SynFutures, a prominent decentralized exchange for perpetual futures, has concluded a Series B fundraising round, raising $22 million. The round was spearheaded by Pantera Capital and saw participation from SIG DT Investments, a subsidiary of Susquehanna International Group (SIG DTI), and HashKey Capital.
With this infusion of funds, SynFutures has now accumulated a total of $38 million in funding, a press statement from SynFutures said.
SynFutures has also unveiled its V3 platform for perpetual futures. The platform introduces SynFutures’ proprietary Oyster automated market maker (Oyster AMM), deployed entirely on-chain.
This innovative approach amalgamates the strengths of orderbook and AMM models to enhance decentralized finance (DeFi) liquidity and capital efficiency. The objective is to position SynFutures V3 as a formidable competitor against centralized exchanges (CEXs) within the crypto finance industry.
Rachel Lin, Co-founder and CEO of SynFutures, expressed optimism about V3’s impact on the DeFi trading environment. Lin highlighted the platform’s ability to concentrate liquidity, making it more efficient and accessible for both professional and retail traders.
The name “Oyster AMM” underscores the platform’s permissionless listing of futures trading pairs and the ‘pearls’ that appear on the liquidity curve with limit orders.
The launch of SynFutures V3 anticipates market forces, including the upcoming Bitcoin halving, increasing traditional finance participation in Web3, and the conclusion of the Fed’s tightening cycle, potentially thawing the current crypto winter in 2024.
