Author:Sha
SynFutures is currently the leading derivatives project in the Base ecosystem. It recently announced its post-TGE roadmap, from which we can see that in addition to entering the derivatives field, it will also expand into the spot aggregator track in the future. In my opinion, this is a very bold but highly imaginative business expansion for the team, which inevitably reminds people of Jupiter, the leader of the Solana ecosystem.
Jupiter's rise
If you have used Solana, you have most likely used Jupiter. Jupiter is the first stop for most users to enter the Solana ecosystem, and it can be said to be the gateway to the Solana ecosystem. Users can trade spot, trade contracts, purchase JLP, cross-chain, and participate in Launchpad here. Friends who are familiar with Jupiter will know that Jupiter originally only had the spot aggregator business. After the success of this business, it launched contract trading before TGE, and after TGE, with the influence of airdrops and the income from JLP, it helped itself achieve great success in contract trading and became a giant across multiple tracks in the Solana ecosystem today.
Why has Jupiter achieved such great success today? A big reason lies in its "diversification strategy" - not limited to the success of one track, but using its advantages, resources, brand and traffic in the original track to expand horizontally to other businesses, and because of its huge first-mover advantage in the Solana ecosystem, it can quickly become a leader in the new field.
SynFutures at the center of the Base ecosystem
Judging from the roadmap currently released by SynFutures, its current market position and development strategy after TGE have many similarities with Jupiter. First of all, SynFutures is currently the leader in the derivatives track of the Base ecosystem , and Base can be said to be the hottest in the current L2 ecosystem, with the most funds, traffic and popularity. SynFutures, which is in the leading position of derivatives, and Aerodrome, the leader of spot, are undoubtedly the two projects that can best undertake the overflow of public chain potential energy . They can be said to be the reservoir of Base ecosystem**resources. **The data after SynFutures went online on Base also shows its rapid growth in the Base ecosystem and its importance to the Base ecosystem:
- Base was launched on July 1, and the transaction volume exceeded 100 million US dollars 10 days after launch
- Cumulative trading volume is close to 35 billion US dollars, with an average daily trading volume of 230 million US dollars
- Q3 transaction volume accounts for nearly 50% of the Base network
- The transaction volume in the past 24 hours accounts for 72 % of the Base network, which is 6 times that of the second place.
Become a Super App of Base Ecosystem
Thanks to its first-mover advantage in terms of users, community and market, SynFutures is also likely to achieve excellent results in the field of spot aggregation in the Base ecosystem. **In my opinion, SynFutures does not value the trading volume of the spot aggregation business, but the customer acquisition ability of the spot aggregator track. **After all, most users do not interact directly with spot dex, but complete transactions through aggregators. Spot aggregators are essential tools for players on the chain and a gathering place for traffic and users. If it can succeed in this business, it will further promote the growth of users, trading volume and TVL of its contract trading business. After all, the derivatives business is the most profitable.
Similar to the Jupiter Launchpad business, SynFutures also has the Perp Launched business. In the future, as the demand for project listings increases, it may obtain certain token rewards from the project and airdrop them to SynFutures token pledgers. This will drive more users to pledge, further attract more project parties to participate in the perp launchpad, and form a positive flywheel.
Previously, SynFutures has successfully completed the Perp Launchpad pilot cooperation with well-known LST and LRT projects such as Lido, Solv Protocol, and PumpBTC, top MEME projects such as cat in a dogs world ($MEW) and Degen, and Virtual Protocol, the recently popular AI+MEME project on Base , and successfully helped the project parties expand their number of users and popularity on the Base chain, and received good rewards from the project parties and distributed them to SynFutures users. At the same time, SynFutures has also established a $1 million Perp Launchpad funding plan to provide emerging projects with coin listing support, event support, etc., to help projects increase their number of users, exposure and activity on the chain.
The value capture black hole of the Base ecosystem
When SynFutures becomes the most important reservoir for Base ecosystem traffic, users, and funds, its value capture will reach an astonishing level. With only contract trading business at present, its fee income in the past 30 days has exceeded 3.3 million US dollars , ranking third in the protocol (the third place is the Sequencer of the Base network). In terms of revenue, as its Perp Launchpad and other businesses mature, SynFutures has a great chance to be on par with top protocols such as AAVE and MakerDAO in the future, and it also has greater motivation to repurchase tokens than other protocols.
We all know that Base will most likely not issue coins for compliance reasons. But this is actually a good thing for the project parties of the Base ecosystem, because the ecosystem valuation and premium will be transferred to other projects in the Base ecosystem. As the leader of the Base ecosystem, SynFutures may become the biggest beneficiary if its token has the opportunity to be listed on Coinbase like $AERO. After all, the development of the Base ecosystem cannot be separated from the support of Coinbase, and the most important thing in this process is to find a handle in this ecosystem. The importance of Base as a derivatives leader + a necessary platform for spot trading is self-evident. Coinbase is also more likely to output resources to support its further growth and become the Killer App of the Base chain.
SynFutures, the epitome of Base ecology
In this case, how much is SynFutures, the Jupiter of the Base ecosystem , worth? This is a very interesting question considering that its official website hints that it will conduct a TGE in the near future. Taking spot dex as an example, the valuation of Solana ecosystem projects is about twice that of Base ecosystem.
Then the reasonable valuation of SynFutures on Base is half of Jupiter's current valuation, which is about US$ 5.5 billion.
If we consider that some of its businesses are still in the early stages of development and have certain unknown risks, it may be more reasonable to calculate according to Jupiter's opening price. In addition, now is the beginning of the bull market and the market sentiment is relatively enthusiastic, so 3 billion US dollars may be a more reasonable price.
From its Discord, we can see that its Korean community is extremely active. SynFutures is a project that has received support from well-known Eastern and Western investment institutions including Pantera, Polychain, Dragonfly, SIG, and has received a total of more than 37.4 million US dollars in financing. If it has the opportunity to be listed on Korean exchanges such as Upbit in the future, then this valuation may be further raised. After all, this is just the beginning of the violent bull market.
Conclusion: When we witness the $100,000 Bitcoin together
Bitcoin has finally reached this historic moment, and the future has become a reality without us noticing. The overflow of Bitcoin's liquidity and the entry of new funds will also change the structural problems of the current altcoin market and start a new round of altcoin season. In this round, the most anticipated are those track leaders who can earn real returns, especially those projects that have found their own positioning, have clear strategies, and are rising rapidly, such as Jupiter on Base and the derivatives leader "SynFutures" discussed today.
