SynFutures (F) Rallies 31% After Announcing Exit From Blast Network

F, the native cryptocurrency of the decentralized exchange (DEX) SynFutures, has rallied by more than 30% in the past 24 hours following an announcement of a new development on the network.

SynFutures revealed that it would be exiting Blast, an Ethereum Virtual Machine (EVM)-compatible, optimistic rollup that offers native yield for both ether (ETH) and stablecoins, including USD Coin (USDC), Tether (USDT), and Dai (DAI) for depositors. The DEX will now move to Base, an Ethereum layer-2 network created by Coinbase, the largest American crypto exchange.

According to data from CoinMarketCap, F has jumped 47% from its intraday low of $0.0101 to a high of $0.0149. The asset rallied by more than 20% shortly after news of SynFutures’ exit from Blast emerged. When writing, the coin registered a 30.8% 24-hour surge and changed hands at $0.0136.

The 24-hour trading volume for F sits at $26.36 million after a 274% increase, while the asset’s market cap hovered around $22 million by press time.

SynFutures is Leaving Blast Network

An official announcement released by SynFutures says the exit from Blast will take place on April 15, 08:00 UTC. The network has advised that users close all open positions before the set time to avoid incurring any losses. The team has also asked users to withdraw all liquidity from any Blast pairs on SynFutures because the Ethereum scaling solution will no longer be accessible once the transition is complete.

SynFutures says it had an exciting experience on Blast over the last year, crushing several milestones and recording successes on the network.

“It was one of the earliest high-momentum chains, giving us a unique opportunity to test the Oyster AMM, the permissionless listing engine, and our flexible trading infrastructure with a vibrant, early-adopter community,” the DEX team stated.

After launching on Blast in early 2024, SynFutures eventually became the leading perpetual DEX on the chain, with more than $180 billion in trading volume. With an active and degen-savvy user base, the DEX rapidly onboarded new trading pairs and gained valuable feedback that built the foundation for what the exchange has become today.

Delivering The Best Experience to Users

Despite the massive growth witnessed on Blast, SynFutures insists that it wants to focus on ecosystems with continued product-market fit, deep liquidity potential, sustained user growth, and high performance. The team said that while scaling and evolving SynFutures v3, the focus remains on delivering the best experience for traders and liquidity providers.

To ensure that the DEX delivers the best user experience, the team intends to double down on Base while exploring other efficient chains. This is part of a move toward a sharper and more focused roadmap.

“Sunsetting our support for Blast marks our move toward bigger opportunities and a more focused roadmap. We’re excited about what’s next for SynFutures, and we’re excited for what the future holds for SynFutures. To our Blast users: Thank you for being part of our early growth. We hope to see you trading with us on Base and beyond,” SynFutures added.

Meanwhile, BLAST, the native asset of the Blast network, has not reacted negatively to the news of SynFutures’ exit. The cryptocurrency has surged at least 8% in the last 24 hours.

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