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Terra to Provide UST Liquidity on Polygon-Based SynFutures
SynFutures processed over $266 million in trades over the past week.
Updated May 11, 2023, 5:25 p.m. Published May 4, 2022, 6:28 a.m.
Algorithmic money market Terra will provide liquidity for TerraUSD (UST) trade pairs on decentralized finance (DeFi) exchange SynFutures, according to a release shared with CoinDesk.
- SynFutures, which is accessible via Polygon, Binance Smart Chain and Arbitrum, processed over $266 million worth of trades over the past week, data shows. The protocol is backed by major crypto investors, such as Polychain Capital and Pantera, among others.
- As of Wednesday, users can trade a variety of assets against USD Coin (USDC), FRAX and wrapped ether (WETH). The upcoming UST pairing would allow users of both ecosystems to gain access to newer markets and trading opportunities.
- The announcement comes as the Terra ecosystem sees explosive growth with both UST and LUNA seeing increased activity. UST is the crypto market’s largest decentralized stablecoin by capitalization. It is backed by both Terra's native LUNA tokens and billions of dollars in bitcoin.
- Meanwhile, Terra and SynFutures said they would explore other ways to work together ahead of the launch of SynFutures V2, an upcoming version that would see the launch of perpetual futures and other sophisticated trading products.
- The price of LUNA is down a nominal 0.3% to about $84 in the past 24 hours.
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