SynFutures, a crypto derivatives trading protocol, today announced that it will deploy its protocol on Arbitrum, an Ethereum layer-2 scaling protocol. With the announcement, SynFutures will become the first DeFi derivatives project to be deployed on Arbitrum.
SynFutures + Arbitrum
As a next-generation layer-2 protocol for Ethereum dApps, Arbitrum solves scaling without compromises. It is a side chain protocol that offers similar functionality to the Ethereum mainnet allowing developers to build and run dApps just like they would on the mainnet.
With Arbitrum, developers can easily migrate unmodified EVM contracts and run them on their layer-2 protocol in a seamless manner. Developers have access to the Arbitrum compiler through which they can compile their solidity contracts and deploy them easily on their protocol.
The platform is interoperable with the Ethereum mainnet ensuring that all transactions on layer-2 are ultimately recorded and sealed on the mainnet. Designed as a solution to addresses Ethereum’s scalability issues, Arbitrum boosts transaction speeds whilst improving privacy.
Arbitrum uses the transaction rollup technique to compile numerous transactions and enter them as a batch on the Ethereum mainnet. This helps lighten a substantial portion of Ethereum’s computational and storage burden and subsequently enables cheap and fast transactions.
“This is an exciting new development that will improve the efficiency of our application once successfully launched on the platform. Our users will benefit from the scalability, speed, privacy, and compatibility of the Arbitrum protocol. It also expands our capabilities enabling us to onboard more users and provide a wider array of products and services.”
Back in June 2021, SynFutures announced $14 million Series A funding led by Polychain Capital with participation from Framework, Pantera Capital, Bybit, Wintermute, CMS, Kronos, and IOSG Ventures. Earlier in 2021, it announced a seed round backed by Dragonfly Capital and Standard Crypto.