The multi-chain derivatives exchange now allows users to list and trade futures on any SushiSwap-supported Arbitrum asset
SINGAPORE, March 18, 2022 /PRNewswire/ — Decentralized derivatives exchange SynFutures has officially expanded support for the Arbitrum network following an initial deployment last year. The expansion will enable users to access and trade a wide variety of Arbitrum assets in a fully decentralized and permissionless manner.
SynFutures relies on third-party oracle data to provide accurate pricing information for a given asset. To expand support for Arbitrum assets, SynFutures integrated with SushiSwap’s price feed oracle to bring real-time data to its platform. SushiSwap, which deployed on Arbitrum last year, is now one of the network’s most active decentralized exchanges. Users can now list and trade futures contracts on any Arbitrum asset available on SushiSwap.
“We want to empower all communities to list and trade any asset they desire on any network,” said Rachel Lin, co-founder and CEO at SynFutures. “By integrating with SushiSwap’s price feed, we’re making it easier for our users to list Arbitrum assets and create more trading opportunities. This is a core value proposition at SynFutures, so we look forward to seeing how our community leverages this new offering.”
With the SushiSwap integration, the SynFutures community has already listed seven new Arbitrum pairs for trading: ETH/USDC, CRV/ETH, LINK/ETH, MAGIC/ETH, DPX/ETH, STRP/USDC, and SPELL/ETH. Previously, BTC/USDC was the only Arbitrum trading pair offered on SynFutures.
The integration marks SynFutures’ official expansion within the Arbitrum ecosystem and comes as the exchange sees continued growth on other blockchains like Ethereum, Polygon, and BNB. In less than five months since its public beta launch, SynFutures has already surpassed more than $4 billion in cumulative trading volume and 56,000 users.
Lin added, “SynFutures diving deeper into the Arbitrum ecosystem expands on our vision to make derivatives trading more accessible. With expanded support for Arbitrum assets, we’re excited to replicate some of our existing success on what we believe to be one of the most promising layer 2 ecosystems.”
Compared to other derivatives exchanges, SynFutures enables a seamless, user-friendly, and permissionless trading experience by taking a Uniswap-like approach, allowing users to list and provide liquidity to any asset with a price feed. The new expansion gives users new opportunities to create arbitrage and hedge risk on Arbitrum with derivatives.
Arbitrum NFT Trading Rewards
To kick off the extended support for the Arbitrum network, SynFutures is hosting a trading competition through March 31st, 2022. Limited edition 3D NFTs will be awarded to the top 100 traders, while everyone who makes a $500 Arbitrum trade by the 21st will be eligible to receive an Open EditionNFT.
SynFutures is a next-generation derivatives exchange focused on creating an open and trustless derivatives market by enabling trading on any device with proper price feeds. By cultivating a free market and maximizing the variety of tradable assets, SynFutures is lowering the barrier for entry in the derivatives market, creating a more equitable exchange market for digital assets.