SynFutures, a decentralized exchange (DEX) specializing in perpetual futures, has successfully raised $22 million in a Series B funding round. The round was led by Pantera Capital and saw participation from industry heavyweights such as Susquehanna International Group and HashKey Capital.
This funding marks a positive development in the cryptocurrency space, as the industry anticipates the Bitcoin halving in early 2024 and potential changes in the U.S. Federal Reserve’s tightening policies, signaling a potential thaw in the crypto winter.
Key Investors in the Funding Round
- Pantera Capital led the Series B funding round.
- Susquehanna International Group also participated.
- HashKey Capital joined as an investor.
Revamped Exchange Introduction
In addition to the funding announcement, SynFutures is unveiling its enhanced exchange, featuring the “Oyster automated market maker” (Oyster AMM). This innovative feature aims to combine the orderbook and automated market maker models to enhance trading efficiency by concentrating liquidity within the decentralized finance (DeFi) ecosystem.
About the Oyster AMM by SynFutures
SynFutures’ Oyster AMM allows for a fully permissionless listing of futures trading pairs on its DEX. The name “Oyster AMM” is inspired by the concept of pearls that appear on a liquidity curve with limit orders. This reflects the unique model employed by SynFutures, also emphasizing decentralization and liquidity optimization.
Quotes from SynFutures’ CEO: Rachel Lin, the Co-founder and CEO of SynFutures, stated,
“The name ‘Oyster AMM’ reflects the completely permissionless listing of futures trading pairs on SynFutures DEX, as well as the ‘pearls’ that appear on a liquidity curve with limit orders, as is the case with our model.”
The successful Series B funding round led by Pantera Capital, with participation from major investors, signals a positive outlook for the broader cryptocurrency industry. Moreover, the introduction of the Oyster AMM demonstrates SynFutures’ commitment to improving trading efficiency.