<\/p>\n
SynFutures, a decentralized exchange focused on derivatives trading, has raised $22 million in a series B funding round.<\/p>\n
In announcing the news, the team behind the DEX announced the launch of a public testnet for the third version of its DEX protocol.\u00a0<\/p>\n
The funding round was led by Pantera Capital, with participation from SIG DT Investments and HashKey Capital.<\/p>\n
The fresh capital will be used to support product development and the project\u2019s multichain expansion, Mark Lee, SynFuture\u2019s chief marketing officer, told Blockworks.<\/p>\n
Earlier this year, SynFutures launched its v2, where the protocol introduced<\/a> \u201cDAO futures\u201d \u2014 enabling projects to create liquidity pools for their own tokens against ether, USDC and USDT.\u00a0<\/p>\n According to DeFiLlama<\/a>, at the time of writing, Synfutures v2 has a total value locked (TVL) of $6.07 million, with the majority of its tokens in Polygon, USDC and wETH.\u00a0<\/p>\n Its new v3 platform will introduce the Oyster automated market maker (AMM<\/a>) allowing users to bid on perpetual futures. It will also introduce a fully on-chain order book, Lee said.<\/p>\n \u201cWhile several projects, including dYdX, opt for a hybrid approach \u2014 integrating off-chain orders with on-chain settlements \u2014 the full on-chain methodology stands out for its inherent transparency and trustworthiness,\u201d Lee said.<\/p>\n Read more:<\/strong> DYdX founder touts \u2018tailor-made\u2019 decentralized derivatives market<\/a><\/p>\n According to Lee, SynFuture\u2019s order book functions without the intervention of privileged administrators.\u00a0<\/p>\n \u201cThis ensures the elimination of potential hidden backdoors, providing unwavering system access and championing a firm stance against censorship,\u201d he said.\u00a0<\/p>\n Trading features such as listing crypto assets, altcoins and NFTs<\/a> in under 30 seconds will still be possible in v3 \u2014 just like in the earlier versions of the protocol \u2014 but what will be unique to Oyster AMM is its ability to integrate concentrated liquidity on-chain quickly.\u00a0<\/p>\n