MCDEX - Decentralized Derivatives Exchange - Perpetual, Futures
The first 100 users who trade ETH worth 10$ or more will get a refund of 10 USDT within 5 days
Introducing MCDEX V2- Perpetual - The first-ever decentralized perpetual contractETH-PERP contract is available for trading hereThe first contract live is ETH-PERP, which has the following features:(1) Deribit-like continuous funding rate
(2) Introduce Uniswap-like AMM to Perpetual contracts
In Perpetual contracts, the Funding rate reflects the supply and demand for future trades. On centralized exchanges, the
impact bid/ask price of the order book accurately provides this information. The on-chain order book for decentralized
perpetual contracts is quite expensive, so we don’t use the on-chain order book for decentralized perpetual contracts.
In fact, this is the most challenging aspect of designing a decentralized perpetual contract — to derive the funding rate on the chain.
Therefore, our MCDEX team introduced an Automated Market Maker(AMM) to our Perpetual Smart Contract. Since arbitragers
will continuously transfer liquidity between the off-chain order book and the on-chain AMM, the AMM should have an
“order book” like logic. That’s why we use AMM’s mid-price to reflect the market demand/supply of the trades.
The AMM price can have various formulas, thus many choices. In the first phase, we have chosen the classical x*y=k,
which already has several successful use cases. We’ll continuously upgrade the price formula over time. Meanwhile,
MCDEX also provided an off-chain order book for order matching to provide liquidity.
How to TradeWith the on-chain AMM and off-chain order book running at the same time, MCDEX users have two trading choices:
a. Trade with AMM, which is simple and intuitive.
b. Trade with order book, which is similar to trading Perpetual contract on a centralized exchange.
Trade with AMM
Advantages: Fully decentralized trading, simple & intuitive UX
Disadvantages: potential risk of worse slippage
Trade with Order book
Advantages: Better liquidity, a similar experience with Perpetual on centralized exchanges
Disadvantages: Off-chain order book
All you need trade is ETH, no need for any other coins.
Also, anyone can add or remove liquidity to the AMM by depositing or withdrawing ETH respectively.
Perpetual Contract Features1) Market price soft peg to index price through a funding mechanism
2) Up to 10x leverage
3) AMM provides on-chain liquidity & funding rate
4) Off-chain order book enhancing liquidity
5) Isolated margin & liquidation
Please refer to
reference, if you are interested in details.
The ProtocolMCDEX V2 is built on Mai2 Protocol, which is open-source on
https://github.com/mcdexio/mai-protocol-v2.
The Mai2 Protocol will soon be audited.
Features of Mai2 Protocol:
1. Manage Perpetual margin accounts.
2. Trade with counter-parties and manage positions.
3. Trade with AMM and add/remove liquidity.
4. The Funding Rate is calculated by AMM.
5. Funding payment between longs and shorts.
6. Validate users’ orders and execute the match result of the order book engine.
7. Liquidate the positions whose margin fraction is less than its maintenance margin.
8. Leverage the insurance fund to liquidate accounts when in danger of bankruptcy.
9. Socialize the loss when the Insurance fund is inadequate.
10. Global settlement if there is an emergency to keep the users’ assets safe.
RoadmapUp to now, 2020 is tough. But we’ll still deliver the following plans:
1. Designing AMM’s pricing formula for perpetual contracts to improve capital efficiency and low slippage.
2. Developing mobile products and work closely with more wallets.
3. BTC-PERP. MCDEX will launch the BTC perpetual contract soon. Before launching the contract, we will discuss
the MCDEX BTC-PERP with our community, investors, users, and other stakeholders. Join our community
here.
4. Introducing solutions to improve transaction performance by 10 times. The blockchain infrastructure is constantly
improving, and new technologies are constantly emerging. Based on our understanding of the MCDEX business,
we will introduce suitable infrastructural technologies to greatly improve the transaction performance of MCDEX by 10 times.
5. Security is our top priority. We’ve set up a global settlement committee during extreme situations to deal with the
volatility of the market and attacks. The power of the admins, which is enabled by the global settlement, will be given
to the governance committee, who can decide when to start a global settlement and the detailed rules of it.
The committee will be community-led. We will gradually move the governance responsibility to the committee,
who are stakeholders of MCDEX, like active uses, the market-making team, early investors, etc.
Detailed regulations will be shared soon. Stay tuned
here.
2020 will be a magnification year for MCDEX. We are embracing the dramatic change of DeFi and
hope that DeFi can be mainstream with the endeavor of the DeFi community.
Leveraging Chainlink Oracles for Index Prices
Know More -
https://medium.com/@montecarlodex/mcdexs-perpetual-contracts-to-leverage-chainlink-oracles-for-index-prices-7af84eb319d960% Commission Rate instead of 50% for Bitcointalk Users
HOW TO PARTICIPATE IN THE AFFILIATE PROGRAM1) Visit
https://mcdex.io/homepage/affiliate.html & connect your ETH wallet (MetaMask).
2) After connecting your wallet, fill in your name and email address on the next screen.
3) Enter "BITCOINTALK" in the field "From where did you hear about our affiliate program?" to get 60% Commission Rate.
4)
Comment on this thread the email address you used for signing up for the affiliate program.
5) Once your affiliate application is approved, find your unique invite link (affiliate link) from the dashboard.
6) Start inviting users and get a 60% Commission Rate.
NOTEYou get your own unique invitation link.
You can see and manage your revenues through the affiliate system.
You get access to MCDEX promotional materials: such as posters, videos, articles, user activities, and more.
Access comprehensive product training and marketing support from MCDEX.
Marketing support includes events customized for your user base, gifts, trading competitions, and more.
The settlement and transfer of funds will take place at 10:00 AM UTC every day.
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