01Base Ecosystem Heating Up, SynFutures Rides the Growth Wave
Solana is undoubtedly the leader and biggest beneficiary of this round of "meme" craze, with its powerful wealth effect attracting a large number of loyal users and driving the massive expansion of the ecosystem, as well as triggering an imitation effect across the industry - the trend of "pumping meme to build an ecosystem".
In the "meme" craze of Solana, Pump.fun is undoubtedly one of the biggest winners. Since its launch a few months ago, the platform has accumulated nearly $270 million in revenue.
At the same time, the influx of hot money and the increase in active users have also greatly driven the growth of the Solana DeFi ecosystem, with platforms such as Raydium, Jupiter, and Drift Perp trading platform all achieving double growth in business and token prices.
However, with the closure of Pump.fun's live streaming function due to a series of controversial events in late November, the short-term heat of Solana has declined.
At the same time, Base, leveraging the entry point of AI Agent narrative, has successfully taken over the hot money and traffic of Solana with the "meme season" as the form.
The explosive popularity of meme issuance projects such as Clanker and Virtuals on Base also seems to suggest that Base is incubating opportunities on the scale of Pump.fun.
Under the market consensus of Base not issuing tokens, we have reason to believe that DeFi products on Base will capture greater market value during the "Base Season".
As the fastest growing Perp trading platform in the Base ecosystem, SynFutures has become the de facto leader in the Base derivatives market since its launch on Base in July.
In the third quarter of 2024, SynFutures occupied more than half of the Base derivatives market share.
With the launch of the Perp Launch mechanism and the upcoming TGE, SynFutures will further leverage the tailwind of Base to continue expanding its market share and achieve double growth in business and market value.
02Perp Launchpad Helps Capture Value
SynFutures' current achievements are inseparable from its excellent product innovation capabilities, outstanding operational capabilities, and far-sighted strategic vision.
The team had already set its sights on Blast as early as March, and launched on Base in July, perfectly capturing the rhythm of the market and sustaining the momentum of the growth engine.
At the same time, SynFutures has successfully solved the trade-off between capital efficiency and permissionless trading of any asset in Perp products through its proprietary Oyster AMM (oAMM) mechanism.
Under the huge opportunity presented by the emerging Base craze, SynFutures has once again innovated its product, launching the Perp Launchpad feature, making people eagerly anticipate SynFutures' performance in this round of Base Season.
Note: For more information about SynFutures, please refer to the previous article on Biteye: "Topped in 3 months, 50% market share, who is leading the new DeFi trend?"
What is Perp Launchpad
Perp Launchpad is a perpetual contract issuance platform launched by SynFutures. Similar to spot issuance, anyone can quickly deploy liquidity and launch tokens on the DEX.
SynFutures' Perp Launchpad brings this flexibility to the Perp track, allowing users to create perpetual contract markets for any crypto asset without permission.
Perp Launchpad has certain requirements for assets that want to issue Perps:
· Asset type is limited to ERC-20 tokens on Base
· The spot issuance time cannot be earlier than June 30, 2024
· The latest 24-hour trading volume cannot be less than $1 million
· Have active social media or offline community activities
· Have a price oracle
In the future, the SynFutures team plans to gradually expand the Perp issuance function to other blockchains.
Although the Perp Launchpad has been online for a short time, many new small-cap tokens (especially memes) have already been listed on SynFutures' contract market.
Users can directly engage in contract trading and liquidity adding operations. As user habits are cultivated and the market further explodes, Perp Launchpad will show huge potential.
Strategic Significance of Perp Launchpad
The launch of Perp Launchpad has far-reaching strategic significance, not only crucial to SynFutures' own development, but also likely to have a profound impact on the entire derivatives track.
First, for on-chain degens, Perp Launchpad provides more trading opportunities and gameplay for small-cap tokens, especially meme coins.
Many small-cap tokens that failed to list derivatives markets on mainstream platforms can quickly launch derivatives markets with the support of Perp Launchpad, providing more leveraged trading opportunities, improving market liquidity and activity, and promoting price discovery.
In the PVP-filled meme market, the introduction of short-selling tools will greatly enhance the playability of the entire market.
Secondly, Perp Launchpad provides investors with more diversified sources of returns and risk management tools.
SynFutures' LP market-making incentive mechanism allows investors to earn high annualized returns by providing liquidity. With the listing of more varieties of meme perps, the choices for LPs will greatly increase, and the return potential for investors will also increase accordingly.
For SynFutures, Perp Launchpad is not only an important growth engine, but also has huge potential to capture the Base bull market in the form of "meme season", further driving the expansion of its market share and brand influence.
Finally, the launch of Perp Launchpad not only has important significance for SynFutures and on-chain degens, but may also lay the foundation for the further development of the crypto derivatives market.
Through this decentralized and open innovation model, SynFutures is expected to promote the widespread adoption of the perpetual contract market, become an industry benchmark platform, and contribute to the mainstreaming of the crypto industry.
More inclusive derivative trading methods will accelerate the maturity of the crypto market and provide investors with more diversified returns and risk management tools.
03 Market Performance and Value Potential
On November 25, SynFutures announced the establishment of a foundation and the launch of the $F token, and said it would conduct a TGE and airdrop in the near future. Beneath the impressive data, the market value potential of SynFutures has become the focus of market attention.
Market Performance
Looking back on the development of the decentralized derivatives track in recent years, new projects are rising and old projects are dying, and although progress has been made, their market share is still negligible compared to centralized exchanges, less than 5%.
On the one hand, this is related to the stage bottleneck encountered by DeFi development, and on the other hand, the derivatives track has higher requirements for speed, and the underlying public chains still have considerable bottlenecks in this area, constraining the development and innovation of the track.
However, SynFutures has generated over $200 billion in trading volume in 9 months, with an impressive performance. The daily trading volume reached as high as $1.7 billion.
In the past 24 hours, the trading volume ranked 2nd on the entire platform, second only to Hyperliquid.
According to defillama data, the on-chain perpetual contract trading volume in Q2 and Q3 was $1,185.7 billion, with the top 3 players accounting for over 45% of the trading volume, namely Hyperliquid (16.94%), dYdX V3 & V4 (14.37%), and SynFutures (14.11%).
Value Potential
We use the case of Solana DeFi capturing Solana's value and the market performance of the native DEX Aerodrome on Base as a reference to comprehensively evaluate the market potential of SynFutures.
First, SynFutures has firmly occupied the leading position in the Base ecosystem. Since launching on Base on July 1, SynFutures' trading volume exceeded $100 million within 10 days, with a cumulative trading volume of nearly $40 billion and a daily average trading volume of $240 million.
The trading volume in the past 24 hours accounts for 68% of the Base network, which is 4 times that of the second-ranked project.
Compared to projects in the same ecosystem, SunFutures has tremendous market potential. According to defillama data, the TVL of Solana and Base at the end of November was about $9.2 billion and $3.6 billion, respectively, with daily trading volumes of about $3.6 billion and $2 billion, respectively.
Looking at the data of the main Dexes on Solana and Base since November, the FDV of the listed projects is basically consistent with their business data, and it can be seen that the corresponding market capitalization of the derivatives trading volume is higher than that of the spot.
SynFutures' derivatives trading volume on Base has already approached that of Jupiter since November. Therefore, from the data and market capitalization of projects in the same ecosystem, the value potential of SynFutures should not be underestimated.
SynFutures has gained the strong support of many top-tier industry institutions in its growth, raising a total of $37.4 million in three rounds of financing, with lead investors including Dragonfly, Standard Crypto, Polychain, and Pantera Capital, demonstrating the market's high recognition of it.
SynFutures' business has shown a strong growth momentum. In addition to its existing advantages in Perp, the SynFutures team has hinted that they may soon launch a spot aggregation trading function on Base. Riding the tailwind of the Base ecosystem, SynFutures is expected to demonstrate tremendous market potential.
04 Summary and Outlook
SynFutures' success is not only due to its excellent product innovation capabilities and market acumen, but also its ability to keep up with industry development trends, especially its rapid rise in the Base ecosystem.
In summary, SynFutures' market performance after the TGE is worth looking forward to. With the help of the Perp Launchpad, the potential spot aggregation function, and the potential of the Base ecosystem, SynFutures is expected to lead the explosion of the Perp track and become a benchmark in the derivatives track!
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