Cypher Raises $2.1M for Traditional Futures Market on Solana
Summary
Cypher, the upstart protocol, plans to start trading synthetic futures contracts tied to restricted assets like pre-public stocks or upcoming token sales as soon as next month, project developers told CoinDesk. Beyond just tokens and stocks, “we’re looking at things like NFT futures, DeFi rate derivatives – so a lot of stuff where having that set expiration date can really help you express a more nuanced view on the market,” James, a project contributor and globetrotting expat, said. Degens have favored perpetuals ever since BitMEX introduced the form in 2016; it remains a product seldom found off-chain. A futures contract on Kraken’s eventual IPO price would expire after the first day of trading concludes. The developers said they’ve taken steps to avoid getting caught in the legal morass that Mirror, another synthetic futures market in DeFi, faces.