Issue #30 - Market volatility, first stress-test for Perp v2 & more

Hi everyone,

The markets were in turmoil last week but we hope you are well! We did monitor Perp v2 closely during the volatility and are happy to share that it has held up very well running smoothly. Furthermore, we do have some v2 product updates to share. Read on below.

During these volatile market conditions we did monitor the functioning of Perp v2 closely and are happy to share that the exchange has been running smoothly and held up well. 

Due to the deteriorating market conditions and its impact on price feeds we had to delist the LUNA-USD market. All positions that have not been closed before will be settled by May 17, 11 PM UTC. The index price at the time of the announcement ($0.01277084752) will be used to settle the remaining positions. Once settled, it is recommended users close their positions. Moving forward we will establish a process for emergency situations such as these that can be run through governance. In addition, we have paused further market listings until market conditions stabilize.

On May 15 (UTC) Perp v1 was forced to halt trading as a consequence of market volatility. Please find our governance post explaining the incident and the decision to sunset Perp v1 as well as a settlement plan, which will go into vote on Snapshot on May 19 at 2am UTC, here. 

To claim the $50 bonus credit, click the referral link for Ethereum Mainnet or Polygon, connect your wallet and activate your policy. If you want to learn more on how to manage risks in DeFi you can listen to the  recording of the Twitter Space Tales of DeFi: Solace & Perpetual, a Referral Story.

Questbook is a decentralized tool built to streamline the process of creating and managing grants for grants DAOs and applications for BUIDLers within one dApp, with all data and interactions on-chain. You can view our open grant and apply here. 

We are working on the implementation of our vePERP tokenomics model. As the first step, we will launch the vote-escrow model, or vePERP, which can be locked up for up to one year to maximize voting rights and rewards. For more details see the governance proposal on Perp V2 Tokenomics and the subsequent proposal to set the parameters for fee distribution.

After the launch of our major milestone multi-collateral, we are working to add other collateral types. As of right now you can use USDC and ETH/wETH as collateral, but we are going to add more soon - stay tuned!

We’re updating our wallet SDK to support Coinbase and Torus wallets in the upcoming days.

The Token Listing DAO enables us to quickly launch new and relevant markets. The latest governance proposal suggested funding the Token Listing DAO for Q2, holding a new election cycle as well as increasing the stipend size for members. You can still cast your vote as a PERP token holder here.

As usual, we will host a Community Call the following Wednesday, May 18th, to discuss the latest and future updates. Join the English Community Call at 1pm UTC or our Chinese Community Call at 2pm UTC, both live on Youtube.

Find the latest articles that we have published below: