SIP-248: Create DOGE-PERP

Author
StatusDraft
TypeGovernance
NetworkOptimism
ImplementorTBD
ReleaseTBD
Created2022-06-13

Simple Summary

Create a DOGE-PERP market on Optimism.

Abstract

This is a proposal to offer DOGE-PERP futures which track the price of the $DOGE cryptocurrency.

Motivation

$DOGE is a well established cryptocurrency that enjoys wide popularity with retail traders. Among the popular meme currencies, $DOGE is the most appropriate choice since it has the highest volume and deepest liquidity.

Rationale

To showcase the benefits of integrating with Synthetix, it is important to list assets which may not be available on other decentralized futures trading platforms. $DOGE is currently unavailable through competitors such as Perpetual Protocol and GMX, and its inclusion into Synthetix and Kwenta’s offerings would help display the breadth of possible assets.

Additionally, there is interest in the Kwenta community for this listing, as demonstrated by $DOGE having multiple direct requests from the community and placing in the top 3 in a recent community poll.

Technical Specification

Needs a Chainlink price feed on Optimism.

Test Cases

n/a

Configurable Values (Via SCCP)

Open interest caps and fee tier

Copyright and related rights waived via CC0.