BitMEX Returns to Derivatives Arena with Prediction Market

SynFutures, the Singapore-headquartered decentralized derivatives exchange specializing in crypto perpetual futures trading, has taken its V3 from public testnet through to mainnet launch on the Blast layer two network. Bringing permissionless perps to BlastTaking to Medium on March 1, the company outlined that “we’ve officially brought permissionless perps to Blast.” With the launch, the project is demonstrating iterative progression. Back in October of last year, the company outlined that it had launched V3 on public testnet, while also announcing details of a $22 million Series B funding round at that time. SynFutures' decision to roll out V3 on the Blast mainnet aligns with the layer two network's rapid ascent in the crypto space. Blast itself launched on Feb. 29 and in the process the network unlocked around $2.3 billion in staked crypto which had remained locked up until that point. The optimistic rollup-based network allows transactions to be executed off-chain, all the while leveraging the security provided by the Ethereum blockchain network. Blast has managed to garner significant value on-chain due to the 5% annual yield it offers users on ether and stablecoins that network participants accrue from staked ETH.Photo by Alina Grubnyak on UnsplashPoints rewards programAlongside the V3 launch, SynFutures has introduced a points rewards program, christened Oyster Odyssey. This initiative aims to incentivize user engagement on the platform, with V3 users set to qualify for the upcoming Blast airdrop as well. "Interacting with SynFutures can qualify users for Oyster Odyssey points as well as Blast points," Rachel Lin, co-founder and CEO of SynFutures, disclosed to The Block. Lin added:"We're also committed to giving 100% of our Blast developer airdrop back to users, so they'll enjoy plenty of benefits." Gearing up for native token launchIt also appears that SynFutures is gearing up for the launch of its native token. In its blog post, the firm suggested that it was pleased to reveal that it is “exploring the path to a token.” The company promises that launch details and an associated timeline will be disclosed in the not-too-distant future. Following V3 public testnet launch last year, the project explored various blockchain options, including Polygon and zkSync Era, before ultimately settling on Blast. While the team remains committed to a multi-chain expansion for V3, with future deployments under consideration, Lin has suggested that the immediate focus lies in driving adoption and volume on Blast. While V2 of the platform still operates on the Polygon proof-of-stake chain, support for it is gradually phasing out as SynFutures prioritizes the V3 rollout. Meanwhile, V1 has already been phased out, with both iterations collectively processing over $23 billion in cumulative trading volume to date. SynFutures' journey thus far has been supported by substantial funding, with approximately $38 million raised to date. Notable backers include Pantera Capital, HashKey Capital and SIG DT Investments, a unit of the Susquehanna International Group, among others.  

Thailand’s Securities and Exchange Commission (SEC), the independent state agency responsible for oversight and development of the Southeast Asian nation’s capital markets, is seeking public commentary on the updated set of rules it has proposed to regulate initial coin offering (ICO) portals.  In a notice published on its website on July 18, the SEC outlined that it is seeking public comments in relation to the criteria it has established for investor communication and service provision by ICO portals as part of its proposed regulations.Photo by Alin Meceanu on UnsplashEasing knowledge test requirementsThe regulations had been approved in principle last month and put an onus on ICO portals to ensure that retail investors take a knowledge test and pass that test before they are permitted to participate in trading ICO tokens. The current regulations stipulate that retail investors must undertake knowledge tests on an ongoing three-monthly basis. The updated regulations propose that ICO portals conduct suitability tests that are sufficiently comprehensive such that the investor understands the risks associated with any potential ICO-related investment. The SEC stated that the objective is that the investor has “a risk tolerance level appropriate and in alignment with the product risk.” Instead of quarterly knowledge tests, the proposed regulations require suitability assessments to be carried out once every two years. In this way, the commission believes that it will reduce the administrative burden for ICO portals while reducing friction for the investor. It stated: “These proposed requirements are in line with regulatory practices applicable to both securities and digital asset business operators.” Jagdish Pandya, founder of blockchain venture builder BlockOn Ventures, told Decrypt that “Thailand has been a first mover for crypto regulations and the SEC has played a pivotal role in providing all regulated activities and licenses, much ahead of Singapore, Malaysia, Philippines, and Vietnam in South East Asia.”  Moving past previous ICO market failuresPandya added that the proposed suitability tests would protect “amateur investors” from piling into ICOs and losing their funds like in the “old ICO scam era.” ICOs first gained significant popularity in 2017 as the crypto market started to expand. Around $6.2 billion in funding was raised by a broad range of crypto projects in that year. However, a complete lack of regulation at the time meant that the ICO marketplace was laden with outright scams. ICOs were being hyped up in pump-and-dump schemes, with investors losing most, if not all, of their funds as the fraudulent ICO promoters rug-pulled them, abandoning the projects and taking off with the ICO funding. Thailand’s existing ICO portal regulations were introduced in November 2023. The regulations require project promoters to make disclosures with regard to project creditworthiness and risk for debt-like tokens with a predetermined fixed rate of return.  Those promoting infrastructure-backed tokens, which allow the token holder to earn a revenue share from infrastructure projects, are subject to rules regarding items such as due diligence, asset valuation and issuer asset management.

Dunamu & Partners Invests $109M in 60 Promising StartupsInvestment firm Dunamu & Partners (D&P), a subsidiary of South Korean cryptocurrency exchange Upbit’s operator Dunamu, announced that it has made 144.4 billion KRW ($109 million) investments in 60 promising startups, as per economic news media Moneytoday.Photo by Precondo CA on UnsplashDiversified portfolioHaving commenced its operations five years ago, the investment company started investing in fintech and blockchain domains and later diversified its investments into other cutting-edge fields such as artificial intelligence (AI) and data management.AI and data managementA D&P official said that more than half of the investment (52%) has been allocated towards AI and data management. The company made initial investments in nascent startups and continued to provide additional funds to support their noticeable growth.One of the best cases is Korea Credit Data (KCD), the company behind retail revenue management solution Cashnote. After receiving strategic investment from D&P in 2018, KCD secured another 35 billion KRW ($26.4 million) last October to turn into a unicorn company, elevating its status to a unicorn company — a privately-owned startup valued at over $1 billion.Other notable companies in D&P’s portfolio include cloud-based foreign exchange payment solution Travel Wallet, AI-driven investment tech provider Qraft Technologies, and AI chip design firm Rebellions.Positive social impactD&P has also made investments in areas that generate positive social impact. D&P has committed 10 billion KRW ($7.6 million) each to whole-genome sequencing analysis company Genome Insight and knowledge-sharing platform Classum.Investments with capitalD&P invests entirely with capital and does not rely on funds for financing its investments. D&P CEO Lee Kang-joon emphasized the firm’s preemptive monitoring of market trends and its persistent investment strategy in the quest to identify the next industry trailblazer.