SynFutures to Launch a Foundation and Native Token

SynFutures, a decentralized exchange (DEX) for trading derivatives on Base, announced the launch of its foundation and native token in a Nov. 25 Medium article.

The SynFutures Foundation and the F token will play crucial roles in SynFutures' efforts to build a decentralized, open, and permissionless financial ecosystem, according to their Medium article. The announcement comes after the conclusion of its Oyster Odyssey points program.

Ownership of the F token will grant holders voting rights in the SynFutures ecosystem, airdrop boosts, fee discounts, and rewards. Its total supply of 10 billion will be distributed among the community, foundation treasury, backers and advisers, core contributors, protocol development, and liquidity.

Meanwhile, the SynFutures Foundation will oversee the platform’s growth and development by managing proposals, providing grants and resources, and onboarding and collaborating with partners.

A New Era

SynFutures is heading into a new era with the launch of its foundation and native cryptocurrency.

In the three years since its launch, it has iterated several times to create an open, permissionless derivatives market where anyone can trade anything.

In March, it launched the Oyster Odyssey points program, an incentivized initiative to boost community growth and platform interaction to kick off its V3 mainnet on Blast. It expanded to Base in July and has become the network's top perpetual (perps) DEX, according to DefiLlama data.

SynFutures Rapid Growth

A recent Messari report shows how SynFutures has dominated the derivatives exchange market on Base. According to the report, SynFutures recorded $71 billion in trading volume and generated $14 million in fees in quarter 3, 2024.

“After the expansion to Base, @SynFuturesDefi quickly became the network’s top perp DEX and surpassing $37.8B in cumulative volume since July on Base alone, not to mention their progress on Blast.

Its progress can be compared to @JupiterExchange on Solana, as both are the leading Perp DEXs on their respective chains,” said @stacy_muur, a DeFi researcher who runs the Stacy in Dataland newsletter in a post commenting on SynFutures' rapid growth.

With the launch of its token and a possible airdrop, SynFuture’s growth could rapidly increase over the next few months.