Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Decentralized derivatives startup SynFutures introduces its 'Perp Launchpad' and $1 million grant initiative

Decentralized derivatives startup SynFutures introduces its 'Perp Launchpad' and $1 million grant initiative

The BlockThe Block2024/11/04 16:00
By:The Block

Quick Take Built on Ethereum Layer 2 Base, the Perp Launchpad will allow projects to create perpetual futures markets for any asset, including memecoins.

Decentralized derivatives startup SynFutures introduces its 'Perp Launchpad' and $1 million grant initiative image 0

Decentralized derivatives startup SynFutures introduced its so-called Perp Launchpad, marking the first platform tailored for launching perpetual futures markets. The launch is paired with a $1 million grant initiative aimed at boosting new token projects on the blockchain.

“The crypto market has recently witnessed a surge in memecoins and other long-tail assets capturing the attention of retail traders. Designed to complement trending spot markets with open and efficient derivatives markets, SynFutures' Perp Launchpad enables projects to unlock new token demand and utility,” including passive rewards for liquidity providers and ways to hedge risk through leveraged perpetual futures trading, the company said in a statement on Tuesday.

Built on Ethereum Layer 2 Base, the Perp Launchpad will allow projects to create perpetual futures markets for any asset. It also incorporates a vault feature to “optimize liquidity” that generates yields for liquidity providers. In other words, traders can now leverage a broader array of assets for potential gains or arbitrage.

Perpetual futures, also known as "perps" or "perpetual swaps," are a type of derivative contract that allows traders to speculate on the price of cryptocurrencies without an expiration date.

Since expanding to Base in July, SynFutures has dominated with over half of Base's derivatives trading volume with $23 billion in trades placed.

"We're not only responding to market trends but fostering the growth of DeFi,” Rachel Lin, CEO of SynFutures, said in a statement. The $1 million grant will offer financial backing, liquidity, and marketing help to new projects, enhancing the firm’s market presence.

This initiative follows successful programs like the DAO Perps and Meme Perp Summer, which have already seen tokens like DEGEN and MEW thrive as well as a pilot program involving Lido, Solv Protocol and others.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

TON breaks through $6

Cointime2024/11/24 14:11

BTC falls below $97,000

Cointime2024/11/24 14:11

SAND falls below $0.6

Cointime2024/11/24 14:11

ILV falls below $50

Cointime2024/11/24 14:11