SynFutures, a decentralized exchange on the Polygon network, said its new version (v)2 upgrade will allow for permissionless listing of futures trading pairs.
The Singapore-based company, backed by the crypto investment firms Polychain and Dragonfly, said the upgrade could meet growing interest among retail traders in decentralized finance, or DeFi. The trend accelerated after the collapse of Sam Bankman-Fried’s FTX exchange and Three Arrows Capital added a “sense of urgency to the need for transparency and retail user protections,” SynFutures said in a press release.
With the upgrade, ”traders can permissionlessly list any futures trading pairs, leading to a wider array of choices,” according to the company.
SynFutures said its v2 upgrade has also introduced the Synthetic Automated Market Maker (sAMM) technology, which allows liquidity providers to supply just one asset of a trading pair like a stablecoin, as opposed to an equal amount of both tokens, as is common with most AMMs.
Other upgraded features include improving the user interface with a one-click design and strengthening risk-management features, according to SynFutures.
SynFutures is the largest decentralized exchange for crypto derivatives on Polygon, with $1.4 billion in monthly trading volume, according to the company. In June 2021 the company announced that it raised $14 million in a Series A funding round led by Polychain, bringing the total funding to date to $15.5 million.
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