Introducing the SynFutures V2 Testnet
SynFutures V2 introduces several new trading products and features, contributing to a much-improved experience for both users and LPs.
Register for early access to V2 now.
After much anticipation, we’re excited to begin the rollout of SynFutures V2, the latest iteration of our decentralized derivatives exchange.
The introduction of V2 (and its corresponding whitepaper) marks a pivotal moment in the SynFutures roadmap as it’s a major step in improving the usability of our platform but also addressing the wider user experience (UX) problem that has plagued the DeFi space for some time.
Together, these updates and features have led to the most user-friendly, fastest, and safest SynFutures trading experience to date.
To continuously improve the platform as we address feedback from our internal team and the community, our V2 launch will roll out in three phases:
- Phase 1: V2 Testnet (now)
- Phase 2: V2 Closed Alpha (May/June 2022)
- Phase 3: V2 Public (Q3 2022)
Read on for more some of the biggest updates and product releases to come with V2. For a deeper dive, check out the V2 whitepaper, which includes insights from DeFi industry leaders and experts.
Haven’t registered for V2 testnet access? Sign up.
Building on the foundation of SynFutures v1
In 2021, we introduced SynFutures V1, the first iteration of our derivatives DEX. After a successful Closed Alpha, we moved to an Open Beta in October.
In this short amount of time, V1 has delivered on our initial goal — an open, decentralized and permissionless futures market where any user can list arbitrary futures trading pairs with a few clicks and one single digital currency. Today, 57,000+ unique addresses have interacted with our smart contracts. Cumulative trading volume surpassed $3 billion in mid-January 2022, $4 billion in February 2022, and $5 billion in March — equating to about $1 billion in month-over-month growth.
However, there are always areas for improvement. With V2, SynFutures is introducing several major updates and products, including:
Perpetual Futures
This new trading feature brings endless futures contracts with native permissionless listings to our traders. Unlike the unstable funding mechanism, SynFutures v2 Perpetual Futures has a unique feature to guarantee futures price convergence to spot price by a pre-set interval.
DAO Futures
In SynFutures V1, only USDC, USDT, DAI and ETH were initially allowed as margin, with WBTC, MATIC, and BNB later added. As part of our multi-chain strategy, V2 allows all native network tokens, popular USD stablecoins, and tokens issued by DAOs with a large community base to be used as margin on each deployed network.
NFT Futures
An NFT futures trading product that works similar to social apps like Tinder, NFTures allows users to “swipe” left or right on singular NFTs or baskets of NFTs to take leveraged long or short positions.
A brand new sAMM model
While the constant-product AMM for each expiry date is kept intact, a lot of upgrades have been implemented in V2 to improve the LP experience.
SynFutures V2 no longer requires LPs to set the initial price for a new expiry date. Instead, initial prices will be bootstrapped from the spot price and maturity.
SynFutures V2 also introduces new methods of liquidity provision to further enhance capital efficiency and flexibility for advanced LPs. The new sAMM model was developed to include the best of two worlds: 1) a generalized sAMM where normal users can add liquidity in just two clicks and 2) a range and order book type of market making where advanced users can provide liquidity with traditional market making algorithms. Details of the model will be elaborated on a separate technical paper later.
Limit Orders
The sAMM model is enhanced with limit orders so that LPs can also provide liquidity with traditional market making algorithms. Limit orders will be enabled for perpetual and dated futures for every underlying, including long-tail assets.
An easy-to-navigate user interface (UI)
SynFutures V2 features an upgraded, easier-to-navigate user interface that rivals CeFi platforms with the added benefits of being fully decentralized.
Seamless UX
SynFutures V2 adopts an underlying-based smart contract structure and simplifies users’ on-chain interaction. Furthermore, with shared margining, the capital efficiency and UX pain points have been massively improved.
Shared margin account
Compared to the SynFutures V1 fixed margin model, the shared margin account model on V2 improves a trader’s margin efficiency by up to 200%, providing traders with more flexible short and long position options.
The future ahead
While the rollout of V2 has only just begun, we’re also looking ahead at future developments, including cross-chain permissionless assets listings and cross-chain liquidity. Other developments include an Auto Hedger to hedge against impermanent loss and futures-backed lending.
As we begin this new journey V2, we’d like to extend our thanks to our community of traders, LPs, and users. As always, your feedback is welcome and appreciated!
Have questions about V2? Reach out to us on Discord or Telegram. Register for early access now.
About SynFutures
SynFutures is a next-generation derivatives exchange focused on creating an open and trustless derivatives market by enabling futures trading on anything, anytime, anywhere. 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 derivatives market.
