SIP-262: Create Perps Markets for XMR DOGE

Author
StatusApproved
TypeGovernance
NetworkOptimism
ImplementorTBD
ReleaseTBD
ProposalLoading status...
Created2022-07-19

Simple Summary

Create a XMR-PERP and DOGE-PERP markets on Optimism.

Abstract

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

Motivation

$XMR and $DOGE are well established cryptocurrencies with the deepest liquidity among assets in their particualar niche, and will add a varied selection of unique offerings for Synthetic Futures traders. $XMR is the most established privacy coin and $DOGE is the most established meme coin.

Rationale

$XMR has a strong and loyal community that shares the decentralized and permissionless ethos of Synthetix and ecosystem partners. Despite its popularity, $XMR 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.

$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.

Specification

$XMR

Exchange Pair Price Spread +2% Depth -2% Depth 24h Volume Volume %
B2BX XMR/USDT $150.93 0.13% $589,642 $1,340,167 $2,556 0.00%
Digifinex XMR/USDT $151.10 0.02% $313,231 $1,285,485 $7,661,831 4.19%
WhiteBIT XMR/USDT $151.04 0.02% $362,598 $1,210,437 $3,930,188 2.15%
Binance XMR/USDT $150.71 0.07% $394,737 $1,160,559 $26,157,460 14.30%
Nominex XMR/USDT $151.01 0.07% $398,595 $1,154,164 $70,831 0.04%
MEXC Global XMR/USDT $150.73 0.05% $429,085 $883,071 $534,020 0.29%
FMFW.io XMR/USDT $151.12 0.05% $506,489 $810,289 $10,841,908 5.93%
HitBTC XMR/USDT $151.25 0.06% $505,521 $800,944 $10,849,826 5.93%
Dcoin XMR/BTC $151.04 0.08% $668,728 $753,688 $14,307,474 7.82%
Bitrue XMR/XRP $150.41 0.42% $721,457 $476,383 $1,139,070 0.62%
HitBTC XMR/BTC $151.34 0.11% $311,691 $427,642 $1,432,549 0.78%
FMFW.io XMR/BTC $151.29 0.14% $323,092 $412,300 $1,432,230 0.78%
Bitfinex XMR/USD $150.53 0.26% $273,458 $401,437 $1,672,417 0.91%
HitBTC XMR/ETH $151.33 0.49% $294,996 $397,097 $239,937 0.13%
FMFW.io XMR/ETH $151.59 0.30% $294,093 $396,303 $240,403 0.13%
Biconomy XMR/USDT $150.91 0.07% $426,597 $394,634 $15,397,335 8.42%
Digifinex XMR/BTC $150.99 0.35% $277,453 $386,178 $1,467,189 0.80%
Binance XMR/BTC $150.62 0.09% $312,405 $350,645 $11,020,132 6.03%
BitHash XMR/USDT $149.49 0.07% $817,284 $334,594 $1,840,158 1.01%
ZB XMR/USDT $151.45 0.54% $206,202 $307,984 $78,030 0.04%
ZBG XMR/USDT $151.45 0.46% $206,971 $304,998 $23,074 0.01%
Nominex XMR/BTC $151.06 0.11% $287,156 $294,332 $18,040 0.01%
BKEX XMR/USDT $150.68 0.07% $137,342 $283,470 $989,406 0.54%
BitHash XMR/BTC $151.34 0.02% $347,305 $237,431 $1,097,509 0.60%

$DOGE

Exchange Pair Price Spread +2% Depth -2% Depth 24h Volume Volume %
BKEX DOGE/USDT $0.07 0.03% $1,868,645 $1,156,056 $9,120,697 2.05%
WOO Network DOGE/USDT $0.07 0.03% $1,828,478 $2,882,313 $1,514,702 0.34%
Coinsbit DOGE/USD $0.07 0.09% $1,747,156 $1,583,535 $10,771,116 2.42%
BingX DOGE/USDT $0.07 0.03% $1,261,348 $2,408,677 $1,822,955 0.41%
ZB DOGE/USDC $0.07 0.01% $1,078,093 $1,094,704 $20,260,609 4.55%
LBank DOGE/USDT $0.07 0.21% $944,643 $721,181 $2,558,450 0.57%
AAX DOGE/USDT $0.07 0.05% $792,329 $786,836 $14,165,260 3.18%
BTSE DOGE/USD $0.07 0.50% $758,414 $697,323 $990,866 0.22%
Phemex DOGE/USDT $0.07 0.06% $701,550 $567,518 $38,441,174 8.63%
Binance DOGE/USDT $0.07 0.01% $687,813 $1,347,532 $61,429,185 13.78%
Bitget DOGE/USDT $0.07 0.02% $682,227 $725,468 $6,779,971 1.52%
WhiteBIT DOGE/USDT $0.07 0.03% $598,361 $816,939 $9,497,427 2.13%
Coinbase Exchange DOGE/USD $0.07 0.03% $560,755 $1,671,706 $14,739,546 3.31%
Nominex DOGE/USDT $0.07 0.01% $444,138 $1,114,506 $203,739 0.05%
Digifinex DOGE/USDT $0.07 0.01% $441,054 $1,146,865 $10,144,463 2.28%
Crypto.com Exchange Sponsored DOGE/USDT $0.07 0.09% $417,714 $581,889 $636,794 0.14%
Crypto.com Exchange DOGE/USDT $0.07 0.09% $417,714 $581,889 $636,794 0.14%
Binance DOGE/BTC $0.07 0.33% $358,510 $442,622 $3,402,561 0.76%
Azbit DOGE/BTC $0.07 0.33% $349,889 $459,631 $46,417 0.01%
Upbit DOGE/KRW $0.07 0.11% $335,170 $474,571 $49,510,620 11.11%
Bitget DOGE/USDC $0.07 0.33% $320,957 $348,776 $68,737 0.02%
MEXC Global DOGE/USDC $0.07 0.03% $312,532 $502,024 $1,921,111 0.43%
FTX DOGE/USD $0.07 0.07% $294,811 $346,355 $8,988,948 2.02%
Txbit DOGE/BTC $0.07 0.33% $272,651 $388,135 $382,646 0.09%
OKX DOGE/USDT $0.07 0.01% $266,181 $371,369 $12,844,437 2.88%

Technical Specification

Implementation requires requesting price feeds from Chainlink, and should be dependent on Chainlink adding price feeds for $XMR and $DOGE within an expiry window of 21 days from the passage of this proposal.

If a suitable price feed does not exist within the expiry window of 21 days, implementation should be halted until the SIP is resubmitted for a vote, and passes successfully.

Test Cases

n/a

Configurable Values (Via SCCP)

Open interest caps, fee tier.

Copyright and related rights waived via CC0.