SynFutures Launches Permissionless Futures and Perpetual Swaps on zkSync Era

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Jun 08, 2023, 10:00 ET

DeFi derivatives protocol SynFutures expands its multichain strategy with V2 on zkSync Era

SINGAPORE, June 8, 2023 /PRNewswire/ -- SynFutures (www.synfutures.com), one of the leading DeFi derivatives exchanges on Polygon, today announced its expansion on zkSync Era (https://zksync.io), the Layer-2 protocol that utilizes zero-knowledge (ZK) technology to scale Ethereum. SynFutures' deployment on zkSync Era brings permissionless futures and perpetual trading to the layer 2 network, enabling users to list and trade any crypto asset with a reliable price feed.

This deployment follows its much-anticipated launch of V2 Beta on Polygon last month. During its closed alpha and public beta phases, SynFutures V2 has achieved an impressive cumulative trading volume of over $318 million, attracting over 9,000 users. The expansion to zkSync marks the first step in SynFutures' multichain strategy to deliver a seamless user experience to DeFi participants.

"ZK roll-ups offer a promising solution to the blockchain trilemma that many decentralized applications face," said Rachel Lin, co-founder and CEO at SynFutures. "By collaborating with projects like zkSync, we aim to bridge the user experience gap between CeFi and DeFi, empowering users to trade securely and efficiently while enjoying all of the benefits of trading on-chain."

While maintaining a chain-agnostic approach with V1 deployed on various chains such as Polygon, Arbitrum, and BNB, SynFutures strategically chose zkSync Era as the next chain for V2 deployment due to its commitment to decentralization, scaling Ethereum's security, and adherence to zero-knowledge cryptography. The platform's growing ecosystem and community make it an ideal choice to offer users an enhanced trading experience with lower fees and faster transactions, bringing DeFi closer to mainstream adoption.

"DeFi has been the cornerstone of zkSync Era's initial explosive growth, and I'm excited to see yet another DeFi project integrating on zkSync Era," said Marco Cora, SVP of business and operations at Matter Labs. "zkSync Era is rapidly attracting developers and DeFi users because of the unique and cutting-edge use cases being deployed on the protocol, and Synfutures' decentralized derivatives infrastructure and user experience are great examples of this."

zkSync Era has experienced exponential growth, with the protocol's Total Value Locked (TVL) surpassing $430 million. As one of the first major derivatives DEXs to go live on zkSync Era, SynFutures aims to leverage the platform's thriving ecosystem to introduce new audiences to permissionless derivatives.

For zkSync Era users and the wider DeFi community, SynFutures V2 offers an expanded listings strategy, allowing any user to create a futures/perpetuals market in less than 30 seconds. With the introduction of permissionless listings, SynFutures aims to provide the largest variety of assets for trading in the derivatives market (256 pairs were listed on V1).

About SynFutures

SynFutures is a next-generation Web 3.0 decentralized derivatives infrastructure that creates an open and trustless derivatives market by enabling trading on anything with a price feed anytime. SynFutures democratizes the derivatives market by employing an Amazon-like business model, giving users the tools to freely trade any assets and list arbitrary futures contracts within seconds.

Deployed on multiple blockchains, SynFutures is currently the largest derivatives exchange on Polygon and is among the top three most actively used decentralized derivatives exchanges. Backers include Tier 1 Web3 institutional investors Pantera Capital, Polychain Capital, Susquehanna International Group (SIG), Dragonfly Capital, Standard Crypto, and Framework Ventures, and team members have extensive experience at global financial institutions, fintech companies and blockchain technology companies such as Alipay, Bitmain, Credit Suisse, Deutsche Bank, Matrixport, and Nomura Securities.

About zkSync Era

zkSync Era is committed to advancing personal freedom for all with the end vision of making digital self-ownership universally accessible by building an open blockchain network that is trustless, secure, permissionless, affordable, easy to use, resilient, and limitlessly scalable. zkSync Era is a zkEVM designed to scale blockchains like the Internet. The protocol makes it effortless for EVM-based projects to deploy on the L2 network, offering low gas fees and high transaction speeds while fully preserving Ethereum's security guarantees.

SOURCE SynFutures