SynFutures (https://www.synfutures.com), a leading decentralized derivatives exchange, today announced the Trading Grand Prix (TGP) Competition, setting a new record with the largest stablecoin prize pool ever offered in decentralized finance (DeFi) history. With 500,000 USDB in rewards, the competition marks a monumental milestone following the launch of SynFutures V3 on Blast, which garnered over 300,000 registrations and more than $24M in TVL in just one week.
The TGP is designed to spotlight SynFutures’ new Oyster AMM (oAMM), a fusion of automated market-making with an onchain order book model, setting a new benchmark for capital efficiency in DeFi. Historically, the gap between DeFi and CeFi has been pronounced, with the latter often outpacing in efficiency and user experience. Powered by the novel oAMM, SynFutures V3 bridges this divide, heralding a new era where DeFi can compete head-on with its centralized counterparts.
An Eight-Week Marathon of Skill and Strategy
Beginning March 12, 2024, and ending May 7, 2024, the competition invites all traders to navigate the volatile seas of decentralized perps trading, leveraging SynFutures’ unmatched efficiency to secure their spot among the legends of the trade. Each tournament stands alone, offering fresh chances to win weekly USDB prizes, with up to 10,000 USDB awarded to the top trader.
TGP also features a Masters Tournament, drawing in luminaries from the DeFi community and leading firms. Participants include @jandx_, @RoofHanzo, @CMSholdings, @Awawat_Trades, @CL207, @keyboardmonkey3, @mattomattik, @nanixbt, @izebel_eth, @_jaechung, @cryptoethan, and @ResearchKronos. This elite gathering underscores the competition's significance, providing an onchain stage for the best to showcase their strategies under the most dynamic of market conditions.
Rachel Lin, Co-founder and CEO of SynFutures, reflected on the inception of the trading competition. "Having seen so much success with our V3 launch on Blast, we wanted to celebrate this milestone by doing something unprecedented in DeFi. The Grand Prix isn't just a competition; it's a testament to our belief that DeFi can offer a trading experience as rich, if not richer, than CeFi. This competition invites the trading community to experience our new platform's capabilities firsthand."
As the Grand Prix beckons, all traders are invited to partake in this historic event, vying for a piece of the half-million USDB prize pool. It's more than a competition; it celebrates strides toward a decentralized future, underscored by SynFutures' unwavering commitment to innovation, efficiency, and community.
In addition to the TGP, users on SynFutures can earn up to 3x the rewards potential through the Expanded Oyster Odyssey (OO) program. Traders and liquidity providers will be rewarded with Blast, Blast Gold (Big Bang developer airdrop allocation), and OO points.
Users can visit the SynFutures blog for more information on The Grand Prix Trading Competition, leaderboard updates, and registration details.
About SynFutures
SynFutures is a decentralized perpetual futures protocol that facilitates open and transparent trading on any assets and listings instantly. The V3 Oyster AMM launched the industry's first-ever unified AMM and onchain order book model.
Backers include Tier 1 Web3 institutional investors Pantera Capital, Polychain Capital, Susquehanna International Group (SIG), Dragonfly Capital, Standard Crypto, and Framework Ventures, and the team has extensive experience at global financial institutions, fintech companies and blockchain technology companies such as Alipay, Bitmain, Credit Suisse, Deutsche Bank, Matrixport, and Nomura Securities.
