One problem with DeFi is user experience (UX), and while there is a lot of discussion, obstacles such as excessive user action are common. and overly complex platform interface Still a problem for those unfamiliar with the area.
But there is one DeFi derivative protocol that wants to solve UX problems to help introduce new users. With the goal of making derivatives trading accessible to a large number of people. SynFutures Progressing with the user experience Especially with the upcoming V2 release.
The road to mainstream adoption
DeFi has seen good growth in the past two years since the sector entered the 2020 era of growth known as “DeFi Summer”, while the total value locked in the DeFi protocol has declined since last December. But the sector is showing no signs of slowing down. With new protocols and investments seemingly being announced on a weekly basis.
But will the excitement last long enough to see mainstream adoption?
“Right now the momentum in DeFi is strong. But the barriers to access are still too high. There are many factors, but the UX problem is probably the biggest,” said Rachel Lin, SynFutures co-founder and CEO. “These barriers affect most DeFi protocols, but they also hurt more complex products. such as derivatives trading products.”
The complexity of decentralized derivatives trading may be one reason the market has not advanced. Meanwhile, the derivatives markets in both traditional financial markets and centralized crypto exchanges are many times larger as opposed to decentralized markets, and the lack of smooth and easy UX is a major impediment to advancement.
Improving the Derivatives Trading Experience
With the release of V1 public beta last year, SynFutures has set the stage for a vastly improved derivatives trading experience. To prove that DeFi derivatives protocol is as easy to use as spot DEX, SynFutures has adapted the Uniswap V3 model for the derivatives market. This allows users to list and trade futures on any asset with just a few clicks. and let users supply liquidity with a single token. This streamlines the listing process without the need to provide liquidity for both assets in the pair. The interface is also simple and easy to use. This makes it easy for new users to explore derivatives.
While Polygon is the most active chain, SynFutures adopts a multi-chain strategy, after deploying on Ethereum , Arbitrum and BNB Chain, it plans to expand to more EVM and non-EVM chains by the end of this year.
The platform’s approach to UX attracted more than 56,000 users and led to billions of cumulative trading volumes. And its focus on building a user-friendly platform also attracts a growing small user base. Although there are generally few addresses for most of the trading volume on decentralized derivatives platforms, the top 5 SynFutures traders account for less than 5% of DEX’s total trading volume, signaling demand. from minor users
Launch of SynFutures V2 and more
With the upcoming release of V2, SynFutures is introducing a more intuitive interface to improve user experience. As well as a streamlined experience for liquidity providers, SynFutures V2 will launch new derivative products in addition to futures. and other developments Tinder-like NFT derivatives and many other trading products will be available throughout the year.
while there are other challenges There’s a lot to solve in the decentralized derivatives and bigger DeFi markets, but SynFutures is up for the challenge and ready to meet the changing demands of the market.
“SynFutures V1 brings simplified trading to decentralized derivatives. And we’ve already seen the results of our user-focused approach. There is already a large number of merchants and volumes on our platform,” Lin said. We realize that there is still room for improvement. Therefore, we look forward to introducing our new and improved platform to users in the near future.”
SynFutures is expected to release V2 Closed alpha in early Q2 2022. Register for early access here: https://bit.ly/3tzbDD4
refer : LINK