SynFutures Launches V3 on Blast, Plans Token Release This Year

Decentralized derivatives exchange SynFutures has announced the launch of its V3 version on the newly deployed layer-2 network Blast. This news, shared today (March 1), coincides with Blast's mainnet rollout, allowing users to withdraw staked ETH since November last year.

Key Updates

Alongside the V3 launch, SynFutures unveiled its new rewards program, named Oyster Odyssey. Users engaging with V3 can potentially receive airdrops from both Blast and SynFutures.

Rachel Lin, co-founder and CEO of SynFutures, shared insights with The Block about the rewards program:

“Interacting with SynFutures can qualify users for Oyster Odyssey points as well as Blast points… We are committed to redistributing 100% of the airdrop to users who contribute on Blast, thus they will reap significant benefits."

According to a close source, SynFutures is planning to release its token within this year. This comes after the DEX raised $22 million in a Series B round last October, where the potential token launch was hinted as part of the development roadmap.

Expansion and Future Plans

SynFutures initially launched V3 on the Ethereum testnet in October last year. The exchange planned to roll out the mainnet on several chains, including Polygon and zkSync Era, but ultimately decided on Blast.

CEO Rachel Lin mentioned that the project remains committed to multi-chain expansion, although the next blockchain destination is yet to be decided. “Our immediate focus is to drive adoption on Blast,” she said.

Lin noted that SynFutures V2 remains available on Polygon, but the project has started phasing out support in favor of V3. Meanwhile, V1 has been discontinued. Lin stated that V1 and V2 have processed over $23 billion in trading volume to date.

Financial and Investor Support

To date, SynFutures has raised a total of $38 million in funding and is backed by investors such as Pantera Capital, HashKey Capital, and SIG DT Investments (a unit of Susquehanna International Group).