Create a XMR-PERP market on Optimism.
This is a proposal to offer XMR-PERP futures which track the price of the $XMR cryptocurrency.
$XMR is the most established privacy centric cryptocurrency with the highest volume and deepest liquidity. In addition to being considered a blue chip offering available on most major centralized exchanges, Monero consistently shows lower correlation to changes in the BTC price than other top crypto assets.
Monero has a strong and loyal community that shares the decentralized and permissionless ethos of Synthetix and ecosystem partners. Despite its popularity, Monero is also unavailable for trading in many jurisdictions, and many traders are unlikely to have an alternative venue.
Because of these factors, Monero is likely to have a large base of holders who cannot, or do not wish to trade their spot positions. If Synthetix began offering $XMR futures, it would be the only decentralized offering of its kind, and could be valuable to $XMR holders with no alternative for hedging. Aside from its practicality, this would create a marketing opportunity for the Synthetix ecosystem to highlight its ethos and unique value proposition to outside communities.
Monero’s low correlation compared with other top crypto assets also makes the asset a useful offering for traders by offering trading opportunities under a wider variety of market conditions.
Needs a Chainlink price feed on OE.
Open interest caps and fee tier
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