Upbit, South Korea’s largest cryptocurrency exchange, announced on Tuesday that Synfutures (F) will be listed on its Korean Won market.
This move marks the exchange’s second consecutive day of new listings.
Synfutures: A Next-Gen Decentralized Derivatives Exchange
The exclusive listing immediately fueled market interest, causing the Synfutures price to surge over 121.1% above the previous day’s close shortly after the announcement, according to Coingecko data. At the time of writing, the token was trading at $0.01474, a 58.2% gain from the prior day.
SponsoredSynfutures operates as a decentralized derivatives exchange (DEX), characterized by its deployment of a fully on-chain Automated Market Maker (AMM) known as ‘Oyster AMM.‘
This system is specifically designed to maximize liquidity efficiency. The platform offers Concentrated Liquidity AMM (CLAMM) and leverage features, aiming to serve both professional market makers and general users.
A key feature of Synfutures is its support for perpetual futures trading on various assets. These assets include conventional cryptocurrencies and Real World Assets (RWA) such as West Texas Intermediate (WTI) crude oil and Gold. The native Synfutures token (F) is utilized for staking and governance within the exchange ecosystem.
Dominance in the Base Ecosystem
Synfutures has rapidly established itself as a leading derivatives exchange. It is capturing approximately 80% of the trading volume on Coinbase’s Base chain. The platform attracts significant attention because it provides a seamless market structure for liquidity providers (LPs) and active traders within the base ecosystem.
Consequently, it is increasingly being evaluated as a top-tier derivative DEX, following the ranks of dYdX and Uniswap.
Furthermore, Synfutures is expanding its real-world utility by integrating the GameFi and NFT markets through its NFT derivatives platform, NFTunes. Future plans include adding AI-driven predictive trading features.
Trading Volume Spikes Amid Market Downturn
Upbit announced that it supports F token trading on the Ethereum network and advised users to verify the network before depositing tokens. The exchange also noted that the listing timeline could be delayed if the token does not achieve sufficient liquidity after the announcement.
Despite a general downturn in the broader cryptocurrency market on Tuesday, the Upbit listing has triggered a surge in F trading volume. This indicates strong investor interest in the newly listed asset.
Coingecko data shows that F’s trading volume jumped ninefold compared to the previous days’. This massive increase occurred within just three hours of the listing
