Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Decentralized derivatives startup SynFutures introduces its 'Perp Launchpad' and $1 million grant initiative

Decentralized derivatives startup SynFutures introduces its 'Perp Launchpad' and $1 million grant initiative

The BlockThe Block2024/11/04 16:00
By:The Block

Quick Take Built on Ethereum Layer 2 Base, the Perp Launchpad will allow projects to create perpetual futures markets for any asset, including memecoins.

Decentralized derivatives startup SynFutures introduces its 'Perp Launchpad' and $1 million grant initiative image 0

Decentralized derivatives startup SynFutures introduced its so-called Perp Launchpad, marking the first platform tailored for launching perpetual futures markets. The launch is paired with a $1 million grant initiative aimed at boosting new token projects on the blockchain.

“The crypto market has recently witnessed a surge in memecoins and other long-tail assets capturing the attention of retail traders. Designed to complement trending spot markets with open and efficient derivatives markets, SynFutures' Perp Launchpad enables projects to unlock new token demand and utility,” including passive rewards for liquidity providers and ways to hedge risk through leveraged perpetual futures trading, the company said in a statement on Tuesday.

Built on Ethereum Layer 2 Base, the Perp Launchpad will allow projects to create perpetual futures markets for any asset. It also incorporates a vault feature to “optimize liquidity” that generates yields for liquidity providers. In other words, traders can now leverage a broader array of assets for potential gains or arbitrage.

Perpetual futures, also known as "perps" or "perpetual swaps," are a type of derivative contract that allows traders to speculate on the price of cryptocurrencies without an expiration date.

Since expanding to Base in July, SynFutures has dominated with over half of Base's derivatives trading volume with $23 billion in trades placed.

"We're not only responding to market trends but fostering the growth of DeFi,” Rachel Lin, CEO of SynFutures, said in a statement. The $1 million grant will offer financial backing, liquidity, and marketing help to new projects, enhancing the firm’s market presence.

This initiative follows successful programs like the DAO Perps and Meme Perp Summer, which have already seen tokens like DEGEN and MEW thrive as well as a pilot program involving Lido, Solv Protocol and others.


1

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!