First Major Milestone! Passing $3B in Trading Volume, 55K Users, and More
To celebrate our most first major milestone, hitting $3 billion in cumulative trading volume, we’re taking a look back at our journey so far and providing updates on what our community and partners can expect in 2022.
We’re only a few weeks into the new year, but SynFutures has already seen a significant achievement — we hit $3 billion in cumulative trading volume! This development comes less than four-month since our public beta launch and as we continue testing for our decentralized futures exchange in anticipation of the Synfutures V2 launch in the coming months.
But what does this milestone mean for SynFutures? To understand the potential of our platform, let’s take a look at the market opportunities for decentralized derivatives exchanges.
Caption: SynFutures’ cumulative trading volume is on a steady incline.
This past November, Amidzic Momir from IOSG Ventures examined the emergence of derivatives DEXs, one of the many highlights of DeFi Summer. dYdX, the current incumbent in the space, saw significant trading activity, which can be largely attributed to the launch of its token.
At the time of the article’s publication, SynFutures had about 20,000 unique users. In just over two months, that number has increased to more than 55,000. In comparison, dydx has about 62,000 total users with a two-year head start. (We’re closing in fast!)
Caption: Data from Dune Anaytics (January 21, 2022)
Our internal data, which we make publicly available, also reveals that the $3 billion volume milestone was reached thanks to the contributions of tens of thousands of retail traders and not just concentrated among a few addresses. Our top five addresses make up less than 5% of our total volume.
Why is this important? Relative to other exchanges, SynFutures is already seeing organic growth and trading volume — all before our V2 launch.
But our $3 billion cumulative trading volume milestone is just one of the many achievements we’re excited to celebrate as we welcome a new year. Let’s take a trip down memory lane to remember how we got to where we are today.
Last year, we introduced the first iteration of SynFutures’ decentralized derivatives products.
June 2021 saw the Alpha launch of SynFutures V1. An early batch of community members was invited to test out our new decentralized futures exchange.15,000 total traders joined our Alpha. A few months later, we launched our Beta upgrade, which brought a more transparent, trader-friendly experience for the community.
Other product and feature launches:
- Hash Rate Futures, which enables miners to to long or short Bitcoin mining difficulty. The world’s first full decentralized hash rate futures, this derivative contains all of the risk factors affecting the return on mining Bitcoins to securitize mining activities in an evolving market.
- Native Token Margin, which significantly increases the efficiency of our dApp and optimizes the user experience while saving on gas fees. With this feature, users can select native tokens that are available from desired networks and use them directly as margin tokens to skip the pesky swapping process.
In between, we completed our Series A funding from some of the crypto industry’s top investment firms, including Polychain Capital, Pantera Capital, Bybit, Wintermute, CMS, Kronos, and IOSG Ventures. We even made headlines for the news on top-tier media outlets like Bloomberg and CoinDesk, a big accomplishment for a new player in the crypto scene.
Toward the end of 2021, as another step toward the formation of a DAO, we held our first community proposal for our NFT holders to exercise their DAO rights. The community chose to deploy on Avalanche next on top of our currently available networks Ethereum, Polygon, BSC, and Arbitrum.
Right now, our second community proposal vote is in progress. If you’re eligible to participate, cast your vote on Snapshot on which asset you think we should incorporate into our next marketing campaign.
Great work can’t be done within a vacuum, and building a thriving and open financial system can’t be done without a strong community. We’ve already started collaborating with ecosystem partners, including leading DeFi players Aurora, BingX, Keystone, Fantom, and Project Galaxy. (Check out our ecosystem map for an updated partner list.)
In 2022 and beyond, we’ll continue to strive to build strong, mutually beneficial partnerships.
We’ll also continue to expand on our community initiatives, including more trading competitions, ambassador program opportunities, and content for SynFutures Academy, our educational platform built to inform and engage new crypto traders on different blockchain-related topics.
In addition to several partnerships and initiatives, we’ll continue to make strides in our transition to full community governance. The first step in this journey was the formation of Future X, our pre-DAO committee that precedes the development of a fully-fledged DAO that will eventually control all SynFutures decisions and actions.
To date, we’ve held five FutureX meetups featuring investors, influencers, and other leaders in the blockchain and crypto space. (You can check out some of the highlights and full recordings on YouTube.) Our next FutureX session is scheduled for February 2022, so be sure to follow us on Twitter, Telegram, and Discord for the latest updates.
SynFutures is a next-generation derivatives exchange focused on creating an open and trustless derivatives market by enabling trading on anything with a price feed. By cultivating a free market and maximizing the variety of tradable assets, SynFutures is lowering the barrier to entry in the derivatives market, creating a more equitable digital assets exchange market.