereby promoting open and unrestricted trading. As a derivatives platform, SynFutures allows users to trade contracts whose value is derived from underlying crypto assets, such as futures contracts. [\\[1\\]](#cite-id-5cggd5ltgum)  \n  \n$$widget0 [YOUTUBE@VID](wcbq4dHLhjE)$$  \n  \n# Overview  \n  \nThe platform has undergone several iterations, each aimed at improving functionality and user experience: [\\[1\\]](#cite-id-5cggd5ltgum)  \n  \n* SynFutures v1: Introduced the concept of permissionless listing and trading, allowing any crypto asset to be traded without prior approval.  \n* SynFutures v2: Enhanced the user interface, making it more intuitive and easier for traders and liquidity providers to navigate and interact with the platform.  \n* SynFutures v3: Focuses on expanding the user base by catering to a larger pool of market participants. It introduces the Oyster Automated Market Maker (AMM), which combines concentrated liquidity and order book models into a single on-chain system. This innovation aims to improve liquidity and provide better trading opportunities for everyday traders, professional market makers, and liquidity providers.  \n  \n## Oyster Automated Market Maker (AMM)  \n  \nThe Oyster Automated Market Maker (AMM) is a key feature of SynFutures v3, designed to enhance decentralized derivatives trading. [\\[2\\]](#cite-id-mem8l19d0tm)  \n  \n### Single-Token Concentrated Liquidity for Derivatives  \n  \nThe Oyster AMM allows liquidity providers to concentrate their liquidity within specific price ranges, increasing capital efficiency. Unlike traditional models like [UniSwap](https://iq.wiki/wiki/uniswap) v3, which cater to spot markets, the Oyster AMM includes margin management and liquidation frameworks for derivatives. It uses a single token for liquidity provision, eliminating the need for dual-sided liquidity. This simplification supports the listing of any asset pair, including niche assets like meme coins and Liquid Restaking Tokens (LRTs). [\\[2\\]](#cite-id-mem8l19d0tm)  \n  \n### Permissionless On-chain Order Book  \n  \nThe model integrates a permissionless on-chain order book. Traditional AMMs require significant liquidity for price impact, whereas order book models are more capital efficient but complex. The on-chain order book in Oyster AMM ensures transparency, trustlessness, and avoids reliance on centralized administrators, reducing potential vulnerabilities. [\\[2\\]](#cite-id-mem8l19d0tm)  \n  \n### Unified Liquidity Model  \n  \nThe Oyster AMM combines concentrated liquidity and order book models into a single system, offering a unified liquidity mechanism. This integration supports efficient atomic transactions, avoiding the inefficiencies and synchronization issues seen in systems combining on-chain AMM with off-chain order systems. [\\[2\\]](#cite-id-mem8l19d0tm)  \n  \n### Stabilization Mechanisms  \n  \nThe Oyster AMM includes advanced risk management mechanisms to enhance user protection and price stability: [\\[2\\]](#cite-id-mem8l19d0tm)  \n  \n* Dynamic Penalty Fee: Discourages price manipulation by penalizing significant deviations between trade prices and mark prices, balancing risk and reward for liquidity providers.  \n* Stabilized Mark Prices: Uses an exponential moving average to reduce the risk of sudden price fluctuations and mass liquidations, providing a more stable trading environment.  \n  \n## Odyssey Points  \n  \nOdyssey Points are rewards obtained through the Oyster Odyssey program within SynFutures, earned by completing actions such as referrals, providing liquidity to the [Automated Market Maker (AMM)](https://iq.wiki/wiki/automated-market-maker), and placing limit orders. To qualify for Mystery Boxes, users must register, refer others, or have their squad's [Total Value Locked (TVL)](https://iq.wiki/wiki/tvl) meet specific requirements. [\\[3\\]](#cite-id-bvcw3vl2hli)  \n  \n$$widget0 [YOUTUBE@VID](IumSEQUw5QA)$$  \nLiquidity addition significantly influences Odyssey Points accumulation, with users earning points by adding liquidity or placing limit orders. Actions like adding liquidity with a narrower range and placing limit orders close to the market price enhance point allocation. The minimum liquidity deposit requirement is determined by the platform. [\\[3\\]](#cite-id-bvcw3vl2hli)  \n  \nLimit orders contribute to point earnings, with users earning more points by placing larger orders closer to fair prices. Points are only awarded for limit orders, as they are considered a way to provide liquidity. [\\[3\\]](#cite-id-bvcw3vl2hli)  \n  \nInvitees must complete registration for referrers to gain points, with referrers earning a portion of invitees' liquidity points. Higher referrer levels can boost invitees' liquidity points with a higher boost factor. The Boost Percentage, related to the referrer and squad TVL, accumulates over time and directly affects the points accumulated. [\\[3\\]](#cite-id-bvcw3vl2hli)  \n  \nThe Squad's Total Value Locked (TVL) includes margin deposits and liquidity added, with limit orders playing a part since margin is required. Users can earn spins by maintaining TVL for a specific period, potentially receiving points as rewards. The outcome of spins is influenced by luck, with higher luck increasing the chances of receiving points. [\\[3\\]](#cite-id-bvcw3vl2hli)  \n  \n<br>  \n# Products  \n  \n## Perps  \n  \nThe SynFutures platform offers various categories to cater to different user needs. These categories include Market, Trade, Earn, Portfolio, and Odyssey. [\\[4\\]](#cite-id-d0ptyrzfz2l)  \n  \nThe Market category provides users with access to real-time market data, including prices, trading volumes, and other relevant information for informed decision-making. Trade facilitates seamless execution of trades, allowing users to buy, sell, or trade various derivatives contracts, including perpetual contracts (perps), futures, and options. [\\[4\\]](#cite-id-d0ptyrzfz2l)  \n  \nThe Earn category offers opportunities for users to earn passive income through various strategies such as providing liquidity to the AMM, staking, or participating in yield farming programs. The Portfolio section enables users to manage their investment portfolios, track performance, and monitor profit and loss in real-time. [\\[4\\]](#cite-id-d0ptyrzfz2l)  \n  \nThe Odyssey category encompasses the rewards program, providing users with incentives such as Odyssey Points and Mystery Boxes for participating in platform activities like referrals, liquidity provision, and trading. [\\[4\\]](#cite-id-d0ptyrzfz2l)  \n  \n$$widget0 [YOUTUBE@VID](QS8nWmQHmlo)$$  \n  \n## NFTures  \n  \nNFTures is an app for trading [NFT](https://iq.wiki/wiki/non-fungible-token-nft) perpetual contracts, developed by SynFutures, a decentralized derivatives exchange enabling users to list and trade various futures and perpetual contracts on any asset with a price feed. [\\[5\\]](#cite-id-elp6m8a3kzw)  \n  \nNFTures is crafted to accommodate a diverse audience of traders, including those new to the crypto futures platform. Acknowledging NFTs as an entry point into the crypto and [blockchain](https://iq.wiki/wiki/blockchain) sphere, the team has prioritized user-friendliness, drawing inspiration from mainstream social and dating apps. [\\[5\\]](#cite-id-elp6m8a3kzw)  \n  \nFractionalized NFTs frequently exchange hands on spot [DEXs](https://iq.wiki/wiki/decentralized-exchange) such as [Uniswap](https://iq.wiki/wiki/uniswap) and [SushiSwap](https://iq.wiki/wiki/sushiswap). NFTures distinguishes itself by offering futures trading on these assets, a capability not found on other platforms. Trading on NFTures promises accessibility and enjoyment for all users. [\\[5\\]](#cite-id-elp6m8a3kzw)  \n  \n# Funding  \n  \nIn October 2023, SynFutures concluded its Series B funding round, securing $22 million in investment. The round was led by [Pantera Capital](https://iq.wiki/wiki/pantera-capital), with participation from [HashKey](https://iq.wiki/wiki/hashkey-group) Capital, SIG DT Investments, and other investors. [\\[6\\]](#cite-id-sbsgifb6ab)  \n  \nRachel Lin, co-founder and CEO of SynFutures, mentioned that the fundraising process began the previous year. While Lin declined to disclose specific details regarding valuation and round structure, she mentioned that SynFutures is considering the possibility of launching a native token in the future. However, any decision regarding this would be contingent upon market conditions and regulatory considerations. [\\[6\\]](#cite-id-sbsgifb6ab)  \n  \nThis Series B funding took place nearly two and a half years after its Series A round, which raised $14 million in June 2021. With this latest round, the total funding secured by SynFutures to date amounts to approximately $38 million. 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