Outside Source
The perpetual futures platform will issue 10 billion F Tokens as it continues its decentralization.
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Perpetual derivatives exchange SynFutures is decentralizing and launching a foundation and governance token. It has undergone three funding rounds and launched its Oyster automated market maker (AMM) a year ago.
10 billion tokens in three years
The exchange aims to create a permissionless derivatives market accessible to retail traders. It claimed at launch that it would list “anything with a price feed.”
At present, it lists 330 trading pairs and has seen $235.1 billion in cumulative trading volume, with $71 billion of that occurring in the third quarter of this year. SynFutures had a total value locked of $26.5 million in the third quarter of the year, falling from $44.3 million in the first quarter.
The F Token (F) will be an ERC-20 token on the Ethereum mainnet. No date has been set for the token generation event, but the foundation foresees the emission of the total supply of 10 billion tokens between December 2025 and November 2028.
F Token release schedule. Source: SynFutures
Details of the governance mechanism will be released after launch and staking incentives will be announced in “Season 2.” The token will be allocated to the community, backers and advisers, treasury, core contributors, protocol development and liquidity.
Related: New DeFi futures to enable hedging against Bitcoin mining difficulty
Funding from major VCs
SynFutures debuted in January 2021 with a seed round that raised $1.4 million. It held a Series A round led by Polychain Capital in June 2021 and raised another $14 million. Pantera Capital, Framework and Wintermute also participated.
The platform was launched the following month on the Ethereum layer-2 Blast network. In July of this year, it also deployed on Base.
Source: SynFutures
In October 2023, SynFutures raised $22 million in Series B, led by Pantera Capital, with the participation of Susquehanna International Group and HashKey Capital. At the same time, it introduced its Version 3 testnet and Oyster AMM, which allows users to bid on perpetual futures and featured an on-chain order book with no administrators.
An Oyster points program will apparently be used to guide F Token distribution to the SynFutures community.
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This article first appeared at Cointelegraph.com News
