SynFutures, a decentralized derivatives exchange, has just surpassed $3 billion in cumulative trading volume and 55,000 total users, according to data from Dune Analytics.
It must be noted that these milestones come just four months after the protocol released its beta platform.
The decentralized crypto derivatives market is growing boosted by users who want to expand their DeFi investment strategies. Decentralized derivatives exchanges such as dYdX and Synthetix have seen early success thanks to this.
Despite the fact that SynFutures is still in open beta (V1), the platform has reached 55,000-plus total users, considerably more than other decentralized finance (DeFi) derivatives platforms. It is worth mentioning that the majority of the transactions on SynFutures are concentrated among most of its users, not just a few addresses. The largest five traders account for less than 5% of the platform’s total trading volume.
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Rachel Lin, CEO and co-founder of SynFutures, has said:
"$3 billion in cumulative trading volume is a good starting point, and we believe that behind the number, we have good quality traction and the potential for future growth, as well. We’re excited to ignite the next phase of expansion and provide even more opportunities for our users to get involved and engage with our ecosystem."
SynFutures is preparing to launch its V2, an upgraded version of the current exchange. Along with its enhanced user interface and user experience, the exchange will be expanding on its current products.