Reported by The Block, SynFutures, a decentralized derivatives exchange focused on trading crypto perpetual futures, has raised $22 million in a Series B funding round.
Pantera Capital led the round, with HashKey Capital, SIG DT Investments (a unit of the Susquehanna International Group) and others participating, SynFutures said Thursday.
Launched in 2021, SynFutures is a decentralized exchange for trading crypto perpetual futures, it is currently the 2nd largest derivative protocol on Polygon. The protocol launched on the Ethereum testnet on Oct.19, and plans to launch Ethereum Layer 2 zkSync Era.
SynFutures said it has developed a proprietary automated market maker model called Oyster for its V3 platform that combines the best of order book and AMM models. With Oyster AMM, SynFutures looks to compete directly with centralized exchanges.
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