SynFutures launches V3 on Blast mainnet and unveils points program; plans token launch this year

SynFutures, a decentralized derivatives exchange focused on trading perpetual crypto futures, has launched its latest version, V3, on the Ethereum ETH

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Layer 2 Blast mainnet, which went live earlier today.

Offender DEX also launched its points rewards program today, called Oyster Odyssey. SynFutures said its V3 users will also be eligible for the upcoming Blast airdrop.

“Interacting with SynFutures can qualify users for both Oyster Odyssey points and Blast points,” Rachel Lin, co-founder and CEO of SynFutures, told The Block. “We also aim to return 100% of our Blast developer airdrop to users so they will enjoy a host of benefits.”

A source with direct knowledge of the matter said SynFutures also plans to launch its own token this year. When the DEX raised $22 million in a Series B funding round last October, it said it was open to launching its token as part of its roadmap to decentralize the project.

SynFutures V3 on Blast mainnet

The launch of SynFutures V3 on the Blast mainnet came right after the release of the Layer 2 network. Blast, backed by top investors including Paradigm, quickly gained popularity after its unveiling, collecting more than $2.3 billion in total value (TVL) before its mainnet even launched.

SynFutures first launched V3 on the Ethereum testnet in October. It then planned to release the main protocol on several blockchains, including Polygon and zkSync Era, another competing Ethereum Layer 2 network, before committing to Blast and launching V3 on Blast’s testnet in January. Lin now said that the multi-chain expansion is still in the plans for V3, but the project has not yet decided which chains it will be deployed on next. “Our immediate focus is on driving adoption and volume on Blast,” she said.

SynFutures V2 is still active in the Polygon proof-of-stake chain, but the project has started phasing out support as it prioritizes the rollout of V3, Lin said, adding that V1, on the other hand, has been phased out. V1 and V2 processed more than $23 billion in cumulative trading volume to date, Lin said.

SynFutures plans

With the launch of V3, SynFutures plans to grow its platform with localized expansion, Lin said.

Currently, more than 20 people work for the Singapore-based company. Lin plans to hire “regional business development and marketing leaders in key markets,” as well as a few more people for research and product roles. It also looks like multi-chain expansion in the medium term, she added.

SynFutures has raised approximately $38 million in total funding and is backed by investors including Pantera Capital, HashKey Capital and SIG DT Investments (part of the Susquehanna International Group).