Decentralised exchange Futureswap launches L2 derivatives on Arbitrum
Futureswap has launched perpetual swaps in test mode, based on Arbitrum's Level 2 scaling solution.
Derivatives on Futureswap allow traders to open long and short positions with no expiry date and up to 30x leverage.
The platform was initially launched on Ethereum. According to the developers, a new version of the exchange (v4) based on the Layer 2 (L2) solution will launch as early as this week.
Arbitrum holds the lead in TVL among L2 projects.
Since launching in April 2020, Futureswap's cumulative turnover has reached $4.2bn.
According to The Block, Futureswap has raised $12m in investment from Ribbit Capital, Framework Ventures, True Ventures and Placeholder in a Series A funding round.
In the previous two rounds, the project received a total of $1.6m. Funureswap has now raised a total of $13.6m.
Recall that in September the Polkadot-based derivatives exchange dTrade raised $22.8m from Polychain Capital, Alameda and other investors.
Earlier FTX platform head Sam Bankman-Fried called crypto derivatives "misunderstood" instruments. In his view, these financial products play an important role in enhancing the liquidity and efficiency of digital asset markets.