TL;DR
- The Synfutures (F) token soared over 121% following its exclusive listing announcement on the Upbit exchange.
- Synfutures is a derivatives DEX that dominates 80% of the trading volume on Coinbase’s Base network.
- The (F) trading volume multiplied ninefold despite the general bearish market trend.
The (F) token from the decentralized derivatives exchange (DEX) Synfutures experienced an explosive surge. The bullish trend occurred after the announcement of its exclusive listing on Upbit, one of South Korea’s main exchanges. Immediately after the announcement, market interest drove the token’s price to a surge of over 121.1% above the previous day’s close.
At the time of this writing, the (F) token was trading at $0.01474, consolidating a 58.2% gain in 24 hours, according to Coingecko data. This buying frenzy, triggered by the Synfutures listing on Upbit, strongly contrasts with the general bearish trend the cryptocurrency market was experiencing this Tuesday.
Synfutures operates as a fully on-chain deployed derivatives DEX, utilizing an Automated Market Maker (AMM) system known as ‘Oyster AMM’. This architecture is designed to maximize capital efficiency, offering Concentrated Liquidity (CLAMM) features and leverage for both professional market makers and general users.
The platform stands out for enabling perpetual futures trading on a variety of assets, including cryptocurrencies and Real World Assets (RWA) such as WTI crude oil and gold.
Dominance in the Base Ecosystem
The Synfutures listing on Upbit shines a spotlight on a protocol that has already demonstrated significant dominance in Coinbase’s Base ecosystem. Synfutures has quickly captured nearly 80% of all derivatives trading volume on the Base network, attracting liquidity providers and active traders thanks to its efficient market structure.
This performance has positioned Synfutures as a top-tier competitor in the derivatives DEX space, beginning to be evaluated in the same category as giants like dYdX and Uniswap. Furthermore, the platform is expanding its utility by integrating the GameFi and NFT markets through its NFT derivatives platform, ‘NFTunes’, and plans to add AI-driven predictive trading features.
The listing’s impact was evident in the trading volume. Coingecko data shows that (F)’s volume multiplied ninefold compared to previous days, with this massive increase occurring within just three hours of the Upbit announcement. The exchange confirmed it will support the (F) token on the Ethereum network.
