AMA with SYNFutures

Introduction segment

auria:
Q1. Can you tell us with what goals did you came up with the idea of SynFuturesDefi ?

Serena:
We want to provide all the traders a place to trade any asset they want at anytime, in a DeFi way.

Also, the current offerings in the derivatives DEX market are of different qualities. With solid financial engineering and tech capabilities, we believe that SynFutures offers a better derivatives product in the DeFi world.

One comparison with Synthetix can be found here https://medium.com/synfutures/why-synfutures-is-better-than-synthetix-in-defi-derivatives-b359b670f9f7

And we are making good progress to solve such problems.

The SynFutures v1 already allowed users can create their asset pairs in a permissionless way on SynFutures, and take leveraged long or short positions based on anything such as BTC, altcoins, gold, hash rate, and real-world assets.

Today it is live on 4 different networks, including Ethereum Mainnet, Arbitrum, Polygon, and BSC.

You can already trade permissionlessly using SynFutures v1 on these networks.

The v1 info can be found here. https://medium.com/synfutures/synfutures-v1-closed-alpha-is-open-now-with-a-2021-roadmap-85d6d96d952e

SynFutures v2 will also be launched shortly next month, featuring shared margin mechanism, perpetual futures which is more friendly to retail users, smart vault and auto hedger for liquidity providers, etc. Currently there is a large demand from communities and our backers for SynFutures v2.

auria:
Q2. Can you elaborate about why people should focus on SynFuturesDefi and what innovations SynFuturesDefi is doing in that ?

Serena:
we have developed some unique products popular to targeted user base. One example is the world’s first fully decentralized Hash Rate futures. You can read more about it here with tech details. https://medium.com/synfutures/the-fully-trustless-oracle-for-btc-hash-rate-futures-e516e6b8a16

Also, we unveiled world’s first NFT-based futures, where you can go long or short on NFT (fractionalized), with a smooth single-token trading experience supported by continuous liquidity of AMM, without going through the auction-based intermittent liquidity pain like OpenSea.

https://www.coindesk.com/business/2021/10/05/nft-market-too-frothy-now-you-can-short-it/

auria:
Q3. How are the holders awarded by holding SynFuturesDefi token and what is its utility?

Serena:
We haven’t launched our token yet, please join our community and stay tuned for further announcements.

Discord: http://discord.gg/uu5ZNaTZE3

Telegram: http://t.me/SynFutures_Defi

auria:
Q4. How has the growth been so far for SynFuturesDefi and What is more planned to be achieved by your team in Q1 of 2022 ?

Serena:
Milestone for SynFutures so far include

-In January SynFutures has been seeded by Dragonfly and Standard Crypto

-In Q1 this year, we have deployed our V1 fixed margin futures on Kovan testnet with external security audit.

-In Jun we announced 14mio USD Series A funding led by Polychain

-Also in Jun 13 we have launched our Closed Alpha (https://www.synfutures.com/closed-alpha-signup/)

-In Oct we launched Beta

-Today we have 50000+ users already, daily trading volume reach 50million

As we are progressing in product launches (v2 and v3), we are also expanding the community and partnerships

We will continue to level the playing field for the average investor by improving our users’ capital efficiency, simplifying the UIUX.

We believe that DeFi will have 100 million users in 1 year's time. Therefore there is vast opportunities, yet requiring a user-centric model, rather than purely tech.

We look for more partners sharing the same vision to join us along this journey.

Twitter segment

auria:
Q.1 SynFutures is a next-generation derivatives exchange.many derivative exchange protocols have high GAS fees,low transactions, & poor security. will we get the same thing in SynFutures finance? what are the main features that SynFutures different from other derivatives exchange?

Twitter question from
@langitberwarna

Serena:
I can give a few obvious points on the difference.

The key futures that differentiate SynFutures v1 from any other existing Defi Derivatives include

1. List any assets within 30 seconds

Put simply, SynFutures is the Uniswap for futures contracts: users can easily list their own futures contracts of arbitrary trading pairs with just a few clicks.

There is no need to even go through a DAO or committee like other DEX do

2. Single-token LP

Users can use one token to provide liquidity to various asset pairs, whether it be large-cap cryptocurrencies, altcoins, traditional equities, gold, indices, or any other asset they desire
Typical LPs use USDC, USDT, ETH, WETH, WBTC, BUSD etc for their liquidity provision

without exposing to the underlying asset directional risk

3. Rigid risk management and safety

Backed by solid experience from the TradFi financial engineering and DeFi protocol safety, SynFutures has many risk management features (e.g. anti-flashloan attack, EMA smoothing method, etc.) and has gone through external code audits.

auria:
Great!

Q.2 Is there a trial version or a preview of the app available?

Twitter question from
@Shanthi87800845

Serena:
We don’t run on testnet anymore and today we have supported Ethereum Mainnet, Arbitrum, Polygon, and BSC.

auria:
Q.3 In terms of your "NFTures" product, this is the first time I'll be seeing a project that make use of NFTs as the form of instrument in trading futures. Are there other projects that has the similar market structure? If there are, what are your competitive advantage against them?

Twitter question from
@CryptoOliver431

Serena:
No similar products haha.

SynFutures team unveiled world’s first NFT-based futures (NFTures), where you can go long or short on NFT (fractionalized), with a smooth single-token trading experience supported by continuous liquidity of AMM, without going through the auction-based intermittent liquidity pain like OpenSea.

And welcome everyone to sign up for early access: https://nftures.com/get-early-access

auria:
Q.4 What does the project name stand for? There are interesting stories behind every successful project, and of course you have to work hard ever day. Can you share one of these interesting stories with us?

Twitter question from
@BickBoss100

Serena:
thats created by our Cofounder Rachel.

"Syn" represents the feature of our product model -any asset can be synthesized with a single token, it also represents a digital synthesis world: The Metaverse.

"Futures" not only refer to the financial instrument futures, but also related to "future", thats is, we are the future-oriented market.

auria:
Q.5 SynFutures is introducing Hash Rate Futures, a derivative that contains all the risk factors that affect the performance of Bitcoins mining. What is Hash Rate Futures? How do you achieve good Hash Rate levels? What are Hash Rate Futures Benefits?

Twitter question from
@andy307774991

Serena:
First we have the fully decentralized hashrate oracle built by the team. And we design the oracle to validate Bitcoin block headers and extract out the mining difficulty, instead of aggregating contributions from a group of feeders — In this way, the oracle is fully trustless.

Second, it is margined in WBTC, the wrapped BTC form.

You can read more info here: https://medium.com/synfutures/coming-soon-the-worlds-first-fully-decentralized-hash-rate-futures-d594bc6ad402

A Step-by-Step Guide to Trade Hash Rate Futures

https://medium.com/synfutures/a-step-by-step-guide-to-trade-hash-rate-futures-ab40f1a50623

Discord segment

auria:
Q.1 Amit Goyal#7730
SynFutures is the Uniswap or Amazon for futures contracts. So, can you please explain if users can easily list their own arbitrary trading pairs futures contracts with just a few clicks? If possible, can you explain this process?

Serena:
yes, you could take a look at our newest mission for our ambassadors

https://synfutures.medium.com/join-ambassador-program-mission-6-upgrade-with-benefits-f938c21aebb1?source=rss-------1

there is a detailed example and we will soon provide a tutorial video on arbitrage, stay tuned on our youtube channel:https://www.youtube.com/channel/UCRHA7TThDHr7hGxtvM5_3vQ

auria:
Q.2 Abhi69#4394
I think you know that partnership is the most important if a project want to get more hype and get more active community, so can you please announce who are the partners for SynFutures?

Serena:
Sure. In June we had a Round A funding led by Polychain, joined by Pantera, Framework, Bybit, Wintermute, CMS, Woo, IOSG, and Finlink. Earlier this year, our seed round was supported by Dragonfly and Standard Crypto

For detailed info on our latest round and strategic supporters, you can read more here:

https://medium.com/synfutures/synfutures-raises-an-additional-14m-in-series-a-funding-round-fa201ad4035a

auria:
Q.3 ShuhaniSinha#9252
On your whitepaper I read that your functions should maximize the variety of tradable assets on the blockchain, but is it only focused on Ethereum? Can you tell us about your future plans to enable cross-chain support and how would you increase the scalability of these ideas?

Serena:
we have already supported 4 networks not only ethereum

going forward we will support more chains like avalanche, near, fantom etc

if you want us to support a chain you like, you could join our first alpha DAO test voting

https://twitter.com/SynFuturesDefi/status/1476132120472920064

participate in our campaigns to win more exclusive NFTs

the more NFTs you have, the more voting power

auria:
Q.4 Lemon56#1623
What is your Solid Risk Management system? How are users' risk profiles determined in this system, Can you please tell us about your risk management system?

Serena:
Backed by solid experience from the TradFi financial engineering and DeFi protocol safety, SynFutures has many risk management features (e.g. anti-flashloan attack, EMA smoothing method, etc.) and has gone through external code audits.

Safety is at the core of our product design. Our CTO has a PhD in cryptography. And all contracts go through at least one external auditor (some have 2-3)

auria:
Q.5 zahidhasan#1187
DO you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something? can you share it with us???

Serena:
yes ofc

subscribe our youtube channel

https://www.youtube.com/channel/UCRHA7TThDHr7hGxtvM5_3vQ

How to Trade on SynFutures: https://www.youtube.com/watch?v=Hicl493Blts

Add Liquidity: https://www.youtube.com/watch?v=k5NZhBnwbVA&t=9s

Create Pool:https://www.youtube.com/watch?v=az3V7MX-A7I&t=30s