Matt, Justin (Lido), Westie, Gunboats, Kevin, Mastermojo.
Create Synthetix Perps market for wsteth/usd on Synthetix Perps
This is a proposal to offer wsteth/usd futures which track the price of their respective cryptocurrency.
Wsteth currently lacks CEX/DEX perp support in DeFi. Launching these markets on Synthetix Perps will expand Synthetix's user base, granting access to widely used markets currently unavailable for leverage trading. Wsteth perps enable speculation, arbitrage, and leverage trading for widely used LSDs.
The proposed markets have also been directly requested by Lido Finance contributors.
See Rational section for additional info
These assets are widely used in DeFi, offering one primary use cases for traders:
Example: Long wstETH-PERP, short ETH-PERP; integrators can create a vault to rebalance margin between both positions.
Data was obtained on May 9th via Coingecko from the following exchanges: Curve, Balancer, Beethoven, and Uniswap
|Coin Name||24 Hour Volume|
This 24-hour volume shows that there is ample volume traded, which points to an appetite for traders. Subsequent data will be shown in SCCPs as reasoning for particular configurable values.
When setting subsequent parameters, it's important to note that wsteth does not have any CEX/DEX perpetual futures markets. Various lending market support wsteth which could be used by arbitrage traders for shorting, these include - AAVE, Sonne Finance, and Radiant.
It's also important to note that wsteth accruses staking rewards via rebasing every 12 hours when setting parameters.
Upon approval, markets will be paused, and SCCPs must be created to unpause the market and set configurable variables after feeds have been properly tested.
Implementation requires implementing off-chain oracle price feeds from Pyth Network and backup on-chain oracles from Chainlink.
Configurable values (read below) will be set in a subsequent SCCP.
All Perps V2 configurable values will be set in subsequent SCCPS for each market.
"makerFee": "", "takerFee": "", "takerFeeDelayedOrder": "", "makerFeeDelayedOrder": "", "takerFeeOffchainDelayedOrder": "", "makerFeeOffchainDelayedOrder": "", "maxLeverage": "", "maxMarketValue": "", "maxFundingVelocity": "", "skewScale": "", "nextPriceConfirmWindow": "", "delayedOrderConfirmWindow": "", "minDelayTimeDelta": "", "maxDelayTimeDelta": "", "offchainDelayedOrderMinAge": "", "offchainDelayedOrderMaxAge": "", "offchainPriceDivergence": "",
Copyright and related rights waived via CC0.