Good morning, good afternoon and good evening everyone. Thank you for joining us today. We have a special AMA today. We have Sin Futures joining us. On behalf of Sin Futures, we have Matt.
Matt is the CSO and partner at SIN Futures. Welcome Matt.
Yes I can. Hey, hey, Samyak. Thanks for joining today. You're welcome. OK, bring in food.
So just before we get started, could you introduce yourself and tell us a bit about your background?
Absolutely. First of all, happy new year to everyone, especially to the strong community at Seller Network. This is Matt and the partner co-founder, as well as Chief Strategy Officer, same features.
I work as seen futures since the beginning of the project almost two years ago and I've been on different roles throughout this journey. Most recently, you know, I'm helping out on
most of the partnership business development as well as some product design part. Yeah, I myself have a trader background initially I worked at a Wall Street bank as a trader then
I'm moving around the world, helping a couple of multinational congruomberates managing their effects and derivatives, I suppose, before starting something actually in the consortium business, four years
ago, but actually find my true passion in DeFi about two years ago, that's the time when we started to see futures with the other co-fongers. Yeah, I'll pause here and hand it back to you in some ways. Thanks.
Thank you for the introduction. Maybe what you can do is you can give us a brief introduction about what soon features this.
Absolutely. Sympatures is a next generation, derivatives protocol, focusing in creating an open and trustless derivatives market. We would like to enable
trading anything anytime and anywhere with the blockchain technology. Currently we offer both perpetual futures as well as dated futures i futures with maturity and we use
as synthetic AMM, which is similar to the Unislob CMM, but this is a theoretical layer. And hopefully as we move along, we can deliver more and better design
products as well, but we have always been a strong believer in the Web 3 world in some of the Web 3 original designs such as AMMs. So far,
We have been doing this for two years, actually more than two years already, getting good amount of traction from the users, from the community. For example, the first version of the product has been live for about a year and a half.
Recently, we have around 3,000 to 4,000 weekly active addresses doing trades on signatures, and we have passed cumulative of 15 billion US dollars.
dollars in terms of total trading volumes. But what's more important is that we have around 200 different assets, historically, have been listed with liquidity and traded on
in futures so that this really brings the permissionless listing and the variety of asset to the next level. Yeah, and of course, as we're launching our second version, we're also designing future
third version etc. This team is very used to this non-stop innovation and we believe in that that's the only way to continue staying relevant in this whole Web 3 world.
Thanks. Back to you in some next.
Interesting. Yep, that's really interesting. So I like how you guys have looked at futures and done things that are slightly different from what others have as well. So what motivated you and your partners to start this project?
Yeah, thanks for us. Our background are mostly, you know, from trademys doing trading, risk management, etc. We have always believed that the power of DeFi will
become so large at a more mature stage that it's one of the three pillars and the financial services. So there will be track five, there will still be and there will still be C5, although we have seen C5 is facing a lot of issues.
And then there will be the DeFi world. So DeFi is one of the three pillars in the modern and future financial industry. Therefore, we wanted to start building something with our past experience.
that we're good at. The derivatives is the area. Hence, we started. Honestly speaking, in the first version when we started, we also wanted to build like term maturity for each of the tokens on chain.
But then we also gradually learning as we see more and more demand from the users regarding perpetual futures as well as NFT futures, etc. So we also add these to our products suite.
Yep, back to you. Thanks, Insomnet. Thanks for the insight on how you guys got started.
We've talked about how you guys started, what motivated you and the team to actually get started with Synfuges. So what makes you project unique? Maybe you could sell to us. What's the unique points of Synfuges? What makes you different?
Yeah, first of all, I would say we have something called 30 seconds listing of new assets. This means the listing of future assets are completely permissionless, just a couple of clicks.
And a new pair is created. Of course, so long as there is price fee of that asset either from Chilling or other Oracle's or from a spot X that is native to that specific network. Now, the 30 seconds listening experience
is the first unique points. As we see most of the derivative projects will need to go through some approval by the team or even some Dow process before new assets could be listed. But the same futures is completely permissionless.
The second unique point is our liquidity providers, i.e. the LPs, are formed with just single token. For example, you have stablecoins or you have a specific project tokens using
Then that one single token will be able to create a liquidity pool. This is different from Unislob where you need to have a pair and then you would have a data risk. So, as soon as features will provide liquidity, you are data neutral.
is that given the team's background in a lot of track-fibrous management practice, we pay a lot of attention and have put a lot of measures in the design of our smart contract to ensure
For the safety of users, the fairness of the platform and the importance of risk medications. I'm proud to say in the last couple of crises.
such as Vable 3AC, even FTX, we have seen some Munchin projects failed because of the flaws in the design or they didn't pay much attention to risk management but we didn't
suffer at all. They all be didn't lose money in this. We, you know, are a product. Stand strong after the test of these market events. Yeah, so in short, again,
in. First, we have 30 seconds. Permissionless listing. Second, it's single token LP and third, is that we pay a lot of attention to risk management safety. Yeah, back to you in some
So you mentioned sin features v1 and v2. What were the differences between the two?
Yeah, me one is a sort of MVP, I would say because we started with futures with maturity as you know these carries the most a solid financial risk management logics.
Now, as we grow, as I mentioned, there are increasing demand from the community for perpetual futures. Therefore, in V2, we added perpetual futures. That's one. And second is we have a new synthetic AMM model.
with some improvements in the liquidity provider experience. We have also enabled coin margin futures in V2. That would allow all native token, you know, with a large community base to be used as a
for providers and capital directly. For example, if we're talking about seller networks, then the seller network token itself can be used to create the futures pool for seller networks.
without pairing or using other stablecoins such as USD. So this opens another area where we work with a lot of strong projects with strong communities for the liquidity provision site. Yeah.
Oh, sorry. I forgot to mention that the V2 is UI UX. I would say it's awesome. Try it.
We really put a lot of efforts in this because users experience is extremely important to the product. >> Yeah, definitely.
So while we know financial products can be have some risk attached to it, do you guys provide any form of insurance funds on St. Futures V2?
Yeah, the short answer to that is yes. And you know, in addition to, again, assurance or reserve found, we also put together quite a couple of different mechanisms, right, to, for example, to have a
a oil limit of individual account, or if the price moves within a block, about 13 thresholds, that would be similar to subjecting to a potential flash long attack
Then the transaction will get reverted etc. So we will put in very I would say some very cautious and pre cautious measures To prevent potential attacks or hacks that we have you know, honestly these attacks and hacks we would
We've seen other projects, we went through some of these because of the last of these defense mechanisms. We do have them and of course, like I mentioned earlier, some of the reserve, some of the fees generated
through this reserve fund which acts as an insurance fund. We don't really buy external insurance because I think we kind of have this self insurance fund that is again similar to a lot of the DeFi projects.
Nice, looks like you guys got quite a bit of bass coming there.
So, from what I see on the site, you guys do open for liquidity providers. What sort of incentives do LPs have on SyntvHSV2?
So for the simfiatur's V2LPs, they take most of the fees generated through their trading activities. And that can sometimes be
the API of double digits, even the triple digits sometimes, but I would say the triple digits are too sustainable, usually low double digits, API will be a relatively
attractive incentive. In addition to that, of course, we reconsider mining or other stuff, but most likely this will come after we launch our token.
We have an unchart token, by the way, after working on this for more than two years, as we're really serious in building a solid product and then use the token later to propel the growth and adoption of the product.
Interesting, I'm pretty sure a lot of people will be hitting you guys up to find out more about your token. But okay, let's get into maybe
Tell us a bit about how sin features and sellers partnership works. How do you guys incorporate each other's products or how does seller actually bring value to sin features?
Yeah, thanks. Cellar Network is a strong and important partner to Simfutures. So we know that number one, the Cellar team is extremely savvy.
in terms of cross-chain communication technologies as well as applications. I have been talking to more for a while and then I understand that he and the team
are extremely knowledgeable, or I mean if not the most knowledgeable team in this area. Now the second part is that because St. Futures is multi chain deployed, we have always
have had the vision that these networks can one day be better connected and that would solve the issue for siloed liquidity. Today we see many networks that would also solve
the issue for, I was a user experience in terms of crossing different chains. And then this is a special of the case for soon futures because
We offer permissionless listing and therefore on different networks there are different assets that are offered. But sometimes you know users from one network wants to transaction on the asset of another network.
that we hope would be eventually become an easy process and experience for these users with cellular networks, technology and solutions. Yeah, and of course.
I also want to mention that the seller team is also super good in community as well as marketing. We're doing a lot of efforts on this side together and really appreciates all the good support and help.
So that's nice. So now one important question that a lot of users would probably want to know is, how safe is it to use your platform?
Yeah, so I would say the different layers, right? I mentioned earlier there was the reserve found and then we also put in quite a couple like that. I would say anti-attack, safety measures, another financial risk management mechanism.
organisms are cold, by the way, have also been audited by a pectoral as well as a quant stamp. And then, you know, the later versions might also be audited by more institutions.
So, you know, kind of have, we're solid and we have the sign-off end endorsements on this. And of course, we have a list of core backers that are mostly, you know, long-term
VC phones such as Pantera, Framework, Dragonfly, Standard Crypto, Polychain etc. So these are our backers and I know
know that they invest in projects that are relatively speaking more solid and safer. So you can think that as part of your due diligence process as well.
you have definitely. So maybe let's talk about what's coming up in future for your project. What do you guys have lined up in your road map?
for 23. Yeah, I think for 2022, we did a lot of good achievements on version two. Well, first on, I would say rolling out version one at
on different networks and trying to explore cross-chain solutions to connect these networks. And of course on releasing version 2 currently in the white listed alpha state.
Now 2023 is another year of building. I would say in the near term we would finally have the NFT futures, usually called end futures.
to come also in an offer in the first quarter. And that is the first permissionless NFT related derivatives that will be available in the market. In fact, when we
design the crypto futures with didn't know that we could do the NFT futures as well with the same set of smart contract. So that's the beauty, right? Because if let's say the next type of
popular asset is called, I don't know, let's give it a name like "am" "FT". Then we can also do "am" "FT" futures. So, so long as of course there's a certain
level of fungibility in that asset, one with another by herself or through some fractionalization projects. So that's the first thing we're going to expect. Then we would also
have the third version to be released sometime this year. Although details we haven't announced, but that's also coming this year. Yeah, I would say these are the two big things.
and around them there will be many reports, research to come out and then of course we're going to refresh the landing page as well as some of the documents when you publish new white papers.
Nice. So if somebody listening in today would like to participate in Sin Futures, what would be the best way for them to do so?
Yeah, I would say first you know check out the product You know at smfjst.com You know you can either trade directly on v1 or sign up for alpha on v2
and currently we approve this, you know, the alpha-wight listing pretty fast, so you would expect to have that, you know, whightlisted within hours after sign-up. And, you know, to a couple of trades, tries to
and see if you like it we always welcome good community feedbacks sorry back good I mean critical community feedbacks yeah and that's that's you know one and two is also join our community
We have Twitter and then Discord is the main one for interaction with the team. We do also have Telegram, but that's not super active. I would say I would recommend Twitter
and Discord. Furthermore, we do run an academy with good contents on education around DeFi, no-shilling at all.
super good academic materials that I think would be helpful for a new user in DeFi to start the journey. Yeah, I would say these are all the potential areas.
Nice. So I think we've reached the end of the list of questions I had. Do you have some time to take questions from the floor?
Oh, absolutely. I'm happy to. Okay, guys. We're going to open it up for you guys to ask questions, any questions that you have. If you would like to ask a question, please raise your hand.
and by hand i mean a digital hand on twitter.
Does anyone have any questions for map? If not, then we'll end the session here.
Okay, but looks like we don't have any questions from the floor. Like, thank you so much for taking your time to spend with us and share, but a little bit about what sin features is doing and what you guys are also expecting to come
in 2023, it looks like a lot of interesting things that's happening on your site. So I know you guys would definitely be busy. So thank you once again for spending your time with us this evening.
You're welcome. Yeah, and thank you a lot everyone. Yeah, again, happy new year.
Thanks Matt and Happy New Year to you too. Thank you everyone for joining us this evening and without further ado. Good morning, good afternoon and good evening wherever you are in the world.
We hope to see you again soon. Thank you.