Upbit Lists Synfutures (F) Token, Price Surges Over 120%
Upbit, South Korea’s largest cryptocurrency alternate, introduced on Tuesday that Synfutures (F) shall be listed on its Korean Won market.
This transfer marks the alternate’s second consecutive day of latest listings.
Synfutures: A Next-Gen Decentralized Derivatives Exchange
The unique listing instantly fueled market curiosity, inflicting the Synfutures value to surge over 121.1% above the day before today’s shut shortly after the announcement, in line with Coingecko knowledge. At the time of writing, the token was buying and selling at $0.01474, a 58.2% acquire from the prior day.
Synfutures operates as a decentralized derivatives alternate (DEX), characterised by its deployment of a completely on-chain Automated Market Maker (AMM) often known as ‘Oyster AMM.‘
This system is particularly designed to maximise liquidity effectivity. The platform gives Concentrated Liquidity AMM (CLAMM) and leverage options, aiming to serve each skilled market makers and basic customers.
A key characteristic of Synfutures is its help for perpetual futures buying and selling on numerous property. These property embrace standard cryptocurrencies and Real World Assets (RWA) corresponding to West Texas Intermediate (WTI) crude oil and Gold. The native Synfutures token (F) is utilized for staking and governance inside the alternate ecosystem.
Dominance within the Base Ecosystem
Synfutures has quickly established itself as a number one derivatives alternate. It is capturing roughly 80% of the buying and selling quantity on Coinbase’s Base chain. The platform attracts vital consideration as a result of it supplies a seamless market construction for liquidity suppliers (LPs) and lively merchants inside the base ecosystem.
Consequently, it’s more and more being evaluated as a top-tier by-product DEX, following the ranks of dYdX and Uniswap.
Furthermore, Synfutures is increasing its real-world utility by integrating the GameFi and NFT markets by way of its NFT derivatives platform, NFTunes. Future plans embrace including AI-driven predictive buying and selling options.
Trading Volume Spikes Amid Market Downturn
Upbit introduced that it helps F token buying and selling on the Ethereum community and suggested customers to confirm the community earlier than depositing tokens. The alternate additionally famous that the itemizing timeline may very well be delayed if the token doesn’t obtain enough liquidity after the announcement.
Despite a basic downturn within the broader cryptocurrency market on Tuesday, the Upbit itemizing has triggered a surge in F buying and selling quantity. This signifies robust investor curiosity within the newly listed asset.
Coingecko knowledge exhibits that F’s buying and selling quantity jumped ninefold in comparison with the earlier days’. This huge improve occurred inside simply three hours of the itemizing
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