Dec 9, 2021
SynFutures x IM community AMA RECAP
đ TELEGRAM AMA: Im Community & SynFutures đ
â° AMA Timing : 07 December 2021 l 11:00 AM UTC l 18:00 GMT +7
Venue For AMA : https://t.me/imcommunityitw
đ Reward Pool 100 USDT
Bà Tân | : Welcome @MattTFG from SynFutures
Bà Tân | : Welcome everyone. Today Im Community will host AMA with SynFutures
Bà Tân | : Today our guest is: @MattTFG from SynFutures
Ahrix : Welcome @MattTFG to the IM community.
Matt TFG : Thank you!
Bà Tân | : Can you introduce yourself to our Im Community?
Matt TFG : Happily! This is Matt TFG aka. âthe finance guyâ. I am partner and CSO at SynFutures
Bà Tân | : Thanks for the introduction.
BĂ Tân | : Todayâs AMA will have 3 session
Session 1: Project Introduction
Session 2: Question From Twitter (https://twitter.com/IM_Communityitw/status/1467526264789483528) (will choose 5 question)
Session 3: Free Asking (will choose 5 question)
Bà Tân | : Requirements:
���Im Community (https://t.me/imcommunityitw)
���SynFutures Official Community (https://t.me/SynFutures_Defi)
���SynFutures Official Announcement (https://t.me/SynFutures_Announcement)
���Twitter SynFutures Protocol (https://twitter.com/SynFuturesDefi)
���More information about SynFutures :
���Website (https://www.synfutures.com/)
���Reddit (https://www.reddit.com/r/SynFutures/)
���Youtube (https://www.youtube.com/channel/UCRHA7TThDHr7hGxtvM5_3vQ)
���Github (https://github.com/SynFutures)
���Medium (https://synfutures.medium.com/)
���Discord (https://discord.com/invite/qMX2kcQk7A)
Bà Tân | : Start session 1 AMA.
Bà Tân | : Question1. Can you briefly describe what is SynFutures? We would like to know more about it and how it works. @MattTFG
Matt TFG : Sure!
SynFutures is a decentralized synthetic asset derivatives trading platform (i.e. derivatives DEX).
In Version 1, we launch a Ethereum-based futures market for a variety of assets, including Ethereum native, cross-chain, and off-chain real world assets to be synthesized and freely traded against ERC 20 tokens as margin. Now you can trade with 4 networks on SynFutures: Ethereum/Polygon/BSC/Arbitrum.
For more details, you can visit the website www.synfutures.com here.
done
Bà Tân | : Question2. What products does the SynFutures project provide to users ? @MattTFG
Matt TFG : We provide futures trading to users, users can long or short the long tail assets on the platform.
If the asset they want to trade havenât been listed on SynFutures, they can list it within 30s.
Furthermore, with the popularity of NFT, We unveiled worldâs first NFT-based futures, where you can go long or short on NFT (fractionalized) with a smooth single-token trading experience supported by continuous liquidity of AMM, It is like a marketplace (but with continuous price, rather than auction-type)
There is a piece of news on coindesk about it too.
https://www.coindesk.com/business/2021/10/05/nft-market-too-frothy-now-you-can-short-it/
BĂ Tân | : @MattTFG Please say âDoneâ when you have finished the question, thank you.
Matt TFG : done
:)
Bà Tân | : Question3. What are the outstanding features of SynFutures compared to other projects ? Does the SynFutures team plan to open your token sale? @MattTFG
Matt TFG : I can give a few obvious points on the difference.
The key futures that differentiate SynFutures v1 from any other existing Defi Derivatives include
1)List any assets within 30 seconds
Put simply, SynFutures is the Uniswap for futures contracts: users can easily list their own futures contracts of arbitrary trading pairs with just a few clicks.
There is no need to even go through a DAO or committee like other DEX do
2) Single-token LP
Users can use one token to provide liquidity to various asset pairs, whether it be large-cap cryptocurrencies, altcoins, traditional equities, gold, indices, or any other asset they desire
Typical LPs use USDC, USDT, ETH, WETH, WBTC, BUSD etc for their liquidity provision
without exposing to the underlying asset directional risk
3) Rigid risk management and safety
Backed by solid experience from the TradFi financial engineering and DeFi protocol safety, SynFutures has many risk management features (e.g. anti-flashloan attack, EMA smoothing method, etc.) and has gone through external code audits.
For token launch, we donât have an official plan yet, please stay tuned. We will announce related information in our communities once available.
done
Bà Tân | : Question4. Can SynFuturesteam please update some SynFutures latest news or major events to attract more users? @MattTFG
Matt TFG : Sure
We have several campaigns ongoing, i can introduce one by one.
First, we have a FutureX which is a pre-DAO committee that takes place every 2 to 3 weeks.
Read more intro here: https://medium.com/synfutures/introducing-futurex-synfutures-pre-dao-committee-fe40d48d34cb
And we have one comment campaign of FutureX, it will end in 1 day, make sure you guys wonât miss it: https://gleam.io/r01MN/lucky-drawsynfutures-futurex-4-in-gamefi
Second, we are running trading competition epoch 2, you can trading with native token margin to double your trading volume:
https://twitter.com/SynFuturesDefi/status/1461621535869849605
https://synfutures.medium.com/introducing-synfutures-new-native-token-margin-feature-97d44a6365e9
Besides these, welcome to become one of our ambassadors.
Weâre Launching the SynFutures Ambassador Program
https://medium.com/synfutures/were-launching-the-synfutures-ambassador-program-2a1ac3de77e8
Regional Ambassador Recruitment Program
https://medium.com/synfutures/regional-ambassador-recruitment-program-306604dbbcc4)
And with the upcoming Christmas, we have launched âA Christmas with Syntaâ event, please join our discord channel to more updates: https://discord.gg/x2r2B248za
done
Bà Tân | : Question5. What are the achievements that the SynFutures project has achieved? What is the current and future development roadmap of the SynFutures project? @MattTFG
Matt TFG : We are relatively young and are experiencing fast growth.
Milestone for SynFutures so far include
In January SynFutures has been seeded by Dragonfly and Standard Crypto
In Q1 this year, we have deployed our V1 fixed margin futures on Kovan testnet with external security audit.
In Jun we announced 14mio USD Series A funding led by Polychain
In Oct we launch Beta version
And shortly afterwards, we will be launching our SynFutures v2 this month
As we are progressing in product launches (v2 and v3), we are also expanding the community and partnerships.
The philosophy is that we would like to democratize this market for average users/beginners
We will continue to level the playing field for the average investor by improving our usersâ capital efficiency, simplifying the UIUX.
Going forward we would continue to level the playing field for the average investor by improving our usersâ capital efficiency, simplifying the UIUX and launching new products.
done
Bà Tân | : End of session 1
Bà Tân | : Session 2: Question From Twitter (will choose 5 question)
Bà Tân | : Question1. @KiyokoSumaru
SynFutures wants to be top brand in blockchain Industry. But can you tell us what are your strategies to stay on top? Can you tell us what are the requirements for becoming a regional ambassadors? What are your steps on global expansion?
Matt TFG : Our aim is to democratize the derivatives market. Our clients are any potential users who would like to trade derivatives, including retail and institutions.
We realize that the larger demand in directives are actually on the retail side rather than institutions. This on the surface looks different from the traditional finance world, however completely in line with what we see in the centralized exchanges.
As of today total users in the world of DeFi itâs about 3 to 5 millions. This is the user number of uniswap, slightly lower than the monthly active users of metamask wallet which is around 10 million.
We believe that the potential derivatives market size is larger than any of the number we mentioned earlier. Therefore in six months to one yearâs time we will be receiving new demands from people who are unfamiliar with derivative, unfamiliar with cryptocurrency, and of course people who do not speak English.
We are positioned for such growth.
â1, we built easy to use user interface which is very rare in the world of DeFi.
â2, we are building a global community and global user base rather than focusing in a specific jurisdiction origin.
â3, on top of the English centric content strategy today, we will shortly launch a couple of local language community channels all in our discord server, with the help of community of the ambassadors.
To become our ambassadors, you will be upgraded to corresponding level after completing relevant tasks. Our mission 6 for ambassador program will soon be announced, stay tuned!
If you are interested in becoming our local channel leader, please go and apply via https://synfutures.wufoo.com/forms/pk9be731sl0h08/
done
Bà Tân | : Question2. @Harrypee10
SynFutures is taking a leap forward by introducing Hash Rate Futures, a derivative that contains all the risk factors that affect the performance of Bitcoins mining. What is Hash Rate Futures? How do you achieve good Hash Rate levels? Hash Rate Futures Benefits?
Matt TFG : Hash Rate Futures is a derivative containing all of the risk factors affecting the return on mining Bitcoins.
When designing our Hash Rate Futures product, practical usage and economic value are our primary concerns. To achieve this, we looked at traditional financial market products for guidance â interest rate futures immediately caught our eyes. Interest rate futures are used to speculate or hedge against the change in interest rates (LIBOR in the case of Eurodollar, and USD deposits outside the U.S)..The notional for a contract represents the principal amount for a deposit, with the implied interest rate set for three months after the expiration of the futures contract.
For example, a price quote of $97.45 USD signifies a deposit rate of 2.55% per annum. In this way, an abstract interest rate index is converted into an economically meaningful value: in order to get $100 USD in one yearâs time, you need to deposit $97.45 USD today.
Similarly, our Hash Rate Futures represents the total block mining reward in Bitcoin per PH hash rate, with the implied difficulty for 14 days after the expiry block ( which is always a difficulty resetting block). With this design, the futures contract can be used to perfectly hedge the change in mining difficulty. More importantly, every future difficulty resetting block can have a futures contract expiring on that block for hedging needs.
You can read more here:
done
Bà Tân | : Question3. @Rajvir11660243
Nowaday, many projects often encounter security vulnerabilities in smart contracts. So does @SynFuturesDefi have any preventive measures? what are your security mechanisms? Did you complete any audit?
Matt TFG : Yes
Risk management and safety: Backed by solid experience from the TradFi financial engineering and DeFi protocol safety, SynFutures has many risk management features (e.g. anti-flashloan attack, EMA smoothing method, etc.) and has gone through external code audits.
Safety is at the core of our product design. Our CTO has a PhD in cryptography. And all contracts go through at least one external auditor (some have 2â3 in version 2)
Sharp spikes driven by flashloans in oracle prices have been known to cause un-intended liquidations. In SynFuturesâ design, we have built anti-flashloan mechanism, where the price of underlying futures cannot move by a certain % in one block (a proxy of âvery short period of timeâ). Also the liquidation mark price is smoothed with TWA method.
A couple of months since we launched, we have not had any flashloan-driven liquidations. So I would deem such measures effective.
done
Bà Tân | : Question4.@Hridoydas235
Are there plans for the @SynFuturesDefi to support more blockchains in the future? What are your goals for cross-chain convergence for widespread adoption? Can you name some of the key partners who made a significant contribution to the @SynFuturesDefi business?
Matt TFG : aha
Recently we are working with AVAX/NEAR Aurora/OP teams for active exploration. This list will continue to grow, as we follow the users
done
Bà Tân | : Question5. @Lidiamga
As far as I know, in theory the SynFutures design could support any ERC20 token as a listing asset, so that liquidity is more concentrated. So, can you explain what are the assets that can be used as quote when SynFuturesV1 is launched? Could they allow ETH, USDC, USDT or DAI?
Matt TFG : an LP can use single token to provide liquidity. Currently these are ETH, USDC, USDT, DAI on Ethereum; BUSD on BSC; WETH, USDC on Polygon; USDC on Arbitrum.
done
Congratulations to the winners of session 2.
@KiyokoSumaru
@Harrypee10
@Rajvir11660243
@Hridoydas235
@Lidiamga
Bà Tân | : Alright, Session 2 has finished perfectly. Appreciate your detailed responses @MattTFG ���
You are welcome!
Bà Tân | : End of session 2
BĂ Tân | : Weâll move on to session 3
Bà Tân | : Session 3: Free Asking (will choose 5 question)
BĂ Tân | : Donât forget to join the group https://t.me/synfutures_Defi
Bà Tân | : Group will unmute now so everyone can ask questions.
Bà Tân | : Thanks for the questions from the community.
BĂ Tân | : Now letâs give our dear guest @MattTFG some time to go through them.
Matt TFG : aha so many questions
Bà Tân | : @MattTFG Please choose the best 5 questions and answer it for session 3, Thank you.
Q1. Can you share Your opinion about Defi & NFT ? What makes your NFTs rate and special?
Matt TFG : NFT x DeFi would be explosive in the coming months/years. Because NFT would be able to have more users than traditional DeFi users (a couple of millions). And DeFi will continue to offer a democratized financial market in the web3 world
Q2. Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project??
Matt TFG : Absolutely! We believe that non-English speaking countries are where the growth are. Especially like countries in South East Asia such as Vietnam. This is our growth focus as well. We have many Vietnamese speaking users.
Q3. What are your top priorities in 2022? Can you share some plans for next year? Which part of the project are you most interested in right now?
Matt TFG : in 2022, we will launch our V2 smart contracts and V3 smart contracts, each with an upgrade of better user experience and deeper liquidity/higher capital efficiency. We have not issued any tokens yet. So this may also come in 2022. Stay tuned in our community!
Q4. How important is the community to you?Ă and how can we collaborate or help you for the development of the project?
Matt TFG : welcome to become one of our ambassadors.
Weâre Launching the SynFutures Ambassador Program
https://medium.com/synfutures/were-launching-the-synfutures-ambassador-program-2a1ac3de77e8
Regional Ambassador Recruitment Program
https://medium.com/synfutures/regional-ambassador-recruitment-program-306604dbbcc4)
Q5. AUDIT play an IMPORTANT role in enhancing the stability of any PROJECT. Do you have AUDIT CERTIFICATES . Or are you working to AUDIT your project to make it more secure and reliable?
Matt TFG : Risk management and safety: Backed by solid experience from the TradFi financial engineering and DeFi protocol safety, SynFutures has many risk management features (e.g. anti-flashloan attack, EMA smoothing method, etc.) and has gone through external code audits.
Safety is at the core of our product design. Our CTO has a PhD in cryptography. And all contracts go through at least one external auditor (some have 2â3)
Sharp spikes driven by flashloans in oracle prices have been known to cause un-intended liquidations. In SynFuturesâ design, we have built anti-flashloan mechanism, where the price of underlying futures cannot move by a certain % in one block (a proxy of âvery short period of timeâ). Also the liquidation mark price is smoothed with TWA method.
3 months since we launched, we have not had any flashloan-driven liquidations. So I would deem such measures effective.
all good questions
Bà Tân | : Thanks for the useful information from @MattTFG
Bà Tân | : End of session 3
Bà Tân | : For questions that have not been answered today, you can send them to @synfutures_Defi for answers.
Bà Tân | : IM Community, if you would like to know more about SynFutures ! here are some useful links for you:
Official Website: https://www.synfutures.com
Twitter: https://twitter.com/SynFuturesDefi
Telegram: https://t.me/synfutures_Defi
Youtube: https://www.youtube.com/channel/UCRHA7TThDHr7hGxtvM5_3vQ
Github: https://github.com/SynFutures
Medium: https://medium.com/synfutures
Discord: https://discord.com/invite/qMX2kcQk7A
Matt TFG : Great community
Matt TFG : You are welcome!
Bà Tân | : Allright, I declare the Im Community AMA with SynFutures has ended.
Thanks to @MattTFG | SynFutures joined us and provided us with SynFutures information, we hope that this knowledge makes us understand more about https://www.synfutures.com (https://www.synfutures.com/)
To the members, thank you for following this event to the end. winners will be announced soon.
