SynFutures, a decentralized derivatives exchange, today has officially expanded support for the Arbitrum network following an initial deployment in September of last year. The expansion allows users to access and trade a wide variety of Arbitrum assets in a fully decentralized and permissionless manner.
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. Relying on third-party oracle data to provide accurate pricing information for a given asset, the new expansion gives users new opportunities to create arbitrage and hedge risk on Arbitrum with derivatives.
“We want to empower all communities to list and trade any asset they desire on any network. 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.”
– Rachel Lin, Co-Founder & CEO at SynFutures
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
- 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.
Source: https://www.cryptoninjas.net/2022/03/18/crypto-derivatives-exchange-synfutures-expands-arbitrum-support-via-sushiswap/