SynFutures values not the trading volume of the spot aggregation business, but the customer acquisition capability of the spot aggregator track.

SynFutures is currently the leading derivatives project in the Base ecosystem. Its recently announced roadmap after the TGE reveals that in addition to venturing into the derivatives field, it will also expand into the spot aggregator track in the future. In my opinion, this is a very bold yet imaginative business expansion by the team, inevitably reminding one of the leading Solana ecosystem project, Jupiter.

The Rise of Jupiter

If you have used Solana, you have most likely used Jupiter. Jupiter is the first stop for most users entering the Solana ecosystem and can be considered the gateway to the Solana ecosystem. Users can trade spot, trade contracts, purchase JLP, cross-chain, and participate in Launchpad here. Those familiar with Jupiter will know that it initially only had the spot aggregator business. After the success of this business, it launched contract trading before the TGE and, after the TGE, leveraged the impact of airdrops and the profits from JLP to achieve great success in contract trading, becoming a giant that spans multiple tracks in today's Solana ecosystem.

What has contributed to Jupiter's tremendous success today? A significant reason lies in its "diversification strategy" — not limited to success in one track, but utilizing its advantages, resources, brand, and traffic in the original track to horizontally expand into other businesses. Its substantial first-mover advantage in the Solana ecosystem has allowed it to quickly become a leader in new fields.

SynFutures at the Center of the Base Ecosystem

From the roadmap currently published by SynFutures, its market position and development strategy post-TGE share many similarities with Jupiter. Firstly, SynFutures is currently the leader in the derivatives track of the Base ecosystem, which can be said to be the hottest in the current L2 ecosystem, possessing the most funds, traffic, and popularity. As the leader in derivatives, SynFutures and the spot leader Aerodrome are undoubtedly the two projects most capable of absorbing the public chain's momentum overflow, serving as a reservoir of resources for the Base ecosystem. The data since SynFutures launched on Base also shows its rapid growth and importance within the Base ecosystem:

• Launched on Base on July 1, and just 10 days later, the trading volume surpassed 100 million USD

• Cumulative trading volume approaching 35 billion USD, with an average daily trading volume of 230 million USD

  

• Q3 trading volume accounted for nearly 50% of the Base network's share

  

• The trading volume in the past 24 hours accounted for 72% of the Base network, which is 6 times that of the second place

  

Becoming the Super App of the Base Ecosystem

Thanks to its first-mover advantages in users, community, and market, SynFutures is also likely to achieve excellent results in the spot aggregation field of the Base ecosystem. In my view, SynFutures values not the trading volume of the spot aggregation business, but the customer acquisition capability 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 on-chain players and are gathering places for traffic and users. If it can succeed in this business, it will further drive the growth of its contract trading business in terms of users, trading volume, and TVL, after all, the derivatives business is the most profitable.

Similar to Jupiter's Launchpad business, SynFutures also has a Perp Launched business. As the demand for listing tokens from project parties increases in the future, it may receive certain token rewards from project parties and airdrop them to SynFutures' token stakers. This could drive more users to stake, further attracting more project parties to participate in the perp launchpad, creating a positive feedback loop.

Previously, SynFutures successfully piloted the Perp Launchpad in collaboration with well-known LST and LRT projects such as Lido, Solv Protocol, PumpBTC, top MEME projects like cat in a dogs world ($MEW), Degen, and the recently popular AI+MEME project Virtual Protocol on Base, successfully helping project parties expand their user base and visibility on the Base chain, while receiving good rewards from project parties to distribute to SynFutures users. Meanwhile, SynFutures has also established a 1 million USD Perp Launchpad funding program to provide listing support, event support, and more for emerging projects, helping them enhance their user base, exposure, and activity on-chain.

The Value Capture Black Hole of the Base Ecosystem

When SynFutures becomes the most important reservoir of traffic, users, and funds in the Base ecosystem, its value capture will reach astonishing levels. Currently, with only contract trading business, its fee income over the past 30 days has already exceeded 3.3 million USD, ranking 3rd in the protocol (the 3rd place is the Base network's Sequencer). As its Perp Launchpad and other businesses mature, SynFutures has a great opportunity to stand shoulder to shoulder with top protocols like AAVE and MakerDAO in terms of revenue, and it has greater motivation to buy back tokens compared to other protocols.

We all know that due to compliance reasons, Base is unlikely to issue tokens. However, this is actually a good thing for project parties in the Base ecosystem, as the ecosystem's valuation and premium will be transferred to other projects within the Base ecosystem. As the leading project in the Base ecosystem, if SynFutures' token has the opportunity to be listed on Coinbase like $AERO, it could become the biggest beneficiary. 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 foothold within this ecosystem. The importance of a leading derivatives project on Base + a necessary platform for spot trading is self-evident, and Coinbase is more likely to provide resources to support its further growth, making it the Killer App of the Base chain.

SynFutures, the Aggregator of the Base Ecosystem

In this context, as the Jupiter of the Base ecosystem, what is the value of SynFutures? Considering that its official website hints at an upcoming TGE, this is a very interesting question. Taking spot DEX as an example, the valuation of Solana ecosystem projects is about twice that of the Base ecosystem.

Thus, a reasonable valuation for SynFutures on Base would be about half of Jupiter's current valuation, roughly 5.5 billion USD.

If we consider that some of its business is still in the early development stage and carries certain unknown risks, calculating based on Jupiter's opening price may be more reasonable. Additionally, since this is the beginning of a bull market and market sentiment is quite enthusiastic, 3 billion USD may be a more reasonable price.

From its Discord, we can see that its Korean community is exceptionally active, and SynFutures, as a project supported by well-known investment institutions from both the East and West, including Pantera, Polychain, Dragonfly, SIG, and having raised over 37.4 million USD in total funding, could see its valuation rise even further if it has the opportunity to be listed on Korean exchanges like Upbit, especially since we are only at the beginning of a raging bull market.

Conclusion: As We Witness Bitcoin Reach 100,000 USD Together

Bitcoin has finally reached this historic moment, and the future has gradually become a reality. The liquidity overflow of Bitcoin and the influx of new funds will also change the structural issues in the current altcoin market, initiating a new round of altcoin season. In this round, the most anticipated are those track leaders that can generate real profits, especially those that have found their positioning, have clear strategies, and are rapidly rising projects, such as the Jupiter on Base we discussed today, the derivatives leader "SynFutures."

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