Terra to Provide UST Liquidity on Polygon-Based SynFutures

SynFutures processed over $266 million in trades over the past week.

AccessTimeIconMay 4, 2022 at 6:28 a.m. UTC
Updated May 11, 2023 at 5:25 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Algorithmic money market Terra will provide liquidity for TerraUSD (UST) trade pairs on decentralized finance (DeFi) exchange SynFutures, according to a release shared with CoinDesk.

  • SynFutures, which is accessible via Polygon, Binance Smart Chain and Arbitrum, processed over $266 million worth of trades over the past week, data shows. The protocol is backed by major crypto investors, such as Polychain Capital and Pantera, among others.
  • As of Wednesday, users can trade a variety of assets against USD Coin (USDC), FRAX and wrapped ether (WETH). The upcoming UST pairing would allow users of both ecosystems to gain access to newer markets and trading opportunities.
  • The announcement comes as the Terra ecosystem sees explosive growth with both UST and LUNA seeing increased activity. UST is the crypto market’s largest decentralized stablecoin by capitalization. It is backed by both Terra's native LUNA tokens and billions of dollars in bitcoin.
  • Meanwhile, Terra and SynFutures said they would explore other ways to work together ahead of the launch of SynFutures V2, an upcoming version that would see the launch of perpetual futures and other sophisticated trading products.
  • The price of LUNA is down a nominal 0.3% to about $84 in the past 24 hours.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.