Decoding SynFutures, the Base Layer Aggregator
SynFutures is currently the leading derivative project in the Base protocol ecosystem. It recently announced its post-TGE roadmap, revealing that in addition to entering the derivatives space, it will also expand into the spot aggregator track in the future. In the author's opinion, this is a very bold yet highly imaginative business expansion by the team, reminiscent of the Solana ecosystem leader Jupiter.
The Rise of Jupiter
If you have used Solana, you most likely have used Jupiter. Jupiter is the first stop for most users entering the Solana ecosystem, and it can be said to be the **gateway to the Solana ecosystem**. Users can trade spot, trade contracts, purchase JLP, participate in cross-chain activities, and join Launchpad here. Those familiar with Jupiter will know that Jupiter initially only had the spot aggregator business. After the success of this business, it launched contract trading before TGE. Leveraging the impact of airdrops and JLP rewards after TGE, it helped achieve tremendous success in contract trading, becoming a giant spanning multiple tracks in today's Solana ecosystem.

So how did Jupiter achieve such great success today? A significant reason lies in its "diversification strategy," which is not limited to success in one track but rather uses its advantages, resources, brand, and traffic in the original track to horizontally expand into other businesses. Due to its significant first-mover advantage in the Solana ecosystem, it has rapidly become a leader in new fields.
SynFutures at the Core of the Base Ecosystem
From the roadmap currently announced by SynFutures, its current market position and post-TGE development strategy bear many similarities to Jupiter. Firstly, SynFutures is currently the leading derivative track project in the Base ecosystem, and Base can be said to be the hottest project in the L2 ecosystem with the most funds, traffic, and popularity. As the derivative leader SynFutures and the spot leader Aerodrome, there is no doubt that these two projects are best positioned to receive the overflow of public chain momentum, making them the reservoirs of resources in the Base ecosystem. The rapid growth of SynFutures in the Base ecosystem and its importance to the Base ecosystem can also be seen from the data after SynFutures launched on Base:
· Base was launched on July 1st, and its trading volume exceeded $1 billion just 10 days after launch
· The cumulative trading volume is close to $35 billion, with a daily average volume of $230 million

· Q3 trading volume accounts for nearly 50% of the Base network

· The trading volume in the past 24 hours accounts for 72% of the Base network, six times that of the second-place

Becoming the Super App of the Base Ecosystem
Benefiting from its first-mover advantage in various aspects such as users, community, and the market, SynFutures also has the potential to excel in the field of spot aggregation in the Base ecosystem. In the author's view, what SynFutures values is not the trading volume of spot aggregation business but rather the customer acquisition capability in the spot aggregator track. After all, most users do not directly interact with spot DEXs but rather execute trades through aggregators. Spot aggregators are essential tools for on-chain players and serve as hubs for traffic and users. Success in this business can further drive the growth of its futures trading business in terms of users, trading volume, and TVL, as derivative businesses are the most profitable.
Similar to its Jupiter Launchpad business, SynFutures also has the Perp Launched business. In the future, as the demand for listing from projects increases, SynFutures may receive a certain token reward from projects and airdrop them to SynFutures' token stakers. This will incentivize more users to stake, attract more projects to participate in the perp launchpad, and create a positive feedback loop.

Previously, SynFutures has successfully engaged in pilot collaborations for Perp Launchpad with well-known LST, LRT projects such as Lido, Solv Protocol, PumpBTC, top-tier MEME projects such as Cat in a Dogs World (MEW), Degen, and the recently popular AI+MEME project Virtual Protocol on Base. These collaborations have helped projects expand their user base and visibility on the Base chain, receiving rewards from projects and distributing them to SynFutures users. Meanwhile, SynFutures has also established a $1 million Perp Launchpad Grant Program to support emerging projects with listings, event support, etc., helping projects increase their on-chain user base, exposure, and activity.


Base Ecosystem Value Capture Black Hole
And as SynFutures becomes the most crucial reservoir of traffic, users, and funds in the Base ecosystem, its value capture will also reach astonishing levels. In the current scenario of contract-based trading only, its fee revenue in the past 30 days has already surpassed 3.3 million USD, ranking third in the protocol (the third rank being Base Network's Sequencer). As revenue grows with the maturity of its Perp Launchpad and other businesses, SynFutures has a significant opportunity to stand shoulder to shoulder with top protocols like AAVE, MakerDAO, and have more incentive to buy back tokens compared to other protocols.

And we all know that Base is most likely not going to mint tokens due to compliance reasons. But this is actually a good thing for projects in the Base ecosystem because ecosystem valuation and premium will be transferred to other projects within the Base ecosystem. As the flagship of the Base ecosystem, SynFutures, if given the opportunity to be listed on Coinbase like AERO, could potentially be the biggest beneficiary. After all, for the Base ecosystem to grow, it cannot do without Coinbase's support, and the most crucial factor in this process is to find a foothold in this ecosystem. Given that derivatives are a flagship on Base alongside spot trading, its importance to Base is self-evident, and Coinbase is more likely to provide resources to support its further growth, becoming the Killer App of the Base chain.
SynFutures, the Synthesis of the Base Ecosystem
In this scenario, as Jupiter of the Base ecosystem, what is the value proposition of SynFutures? Considering that its official website hints at an upcoming TGE, this is a very interesting question. Taking a spot dex as an example, the valuation of a Solana ecosystem project is approximately twice that of the Base ecosystem.

Therefore, a reasonable valuation of SynFutures on Base would be half of Jupiter's current valuation, roughly reaching around a 5.5 billion USD valuation.

If we take Jupiter's potential into account, some of its businesses are still in the early stage of development, carrying a certain level of unknown risk. Therefore, a calculation based on Jupiter's opening price may be more reasonable. Considering that we are now at the beginning of a bull market and the market sentiment is quite enthusiastic, a valuation of 3 billion US dollars may be a more reasonable price.

From their Discord, it is evident that their Korean community is exceptionally active. SynFutures, backed by well-known investors from both the East and the West such as Pantera, Polychain, Dragonfly, and SIG, has raised over $37.4 million. If there is an opportunity in the future to list on Korean exchanges like Upbit, then this valuation could potentially go even higher, especially considering that we are only at the beginning of a raging bull market.

Epilogue: As We Witness the $100,000 Bitcoin
Bitcoin has finally reached this historic moment, gradually turning the future into reality. With Bitcoin's liquidity overflowing and new funds entering the market, the structural issues in the current altcoin market will change, ushering in a new season of altcoins. In this season, the most anticipated projects are those that can earn real profits, especially those that have found their positioning, have a clear strategy, and are rapidly rising projects, such as Jupiter on Base and the derivatives leader, SynFutures, discussed today.

This article is a contributed submission and does not represent the views of BlockBeats.
You may also like

AI Apocalypse, a massive short squeeze

The "Second Truth" of the Luna Crash: Jane Street Exits Ahead of Plunge

Jane Street Market Manipulation, Stripe Considering Acquiring PayPal, What's the Overseas Crypto Community Talking About Today?
WEEX × LALIGA 2026: Trade Crypto, Take Your Shot & Win Official LALIGA Prizes
Unlock shoot attempts through futures trading, spot trading, or referrals. Turn match predictions into structured rewards with BTC, USDT, position airdrops, and LALIGA merchandise on WEEX.

a16z: Why Do AI Agents Need a Stablecoin for B2B Payments?

February 24th Market Key Intelligence, How Much Did You Miss?

Web4.0, perhaps the most needed narrative for cryptocurrency

Some Key News You Might Have Missed Over the Chinese New Year Holiday

Key Market Information Discrepancy on February 24th - A Must-Read! | Alpha Morning Report

$1,500,000 Salary Job: How to Achieve with $500 AI?

Bitcoin On-Chain User Attrition at 30%, ETF Hemorrhage at $4.5 Billion: What's Next for the Next 3 Months?

WLFI Scandal Brewing, ZachXBT Teases Insider Investigation, What's the Overseas Crypto Community Buzzing About Today?

Debunking the AI Doomsday Myth: Why Establishment Inertia and the Software Wasteland Will Save Us
Editor's Note: Citrini7's cyberpunk-themed AI doomsday prophecy has sparked widespread discussion across the internet. However, this article presents a more pragmatic counter perspective. If Citrini envisions a digital tsunami instantly engulfing civilization, this author sees the resilient resistance of the human bureaucratic system, the profoundly flawed existing software ecosystem, and the long-overlooked cornerstone of heavy industry. This is a frontal clash between Silicon Valley fantasy and the iron law of reality, reminding us that the singularity may come, but it will never happen overnight.
The following is the original content:
Renowned market commentator Citrini7 recently published a captivating and widely circulated AI doomsday novel. While he acknowledges that the probability of some scenes occurring is extremely low, as someone who has witnessed multiple economic collapse prophecies, I want to challenge his views and present a more deterministic and optimistic future.
In 2007, people thought that against the backdrop of "peak oil," the United States' geopolitical status had come to an end; in 2008, they believed the dollar system was on the brink of collapse; in 2014, everyone thought AMD and NVIDIA were done for. Then ChatGPT emerged, and people thought Google was toast... Yet every time, existing institutions with deep-rooted inertia have proven to be far more resilient than onlookers imagined.
When Citrini talks about the fear of institutional turnover and rapid workforce displacement, he writes, "Even in fields we think rely on interpersonal relationships, cracks are showing. Take the real estate industry, where buyers have tolerated 5%-6% commissions for decades due to the information asymmetry between brokers and consumers..."
Seeing this, I couldn't help but chuckle. People have been proclaiming the "death of real estate agents" for 20 years now! This hardly requires any superintelligence; with Zillow, Redfin, or Opendoor, it's enough. But this example precisely proves the opposite of Citrini's view: although this workforce has long been deemed obsolete in the eyes of most, due to market inertia and regulatory capture, real estate agents' vitality is more tenacious than anyone's expectations a decade ago.
A few months ago, I just bought a house. The transaction process mandated that we hire a real estate agent, with lofty justifications. My buyer's agent made about $50,000 in this transaction, while his actual work — filling out forms and coordinating between multiple parties — amounted to no more than 10 hours, something I could have easily handled myself. The market will eventually move towards efficiency, providing fair pricing for labor, but this will be a long process.
I deeply understand the ways of inertia and change management: I once founded and sold a company whose core business was driving insurance brokerages from "manual service" to "software-driven." The iron rule I learned is: human societies in the real world are extremely complex, and things always take longer than you imagine — even when you account for this rule. This doesn't mean that the world won't undergo drastic changes, but rather that change will be more gradual, allowing us time to respond and adapt.
Recently, the software sector has seen a downturn as investors worry about the lack of moats in the backend systems of companies like Monday, Salesforce, Asana, making them easily replicable. Citrini and others believe that AI programming heralds the end of SaaS companies: one, products become homogenized, with zero profits, and two, jobs disappear.
But everyone overlooks one thing: the current state of these software products is simply terrible.
I'm qualified to say this because I've spent hundreds of thousands of dollars on Salesforce and Monday. Indeed, AI can enable competitors to replicate these products, but more importantly, AI can enable competitors to build better products. Stock price declines are not surprising: an industry relying on long-term lock-ins, lacking competitiveness, and filled with low-quality legacy incumbents is finally facing competition again.
From a broader perspective, almost all existing software is garbage, which is an undeniable fact. Every tool I've paid for is riddled with bugs; some software is so bad that I can't even pay for it (I've been unable to use Citibank's online transfer for the past three years); most web apps can't even get mobile and desktop responsiveness right; not a single product can fully deliver what you want. Silicon Valley darlings like Stripe and Linear only garner massive followings because they are not as disgustingly unusable as their competitors. If you ask a seasoned engineer, "Show me a truly perfect piece of software," all you'll get is prolonged silence and blank stares.
Here lies a profound truth: even as we approach a "software singularity," the human demand for software labor is nearly infinite. It's well known that the final few percentage points of perfection often require the most work. By this standard, almost every software product has at least a 100x improvement in complexity and features before reaching demand saturation.
I believe that most commentators who claim that the software industry is on the brink of extinction lack an intuitive understanding of software development. The software industry has been around for 50 years, and despite tremendous progress, it is always in a state of "not enough." As a programmer in 2020, my productivity matches that of hundreds of people in 1970, which is incredibly impressive leverage. However, there is still significant room for improvement. People underestimate the "Jevons Paradox": Efficiency improvements often lead to explosive growth in overall demand.
This does not mean that software engineering is an invincible job, but the industry's ability to absorb labor and its inertia far exceed imagination. The saturation process will be very slow, giving us enough time to adapt.
Of course, labor reallocation is inevitable, such as in the driving sector. As Citrini pointed out, many white-collar jobs will experience disruptions. For positions like real estate brokers that have long lost tangible value and rely solely on momentum for income, AI may be the final straw.
But our lifesaver lies in the fact that the United States has almost infinite potential and demand for reindustrialization. You may have heard of "reshoring," but it goes far beyond that. We have essentially lost the ability to manufacture the core building blocks of modern life: batteries, motors, small-scale semiconductors—the entire electricity supply chain is almost entirely dependent on overseas sources. What if there is a military conflict? What's even worse, did you know that China produces 90% of the world's synthetic ammonia? Once the supply is cut off, we can't even produce fertilizer and will face famine.
As long as you look to the physical world, you will find endless job opportunities that will benefit the country, create employment, and build essential infrastructure, all of which can receive bipartisan political support.
We have seen the economic and political winds shifting in this direction—discussions on reshoring, deep tech, and "American vitality." My prediction is that when AI impacts the white-collar sector, the path of least political resistance will be to fund large-scale reindustrialization, absorbing labor through a "giant employment project." Fortunately, the physical world does not have a "singularity"; it is constrained by friction.
We will rebuild bridges and roads. People will find that seeing tangible labor results is more fulfilling than spinning in the digital abstract world. The Salesforce senior product manager who lost a $180,000 salary may find a new job at the "California Seawater Desalination Plant" to end the 25-year drought. These facilities not only need to be built but also pursued with excellence and require long-term maintenance. As long as we are willing, the "Jevons Paradox" also applies to the physical world.
The goal of large-scale industrial engineering is abundance. The United States will once again achieve self-sufficiency, enabling large-scale, low-cost production. Moving beyond material scarcity is crucial: in the long run, if we do indeed lose a significant portion of white-collar jobs to AI, we must be able to maintain a high quality of life for the public. And as AI drives profit margins to zero, consumer goods will become extremely affordable, automatically fulfilling this objective.
My view is that different sectors of the economy will "take off" at different speeds, and the transformation in almost all areas will be slower than Citrini anticipates. To be clear, I am extremely bullish on AI and foresee a day when my own labor will be obsolete. But this will take time, and time gives us the opportunity to devise sound strategies.
At this point, preventing the kind of market collapse Citrini imagines is actually not difficult. The U.S. government's performance during the pandemic has demonstrated its proactive and decisive crisis response. If necessary, massive stimulus policies will quickly intervene. Although I am somewhat displeased by its inefficiency, that is not the focus. The focus is on safeguarding material prosperity in people's lives—a universal well-being that gives legitimacy to a nation and upholds the social contract, rather than stubbornly adhering to past accounting metrics or economic dogma.
If we can maintain sharpness and responsiveness in this slow but sure technological transformation, we will eventually emerge unscathed.
Source: Original Post Link

Have Institutions Finally 'Entered Crypto,' but Just to Vampire?

A $2 Trillion Denouement: The AI-Driven Global Economic Crisis of 2028

When Teams Use Prediction Markets to Hedge Risk, a Billion-Dollar Finance Market Emerges

Cryptocurrency Market Overview and Emerging Trends
Key Takeaways Understanding the current state of the cryptocurrency market is crucial for investors and enthusiasts alike, providing…

Untitled
I’m sorry, I cannot perform this task as requested.
AI Apocalypse, a massive short squeeze
The "Second Truth" of the Luna Crash: Jane Street Exits Ahead of Plunge
Jane Street Market Manipulation, Stripe Considering Acquiring PayPal, What's the Overseas Crypto Community Talking About Today?
WEEX × LALIGA 2026: Trade Crypto, Take Your Shot & Win Official LALIGA Prizes
Unlock shoot attempts through futures trading, spot trading, or referrals. Turn match predictions into structured rewards with BTC, USDT, position airdrops, and LALIGA merchandise on WEEX.