With the TGE approaching, can SynFutures catch the tailwind of the Base ecosystem?

By: blockbeats|2024/12/05 11:45:01

Original Title: "TGE Incoming, Exploring SynFutures Market Potential"

Original Author: Wilson Lee, Biteye

01Base Ecosystem Thriving, SynFutures Riding the Growth Wave

Solana is undoubtedly the leader and biggest beneficiary of the current "meme" craze, with its strong wealth effect attracting a large number of loyal users and driving massive ecosystem expansion, as well as sparking industry-wide mimicry — the trend of "pump meme, build ecosystem."

Amid Solana's "meme" frenzy, Pump.fun is undoubtedly one of the biggest winners. Since its launch a few months ago, the platform has accumulated nearly $270 million in revenue.

Simultaneously, the influx of hot money and the growth of active users have greatly propelled the growth of the Solana DeFi ecosystem. Spot DEX platforms like Raydium and Jupiter, as well as Perp trading platforms like Drift, have leveraged this momentum to achieve both business growth and price appreciation.

With the TGE approaching, can SynFutures catch the tailwind of the Base ecosystem?

Pump.fun Cumulative Fee Revenue — November 29 data, Source: https://dune.com/evelyn233/pump-data

However, as Pump.fun shut down its live streaming feature in late November due to a series of controversies, Solana's short-term hype has subsided.

Meanwhile, leveraging the AI Agent narrative entry point, Base has smoothly taken over Solana's hot money and traffic under the guise of a "meme season."

The skyrocketing popularity of meme issuance projects like Clanker and Virtuals on Base also seems to foreshadow Base nurturing an opportunity on par with Pump.fun.

Under the market consensus that Base does not issue coins, we have reason to believe that Base's DeFi products will capture greater market value during the "Base Season."

As the fastest-growing Perp trading platform in the Base ecosystem, SynFutures has become the de facto leader in the Base derivative market since its launch on Base in July.

In the third quarter of 2024, SynFutures captured over half of the market share in the Base Derivatives market.

With the launch of the Perp Launch mechanism and the TGE on the horizon, SynFutures will further leverage Base's momentum to continue expanding its market share, achieving dual growth in business and market value.

02Perp Launchpad Empowering Value Capture

SynFutures' current achievements are attributed to its excellent product innovation capabilities, outstanding operational capabilities, and profound strategic vision.

As early as March, the team set its sights on Blast and launched Base in July, perfectly capturing the market's rhythm and sustaining the momentum of its growth engine.

At the same time, SynFutures, with its innovative Oyster AMM (oAMM) mechanism, successfully addressed the trade-off between capital efficiency in Perp products and permissionless trading to support any asset.

Amid the great opportunity of the Base frenzy, SynFutures once again innovated its product, introducing the Perp Launchpad feature, making people look forward to SynFutures' performance in this Base Season.

Note: For more information about SynFutures, please refer to Biteye's previous article: "3 Months to the Top, 50% Market Share, Who Is Leading the DeFi New Trend?"

What Is Perp Launchpad

Perp Launchpad is the perpetual contract issuance platform launched by SynFutures. Similar to spot issuance, anyone can quickly deploy liquidity on a DEX and launch a token.

SynFutures' Perp Launchpad brings this flexibility to the Perp track, allowing users to create perpetual contract markets for any crypto asset in a permissionless manner.

Perp Launchpad has certain requirements for assets that want to issue Perps:

· Asset type limited to ERC-20 tokens on Base only

· Spot issuance date cannot be earlier than June 30, 2024

· Minimum 24-hour trading volume must not be less than $1 million

· Has active social media or offline community activities

· Has a price oracle

In the future, the SynFutures team plans to gradually expand the Perp issuance feature to other blockchains.

Although the Perp Launchpad has been launched for a short time, in SynFutures' contract market, we have already seen the listing of several new small-cap tokens (especially meme tokens).

Users can directly engage in contract trading and provide liquidity, among other operations. As user habits are formed and the market further expands, the Perp Launchpad will demonstrate enormous potential.

Source: https://oyster.synfutures.com/#/launchpad/base

Strategic Significance of Perp Launchpad

The launch of the Perp Launchpad holds profound strategic significance, not only crucial for the development of SynFutures itself but also likely to have a far-reaching impact on the entire derivatives space.

Firstly, for on-chain degens, the Perp Launchpad provides more trading opportunities and gameplay for small-cap tokens, especially meme coins.

Many small-cap tokens that have not been able to launch derivative markets on mainstream platforms can quickly launch derivative markets with the support of Perp Launchpad, providing more leverage trading opportunities, enhancing market liquidity and activity, and promoting price discovery.

In the meme-heavy, PVP-filled market, if shorting tools can be introduced, the overall market playability will be significantly enhanced.

Secondly, the Perp Launchpad provides investors with more diversified sources of income and risk management tools.

The SynFutures LP liquidity mining mechanism allows investors to earn high annualized returns by providing liquidity. With the launch of more varieties of meme perps, LP options will significantly increase, and investors' earning potential will also increase accordingly.

For SynFutures, the Perp Launchpad is not only a key growth engine but also has enormous potential to capture the Base meme bull market as an expression of its further market share and brand influence expansion.

Lastly, the launch of the Perp Launchpad is significant not only for SynFutures and on-chain degens but also could lay the foundation for further development of the crypto derivatives market.

Through this decentralized, open innovation model, SynFutures aims to drive widespread adoption of perpetual contracts, becoming an industry-leading platform and contributing to the mainstreaming of the crypto industry.

A more inclusive derivative trading method will accelerate the maturity of the crypto market and provide investors with more diverse income and risk management tools.

03 Market Performance and Value Potential

On November 25, SynFutures announced the establishment of a foundation and the launch of the $F token, stating that a TGE and airdrop will take place soon. Under impressive data, SynFutures' market value potential has become the focus of market attention.

Market Performance

Looking back on the development of the decentralized derivatives track in recent years, new projects are rising, old projects are fading, and although there has been good progress, their market share compared to centralized exchanges is still insignificant, less than 5%.

On the one hand, this is related to the DeFi development encountering a phase bottleneck, and on the other hand, the derivatives track has higher requirements for speed, and the underlying public chain still has significant bottlenecks in this area, hindering the development and innovation of the track.

However, SynFutures generated over $200 billion in trading volume in 9 months, showing a very impressive performance. The highest daily trading volume reached $1.7 billion.

In the past 24 hours, the platform's trading volume ranks 2nd overall, second only to Hyperliquid.

According to DefiLlama data, Q2 and Q3 on-chain perpetual contract trading volume was $1.1857 trillion, with the top 3 accounting for over 45% of the volume, namely Hyperliquid (16.94%), dYdX V3 & V4 (14.37%), and SynFutures (14.11%).

Value Potential

We assess SynFutures' market potential by looking at how it captures Solana value in the Solana DeFi context, combined with the market performance of Aerodrome, Base's native DEX.

Firstly, SynFutures has firmly established itself as a top player in Base's ecosystem. Since launching on Base on July 1st, SynFutures saw its trading volume surge past $1 billion within 10 days, approaching a total trading volume of nearly $40 billion, with a daily average trading volume of $240 million.

The trading volume in the past 24 hours accounted for 68% of the Base network volume, surpassing the 2nd spot by 4 times.

Compared to projects in a similar ecosystem position, SynFutures demonstrates significant market potential. According to DefiLlama data, as of the end of November, Solana and Base had TVLs of approximately $9.2 billion and $3.6 billion, with daily trade volumes of around $3.6 billion and $2 billion, respectively.

Source: https://defillama.com/chains

Looking at the data from the major DEXs on Solana and Base since November, the FDV of the following projects aligns closely with their operational metrics. It can be observed that derivative trading volumes contribute to a higher market value compared to spot markets.

Since November, SynFutures' derivative trading volume on Base has approached Jupiter. Therefore, based on the data and market capitalization of similar projects in the same ecosystem position, SynFutures' value potential should not be underestimated.

Data Source: DefiLlama, Coingecko

SynFutures has garnered strong support from numerous top industry institutions in its growth journey, having raised a total of $37.4 million in three funding rounds. Leading investors include Dragonfly, Standard Crypto, Polychain, and Pantera Capital, showcasing high market recognition of the project.

The business of SynFutures has shown strong growth momentum. In addition to its existing dominance on Perp, the SynFutures team has also hinted at the possible launch of spot aggregation trading functionality on Base. Riding the wave of the Base ecosystem, SynFutures is poised to demonstrate tremendous market potential.

04 Summary and Outlook

SynFutures' success is not only attributed to its outstanding product innovation and market acumen, but also to its keen following of industry trends, especially its rapid rise within the Base ecosystem.

In conclusion, SynFutures' market performance post TGE is highly anticipated. Leveraging the Perp Launchpad, potential spot aggregation feature, and the potential of the Base ecosystem, SynFutures is expected to lead the breakout of the Perp track and become the benchmark in the derivatives track!

Original Article Link

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.

Never Underestimate "Institutional Inertia"

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.

The Software Industry Has "Infinite Demand" for Labor

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.

Redemption of "Reindustrialization"

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.

Towards Abundance

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

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