The DeFi game is still in early phase. DeFi do change a lot. Before that, everything is controlled by governments. From BTC to Ethereum, from Ethereum to Polygon, from Polygon to Arbitrum, now the networks are much more faster and gas fee friendly. When the infrastructures become better, the upper applications will flourish. In the next few months, EIP-4844 is expected to be deployed; at that time, L2 network's gas fee will be cheaper, such as only 1/12 of the fee now. We are in a good time. Let's go, go, go.
We want to build something great, just like Steve builds Mac and Apple. Not everyone like computer installed window systems. What he expected maybe a macbook pro with a retina display. Apple manufactures those products. Some may want to trade BNB coin with 50x Leverage in arbitrum, but many on-chain perpetual exchanges can not do that yet. When asset prices have already hit your limit orders and orders should be filled, but sorry, some on-chain perpetual exchanges may not fill your orders, can you abide that? the most irony is that it happens in the largest on-chain perpetual exchange in arbitrum. So, we build Uniperp. We are good at programs and can make product great.
In bull market, as Vela/GNS like platform's vault only has stable coin assets(usdc/dai), the vault can not benefit from bull market. Uniperp/GMX's vault has ETH/BTC assets, vault's value will grow as ETH/BTC prices rise in bull market. Valut's value grow, LP rewards increase.
In bear market, Uniperp/GMX like platform's liquidity providers can replace assets to stable coins proactively, and this can help prevent loss.
In short, Uniperp not only can trade both native and synthetic assets but also guarantee limit orders filled and provide high LP rewards.
No. For example, there are some ETH valued $128 million in the vault, Uniperp platform will set a max long size to $80 million and max short size to $35 million for the ETH target. This can keep enough safety room even though when the markets go crazy, such as up 60% or drop 50%.
Money's safety is the life principle of Uniperp. Nothing else is more important; it's even much more important than the heads of uniperp developers.
First, we open-sourced our contracts, everyone can help to discover bugs. In addition, we provide bug bounty;
Second, we have added super strict permission control in contracts. No mosquitos can fly in without a grant.
Third, Uniperp has cooperated with other audit companies to review our contracts. We will put more effect in this continuously.
It may not have silver bullet. We prefer to be something like Uniswap for spot trading, but we focus on perpetual exchange. Technology innovations may help reach that, such as blockchains charging less gas fee, and datacenter's bills becoming decent. We can not use traders' blood to feed the mouth of liquidity providers and vice versa. Uniperp should be a health platform for all related parties.
Uniperp maintains a group of price keepers(>=7); those price keepers only do one thing: observe the asset price of mainstream exchanges(such as coinbase, binance, etc), sign the price using his private key and post the price/signature to the collector. For a given asset, when the collector gets enough prices and signatures in a short time window, it will package those prices and signatures into one price package and post the price package to a public distributed database--everyone can query and verify. Limit order keepers will keep looking at the databases; if found one price package can trigger a limit order, the limit order keeper will submit the price package to the blockchain and call a smart contract to execute the limit order. After the smart contract receives the price package, it will verify signatures and compare it with chainlink reference prices. If the safety check pass, the contract will execute the limit order. This mechanic still works even with blockchain congestion, as the price package(signatures included) is already saved into a persistent database. After blockchain congestion eased, the price package is still valid for the limit order.