SynFutures Launches Perp Launchpad

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Table of Content

In today edition we talk about

• Crypto Policy May Shift Based on US Election Results

• SynFutures Launches Perp Launchpad and $1M Grant for DeFi Projects

• Daos.fun Memefunds See Sharp Declines as ai16z Drops 80% in Market Cap

Crypto Policy May Shift Based on US Election Results

The outcome of the 2024 U.S. elections could significantly impact the future of cryptocurrency legislation. Control over the House, Senate, and presidency will influence whether crypto policies like the Financial Innovation and Technology for the 21st Century Act (FIT21) and others remain priorities.

Senate Races and Crypto

With a slim 51-49 Democratic majority, Senate control is critical for crypto advocates. Key races in Ohio and Texas could swing the balance. Democratic Senator Sherrod Brown, known for his cautious stance on crypto, faces a challenge from Republican Bernie Moreno, a crypto supporter. In Texas, incumbent Ted Cruz, a vocal crypto advocate, leads Democratic challenger Colin Allred. A Republican win could bring new pro-crypto initiatives, including a dedicated crypto subcommittee.

House Control and Policy Impact

House elections will also shape crypto policy, with both parties eyeing control. Representative Patrick McHenry, who chaired the House Financial Services Committee under a Republican majority, will step down, and his successor may play a pivotal role in advancing or stalling crypto legislation. Campaign spending by pro-crypto groups underscores the importance of crypto-friendly candidates.

Presidential Influence

The presidential outcome could affect regulatory decisions and agency leadership. Donald Trump has promised crypto-friendly policies, including removing SEC Chair Gary Gensler and opposing central bank digital currencies. Kamala Harris, while less outspoken, may support a pro-crypto agenda if elected.

As voters decide, the future of crypto regulation remains uncertain, with potential shifts in leadership that could reshape the landscape of digital asset policies for years to come.

SynFutures Launches Perp Launchpad and $1M Grant for DeFi Projects

Decentralized derivatives startup SynFutures has launched the Perp Launchpad, a first-of-its-kind platform for creating perpetual futures markets, with an accompanying $1 million grant initiative to support new blockchain projects.

Expanding Access to Perpetual Futures

Built on Ethereum Layer 2 Base, the Perp Launchpad allows projects to set up perpetual futures markets for any asset, including popular memecoins. This feature enables projects to boost token demand and utility, offering passive rewards for liquidity providers and opportunities to hedge risks with leveraged perpetual futures contracts.

Driving Growth in Decentralized Finance

Since moving to Base in July, SynFutures has led the derivatives market there, facilitating over $23 billion in trading volume. CEO Rachel Lin emphasized that the launch responds to current market trends and aims to foster DeFi growth. The $1 million grant will fund marketing, liquidity, and support to new projects, building on successful initiatives like DAO Perps and Meme Perp Summer.

Broadening Opportunities in Derivatives Trading

With its vault feature optimizing liquidity yields for providers, the Perp Launchpad opens the door for traders to engage with a wide range of assets. By innovating in perpetual futures or “perps,” SynFutures strengthens its position in the DeFi space, supporting emerging tokens and attracting retail traders.

Daos.fun Memefunds See Sharp Declines as ai16z Drops 80% in Market Cap

The market caps of top Daos.fun memefunds, including ai16z and Norm Capital, have plunged over 80% in the past week, raising concerns about liquidity and the sustainability of initial hype.

Market Cap Decline Raises Liquidity Concerns

Daos.fun, launched on Solana in late September, lets users participate in "memefunds" that mimic hedge fund structures for memecoins. However, the platform’s leading memefund, ai16z, saw its market cap fall from $130 million to $23.8 million, while its net asset value (NAV) sits at only $283,150. Similarly, Norm Capital dropped from $170,000 to $25,000, with a NAV of just $2,481. This discrepancy between market cap and NAV indicates possible liquidity challenges.

Hype Fades Amid Market Correction

The initial surge in interest, spurred by social media endorsements, is cooling as the market self-corrects. Bitget Wallet COO Alvin Kan noted that FOMO and exclusivity contributed to early demand, but natural profit-taking and market dynamics are now tempering enthusiasm.

Criticism Over Misleading Metrics

Critics, including Olcabs developer Priyeshu Garg, have raised concerns that Daos.fun’s display of 24-hour gains misleads users with inflated metrics. Daos.fun, which operates on an invite-only basis, allows memefund creators to raise capital and set fees, but if fundraising targets aren’t met, buyers lose 10% upon redemption.

Daos.fun's early success appears challenged by market corrections, suggesting that memefund sustainability will depend on clearer valuation practices and increased transparency.

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