About SynFutures
SynFutures is an upcoming derivatives protocol, currently in V1 Closed Alpha phase. The team is a combination of crypto natives and Wall Street top guns, with the idea to build a solid infrastructure for future DeFi derivatives on Ethereum and other L2/side chains. In June 2021, SynFutures announced $14mn Series A funding led by Polychain Capital with participation from Framework, Pantera Capital, Bybit, Wintermute, CMS, Kronos, and IOSG Ventures. Earlier in 2021, it announced a seed round backed by Dragonfly Capital and Standard Crypto.
You can visit the website to register for V1 Closed Alpha early access. or join discussions on Medium / Twitter / Telegram / Discord.
We are pleased to announce that we are deploying SynFutures on Arbitrum, an Ethereum layer 2 scaling protocol. With this, we become the first ever DeFi derivatives projects to be deployed on Arbitrum. This is an exciting new development that will improve the efficiency of our application once successfully launched on the platform. Our users will benefit from the scalability, speed, privacy, and compatibility of the Arbitrum protocol.
The SynFutures X Arbitrum connection
Since we launched SynFutures on the Ethereum blockchain we have recorded remarkable growth with multiple users joining our platform. As we continue to expand we are always looking for solutions to help our users trade in the most convenient, accessible and effective manner. To achieve this, we are keen on ensuring that our users can trade in a cost effective, fast and secure environment.
Our team is aware of how increasingly expensive the Ethereum blockchain is becoming as more applications are continually being deployed on the mainnet and more users joining the network. This increased level of activity has placed a huge burden on the Ethereum network resources causing gas fees to rise and slowing down transaction speed.
We are alive to the fact of new scaling solutions being introduced to help the Ethereum blockchain improve transaction speed and lower cost without sacrificing its security. Of these novel solutions, Arbitrum stands out, informing our decision to deploy our application on the layer 2 protocol.
Building SynFutures on Arbitrum
Arbitrum is a next generation layer 2 protocol for Ethereum dApps that solves scaling without compromise. It is a side chain protocol that offers similar functionality to the Ethereum mainnet allowing developers to build and run dApps just like they would on the main chain. The platform is designed as a solution that addresses Ethereum’s scalability issues by boosting the speed of transactions whilst improving privacy with its additional features.
Arbitrum allows developers to easily migrate unmodified EVM contracts and run them on their layer 2 protocol in a seamless manner. Developers have access to the Arbitrum compiler through which they can compile their solidity contracts and deploy them easily on their protocol. The platform is interoperable with the Ethereum main chain ensuring that all transactions on layer 2 are ultimately recorded and sealed on the mainnet.
Arbitrum uses the transaction rollup technique to compile numerous transactions and enter them as a batch on the main chain. This helps lighten a substantial portion of Ethereum’s computational and storage burden and subsequently enables cheap and fast transactions.
SynFutures will benefit greatly from these capabilities of the Arbitrum protocol allowing our users to trade in a more enjoyable, efficient and secure manner. It also expands our capabilities enabling us to onboard more users and provide a wider array of products and services.
We are really excited about this new development as it presents new possibilities for our project and our community. And so should you!
Join our community!👪
Please visit our website at www.synfutures.com or join discussions on Medium / Twitter / Telegram & Discord.