Burt Rock, Fifa Bobeefa, LONO
This SCCP proposes to double the
maxMarketValue of OP-PERP from 1,200,000 to 2,400,000.
This proposal seeks to increase the
maxMarketValue for OP-PERP, the perpetual contract market, by doubling its current value. The
maxMarketValue represents the maximum amount of open interest allowed on the short or long side of the OP-PERP market.
The motivation behind this proposal is based on the following observations:
Open Interest Caps: The open interest caps on OP-PERP have consistently reached their maximum capacity, indicating significant demand and participation in the market.
Market Skew: The market skew for OP-PERP has remained historically close to neutral, suggesting a balanced market and reduced risks of large-scale price manipulation.
Liquidity and Cost of Manipulation: The 2% market depth on multiple exchanges is well over $1,000,000 in liquidity, which implies a considerable cost associated with manipulating the oracle. Sustained price manipulation across multiple exchanges would be necessary, further mitigating the risks.
Lono says "To long op unfortunately", Fifa Bobeefa says "I'd say double it".
Given these factors, it is proposed to double the
maxMarketValue of OP-PERP to accommodate the growing demand, ensure sufficient open interest, and align the market parameters with its liquidity and overall risk profile.
The specification for this proposal is as follows:
maxMarketValueof OP-PERP: 1,200,000
maxMarketValueof OP-PERP: 2,400,000
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