SynFutures announces governance token and foundation
SynFutures, a perpetual derivatives exchange, has taken a significant step toward decentralisation by launching a governance token, the F Token, and establishing a foundation.
This move aligns with the platform’s goal of building a permissionless derivatives market accessible to retail traders.
The F Token, an ERC-20 token on the Ethereum (CRYPTO:ETH) mainnet, will have a total supply of 10 billion tokens, released gradually between December 2025 and November 2028.
The token will be allocated to various stakeholders, including the SynFutures community, backers, advisers, treasury, core contributors, and liquidity providers.
Details on governance mechanisms and staking incentives will be revealed after the token’s launch, with incentives expected during “Season 2.”
SynFutures has seen notable activity, listing 330 trading pairs and achieving a cumulative trading volume of $235.1 billion, including $71 billion in the third quarter of this year.
However, its total value locked (TVL) dropped from $44.3 million in Q1 to $26.5 million in Q3.
The platform’s Oyster points program will play a role in distributing F Tokens, rewarding active community participants.
SynFutures launched in 2021 and has undergone multiple funding rounds.
It raised $1.4 million in a seed round, $14 million in a Series A led by Polychain Capital, and $22 million in a Series B round led by Pantera Capital in October 2023.
The platform operates on Ethereum’s layer-2 Blast network and expanded to Base in July 2023.
Its Oyster automated market maker (AMM), introduced the same year, allows users to bid on perpetual futures with an on-chain order book.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Web3 Watch: Treasure DAO launches L2 mainnet in ZKsync Elastic Chain ecosystem
Plus, Adidas drops co-branded shoes with STEPN
Avalanche Launches Major Network Upgrade: Bright Future for AVAX Ecosystem
Tether Promotes Stablecoin Adoption in Europe with Investment in StablR
Nigeria threatens crypto influencers with fines and jail terms for illegal promotions