SynFutures v3 Overtakes Uniswap and dYdX By Daily Volume

SynFutures v3, the surging decentralized exchange for perpetual futures, has emerged as the top DEX by 24-hour trading volume with $1.47 billion.

According to data from CoinMarketCap, SynFutures v3 accounted for 12% dominance over decentralized exchange (DEX) volume in the last 24 hours. SynFutures beat out the top spot decentralized exchange, Uniswap, and incumbent perpetuals DEX, dYdX V4 — which boast market shares of 11.3% and 11.2% respectively.

SynFutures has risen to the top of the decentralized exchange rankings despite the platform managing a total value locked (TVL) of only $50.47 million, according to data from DefiLlama.

For comparison, GMX v2, a top decentralized perpetuals exchange, boasts a TVL of $325 million, while dYdX holds $320 million, and the Jupiter Perpetual Exchange hosts $291 million.

SynFutures is the latest example of web3 protocol quickly establishing impressive market share on the back of a successful points campaign.

The project launched its v3 iteration on the Blast Ethereum Layer 2 in February and unveiled a points campaign dubbed “Oyster Odyssey” in March. Oyster Odyssey incentivizes users who contribute liquidity or refer other users onto the platform with points, which are expected to qualify holders for an airdrop in the future.

SynFutures said it onboarded more than 400,000 users within two weeks of launching the points campaign.

Oyster AMM

SynFutures v3 also introduced a new exchange mechanism dubbed the Oyster AMM.

Oyster AMM combines elements from order book trading and automated market makers (AMMs) to increase capital efficiency compared to traditional AMM decentralized exchanges.

AMMs were pioneered by Uniswap v1, and allow users to execute trades by interacting with smart contract-based liquidity pools. Liquidity providers supply assets to the pools in exchange for earning trading fees, while price data is provided by third-party oracles, facilitating permissionless on-chain trading.

"Oyster AMM embraces two-sided liquidity but only requires a single token, eliminating the need to provide liquidity for both ends of a token pair and enhancing the overall efficiency of the trading ecosystem,” Synfutures said.

The first version of SynFutures launched in June 2021 on the Polygon PoS Sidechain and zkSync Era networks. The protocol offered a Synthetic AMM, requiring that liquidity providers only provide a single asset to pools rather than both sides of a pairing.

In December 2022, the project launched SynFutures v2, allowing users to list futures pairings permissionlessly.

SynFutures v3 is already outperforming its previous incarnations, with daily trade volume on v2 peaking at $30.1 million alongside a TVL of just $6.5 million, while v1’s TVL topped out at $7.85 million.

Collectively, v1 and v2 have processed roughly $23 billion in trade volume from more than 10,000 users, according to Messari. However, SynFutures v3 beat out its past incarnations during April alone, with the exchange hosting more than $30.1 billion worth of trades last month.