Upbit Lists Synfutures (F) Token, Sparking Over 120% Price Surge
Upbit Adds Synfutures (F) to Korean Won Market
South Korea's leading cryptocurrency exchange, Upbit, announced the listing of the Synfutures (F) token on its Korean Won market. This marks the second consecutive day of new listings on the platform.
Synfutures: A Decentralized Derivatives Exchange
The exclusive listing immediately garnered market interest, propelling the Synfutures price to soar over 121.1% above the previous day's close, as per Coingecko data. At the time of writing, the token was trading at $0.01474, reflecting a 58.2% gain from the prior day.
Operating as a decentralized derivatives exchange (DEX), Synfutures uses a fully on-chain Automated Market Maker (AMM) called 'Oyster AMM.' This system optimizes liquidity efficiency, offering Concentrated Liquidity AMM (CLAMM) and leverage options for both professional market makers and general users.
Synfutures supports perpetual futures trading on various assets, including traditional cryptocurrencies and Real World Assets (RWA) like West Texas Intermediate (WTI) crude oil and Gold. The native Synfutures token (F) serves for staking and governance within the ecosystem.
Market Dominance and Expansion
Synfutures has quickly become a dominant derivatives exchange, capturing approximately 80% of trading volume on Coinbase's Base chain. Its seamless market structure attracts liquidity providers (LPs) and active traders, positioning it as a top-tier derivative DEX alongside dYdX and Uniswap.
Expanding its real-world utility, Synfutures is integrating the GameFi and NFT markets through its NFT derivatives platform, NFTunes, with plans to introduce AI-driven predictive trading features.
Increased Trading Volume Amid Market Challenges
Upbit supports F token trading on the Ethereum network, advising users to verify the network before depositing tokens. The exchange mentioned potential delays in the listing timeline if liquidity is insufficient.
Despite a general market downturn on Tuesday, the Upbit listing triggered a surge in F trading volume, indicating strong investor interest. According to Coingecko, F's trading volume increased ninefold within just three hours of the listing.