SynFutures x Polygon AMA Recap
SynFutures Traders Quest Launched 💻
We’re extremely excited to let everyone know that we’ve recently wrapped up a fantastic AMA session with the Polygon team! For those of you who were able to attend, we hope you were able to gain valuable insights and information from the event.
Before we dive into the recap, we want to remind everyone to sign up and participate in our new quest via the criteria below:
- Sign up for our Closed Alpha via the sign-up process on our website
- Follow us on our official Twitter handle
- Join our Discord community
- Trade any futures contract with a maturity date of July 9, 2021 at 8:00 AM UTC
Once you’ve completed the above actions, you can begin trading! For this quest, the first 100 traders on the SynFutures platform after 1:30PM UTC will be able to double your profits and negate any losses with up to 50 USDC.
You’ll need to post proof of your trades in our Discord group under “synfutures-quests” and complete your futures contract trades before the maturity date listed above.
But wait, there’s more! We’ll be offering a very special prize of 1000 USDC to the highest volume trader!
Could you please tell us a little about yourself and how SynFutures came into being?
Sure. I am Rachel Lin, Co-Founder and CEO of SynFutures. I started my career at Deutsche Bank’s Global Markets Department specializing in structured derivatives, and later on joined Ant Financial where I helped build its first version of a blockchain platform.
Prior to SynFutures, I was one of the founding partners and heads of DeFi and lending for Matrixport, a spinoff from Bitmain and one of Asia’s largest crypto neobanks. We started this project with the observations that:
(1) Derivatives have great market demand. To get an idea, derivatives transactions accounted for approximately 70% of the total trading volume of traditional FX in 2019.
(2) CeFi Derivatives exchanges have a number of limitations, including controversial behind-the-scenes mechanisms (especially during forced liquidations), operational inefficiency that limits the variety of trading pairs, and a reliance of Cefi exchange’s own credibilities.
We also aim to democratize the derivatives market by empowering users to trade anything at any time, as we embark on the next era of accessibility in investing.
SynFutures was able to launch thanks to the strong backing of our top tier Investors. Last month, SynFutures announced a $14mn Series A funding round led by Polychain Capital, including participation from Framework, Pantera Capital, Bybit, Wintermute, CMS, Kronos, and IOSG Ventures. Earlier in 2021, we announced a seed round backed by Dragonfly Capital and Standard Crypto.
Sam: Wow, this seems interesting — pleasure to have you here 🙌🏼 It’s been an amazing journey 🙂I would say it’s truly amazing what you guys are doing in transforming the derivatives market!!
Rachel: Thanks a lot, and we are excited to be able to be on the journey. SynFutures is a decentralized derivatives protocol enabling trading anything at any time. Users can create their asset pairs in a permissionless way, and take leveraged long or short positions based on anything such as BTC, altcoins, gold, hash rates, and real-world assets.
Can you tell us a bit more about SynFutures and its features?
The key features that differentiate SynFutures from any other existing Defi Derivatives include:
(1) List any assets within 30 seconds
Put simply, SynFutures is the Uniswap or Amazon for futures contracts — users can easily list their own futures contracts of arbitrary trading pairs with just a few clicks.
(2) Single-token LP
Users can use one token to provide liquidity to various asset pairs. That means you would be able to provide USDC only to do market making for large-cap cryptocurrencies, altcoins, traditional equities, gold, indices, or any other asset
(3) Rigid risk management and safety
SynFutures has many risk management features (e.g. anti-flashloan attack, EMA smoothing method, etc.) and has gone through external code audits.
The above are among the many cool features we offer, and you can check out more from our Official Website
What are the major milestones SynFutures has achieved so far and what can we expect from you guys in the future?
Milestones for SynFutures so far include:
- In January, SynFutures was seeded by Dragonfly and Standard Crypto
- In Q1 2021, we deployed our V1 fixed margin futures on the Kovan testnet with an external security audit.
- In June, we announced a $14 million Series A funding round led by Polychain
- On June 13, we launched our Closed Alpha campaign (https://www.synfutures.com/closed-alpha-signup/) and currently have 5000+ registrations already
Going forward, we will continue to level the playing field for the average investor by improving our users’ capital efficiency, simplifying the UI/UX, and launching new products.
Can you tell us a little bit about how your experience was building on Polygon and what the advantages are of SynFutures working with Polygon?
Polygon is one of the most successful scaling solutions for the Ethereum ecosystem. The deployment process for us has been simple and smooth, with good support from the Polygon community.
We believe it will continue to be the leader in the space, providing our users with a cost efficient and scalable way to trade futures. That’s why we would like to be the first derivatives protocol to be deployed and launched on Polygon.
What will the future of SynFutures in the decentralized finance revolution look like? Can you talk to us about your roadmap?
Sure — we believe that SynFutures will be able to level the playing field for the average investor by cultivating a free and open market for derivatives trading. Moving forward, we plan to roll out a number of exciting new products:
- Index futures, such as Hash Rate Futures, the world’s first fully decentralized hash rate derivative allowing users to hedge or speculate on the mining difficulty of Bitcoin
- V2 Shared margin futures, including perpetual futures and decentralized futures basis trading
- V3 Cross margin futures, including a one-click solution for hedging the “impermanent loss” risk for staking in a variety of DeFi AMM trading platforms
Everyone is welcome to try out our Closed Alpha and tell us what you would like improved for future versions!
Before we conclude, I think there are many in the community who would love to join SynFutures and stay up to date with all the news. What’s the best way to keep in touch?
Community Question Session
Can you tell us more about the SynFutures team?
SynFutures was developed by a team with an extensive background in both traditional and digital asset management. Besides myself, other founding members come from a diverse range of global financial institutions and blockchain technology companies such as Credit Suisse, Nomura Securities, Ant Financial, and Bitmain.
Crypto derivatives are quite complex and difficult to understand. How do you plan to simplify them to help on-board users to your platform?
Besides all of the clear dox/video tutorials, we would like to simplify our UI/UX and provide a seamless trading experience for our users. Stay tuned for our continuous product upgrade!
Who has the right to change/add to pools on your website? Is it possible to create a pool on your own?
Yes, everyone will be able to add new pools to our products. Please try out our Closed Alpha! https://www.synfutures.com/closed-alpha-signup/
Do the token holders have the right to participate in the governance of the project?
SynFutures hasn’t launched any token yet but yes — in the future it will be decentralized and governed by DAO token holders
How is SynFutures protected from flash loan attacks?
We have detailed the explanation in a Medium blog post, please check it out here: https://medium.com/synfutures/introducing-synfutures-5030fad66354
Can you explain why SynFutures might be attractive to arbitrageurs?
Yes — with the futures product design, it is ideal for arbitraging, as users would know the basis from day one. Here’s a step by step guide.
How many types of derivates Markets is SynFutures capable of supporting?
We support any asset derivatives market as long as there’s a price feed. Currently, we use Chainlink, Uniswap, and Sushiswap as our oracles, with the ability to expand quickly to others.
This seems to be an amazing product. I’ve seen other competing products, but SynFutures has the simplest and seamless UI of now, I’ve been doing trading with real assets, but somehow, in order to test out the SynFutures system under stress, we need to do big and large-volume trades, which is possible with test assets only.
As of today, I can see most SynFutures test assets in the Rovan Test Network, but it’s quite challenging to get the test Ethereum for this network, as most of the Rovan Faucets are down. Is it possible for you have a Faucet channel in your Discord sending the test Ethereum ? This is a standard practice employed by some products when the they’re in their testnet. Alternatively, is there any chance to move to other test networks, such as Ropsten or Rinkeby, which have been working Faucets on the internet? This will help the community generate a real-time load and the SynFutures system can be tested thoroughly.
Hi GJ — we do have testnet, but one of the best ways to start is to try out our Closed Alpha and earn a reward in the process! We’ll be giving away 50 USDC for the first 100 users starting now, and we’ll be throwing in a 1000 USDC reward for the highest volume trader! There’s only 1 day to try it out, so please seize the chance — we look forward to your feedback!
End of Community Session
SynFutures is an open and trustless derivatives market that is quickly transforming the DeFi space. SynFutures main aim is democratising the futures market by enabling traders to participate in a free and open environment according to their preferences.
The platform empowers users to trade any kind of assets using different strategies and by their own terms. Users can set their own futures contracts by adding select pairs, choosing maturity dates, and positions among many other parameters in a completely trustless and permissionless environment.
In this respect, SynFutures is serving as a gateway towards the future of investing by providing users with the tools to trade in the derivatives market under their own terms through the power of smart contracts.
Join our Community!👪