SynFutures to Bring Fully Permissionless Futures Trading to Optimism
The team at SynFutures is excited to announce plans to deploy to Optimism, a low-cost and efficient Ethereum Layer 2 blockchain. In the coming months, SynFutures will explore deploying on the chain, expanding our ecosystem to one of the fastest-growing Ethereum scaling solutions in the space.
As outlined in our roadmap, SynFutures is committed to democratizing decentralized derivatives and part of that vision is achieved through our multi-chain strategy. As we looked into expanding into new chains, Optimism became a clear front-runner given its Optimistic rollup technology, which provides security and decentralization while significantly reducing fees and improving transaction efficiency on the Ethereum mainnet.
As of July 2022, the total value locked (TVL) locked in Optimism is approximately $500 million. DeFi projects deployed on the Layer 2 include Perpetual Protocol, Uniswap, Velodrome, Aave, Synthetix, and PoolTogether.
“Layer 2 solutions like Optimism have only recently unlocked an unprecedented opportunity for derivatives protocols to tap into the full power afforded by a low-cost and lightning-fast network,” said Smit Vachhani, Head of DeFi Partnerships at OP Labs. “We’re incredibly excited to have Synfutures bring their exciting product suite to Optimism’s thriving DeFi ecosystem.”
“This is an opportune time for us to expand our ecosystem and bring permissionless derivatives trading opportunities to this growing community,” said Rachel Lin, co-founder and CEO of SynFutures. “While there are a variety of strong DeFi projects deployed on Optimism, we can fill in the gap for traders who seek flexible, secure futures products in a completely decentralized and permissionless environment.”
SynFutures V1 is currently deployed on Ethereum, Arbitrum, BSC, and Polygon, recently being named the biggest decentralized derivatives platform on the latter Layer 2 chain. Upon integration with SynFutures V2, Optimism users can access a plethora of on-chain derivatives products, including permissionless asset listings, both traditional and perpetual futures, coin-margined futures, and more features available through our trading platform.
About SynFutures
SynFutures is a next-generation derivatives exchange focused on creating an open and trustless derivatives market by enabling trading on any device with proper price feeds. By cultivating a free market and maximizing the variety of tradable assets, SynFutures is lowering the barrier for entry in the derivatives market, creating a more equitable exchange market for digital assets.
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About Optimism
Optimism is a low-cost and lightning-fast Ethereum L2 blockchain. Optimism addresses the practical needs of developers and users, focusing on writing software that scales Ethereum technology, and scaling Ethereum’s values by creating the rails for highly impactful projects.
The Optimism Foundation is a nonprofit organization dedicated to growing the Optimism Collective. They are dedicated to donating all profits from running a centralized sequencer towards scaling and sustaining public goods until Optimism is fully decentralized.
