Bi-weekly Update #5 (2021/5/3~5/17)

Highlights in the last development sprint

📑 Smart Contracts

  • Implement Partial Liquidation*
    Your position will now be liquidated proportionally based on its margin ratio:
    😢 When the margin ratio is between 6.25%~2.5%, ¼ of the position will be closed.
    😭 When the margin ratio is below 2.5%, the entire position will be closed.
    📜 Read more: http://perp.link/3egyjw

  • Implement Oracle-based Check on Margin Calculation*
    In severe market conditions, the system will double check against the index price (ie. the price from Chainlink) when calculating margin ratio. This check comes into effect when the mark and index prices diverge by 10% or more.
    📜 Read more: http://perp.link/3fehya

  • Implement Order Size Limitation*
    Users can only close up to 25% of their position when the price impact of the order exceeds ±1.2%. The UI will also be updated accordingly to accommodate this update.

Feature implemented to mitigate the effects of flash crashes in the future.*

💻 Web

  • Multilingual UI
    Now, perp.exchange supports 12 languages, including Chinese, Japanese, Korean, French, Vietnamese, etc. You can change your language setting by clicking the language icon in the top-right corner.

🛢 Backend

  • Perpetual Protocol Command-line Tool (Read-mode)
    You can now look up information on Perpetual Protocol with this command-line tool. In the future, the tool will also allow users to perform trading operations.

🤝 Partnership/Marketing

  • Blockcrunch Sponsorship
    Blockcrunch podcast’s sponsorship has been rolling since last sprint. This campaign will run for 13 weeks.

  • Referral Program Pilot
    We have been working with some influencers to test out our referral program, which should attract more users. In the early phase, referrals will be limited to influencers partnered with Perpetual Protocol.

  • Genesis Vision Partnership
    Once this integration is complete, people can pick fund managers on Genesis Vision to trade on their behalf on Perpetual Protocol.

To-dos in this development sprint

🎨 Design

  • Onboarding guide (🚧still work in progress!)
    We are designing a visual how-to intro on perp.exchange to help first-time visitors get started trading faster on perp.exchange.

  • Usability Testing
    Now that the design overhaul is nearly done, we’re conducting some usability tests to know more about users’ feedback. Want to help with testing? Contact us on Discord or Twitter!

📑 Smart Contracts

  • Perpetual Protocol Command-line Tool (Read/write-mode)
    After this update, you can interact with Perpetual Protocol’s smart contracts using just command-line software. 🤓

💻 Web

  • Mobile Web UI (🚧 still work in progress!)
    Our mobile web interface is still WIP but the Lite Mode described below will also be usable via mobile 👇

  • Lite Mode for perp.exchange
    To make perp.exchange more beginner-friendly, we’ve developed a lite version for users who are more accustomed to a Uniswap style trading experience. This UI will be open-sourced in a few weeks.

  • Gas-free USDC deposits (🏁 finish line in sight!)
    In this development sprint (if not this week), users will be able to deposit USDC without paying any gas fees - Metamask or hardware wallet users alike.

🤝 Partnership/Marketing

  • Perpetual Protocol Workshop #1
    Our first workshop will be held on 5/5 (Wed.) at 11:00 pm UTC+8. You can add this event to your calendar by clicking here or check that time in your timezone here.

  • PERP Together (🏃‍♀️ Still running)
    Trade, stake and win—every week.
    1️⃣ Trade on perp.exchange and receive pPERP tokens;
    2️⃣ Stake pPERP at Pool Together (Make sure to set gas price to 1 Gwei);
    3️⃣ Win weekly prizes! 10 traders win $500 in PERP each.
    (pPERP and prizes are distributed every Tuesday)

Stay in the loop