SIP-289: Create LTC-PERP

Author
StatusDraft
TypeGovernance
NetworkOptimism
ImplementorTBD
ReleaseTBD
Created2022-11-23

Simple Summary

Create a LTC-PERP market on Optimism.

Abstract

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

Motivation

$LTC is currently a Top 15 cryptocurrency by marketcap and in the Top 3 cryptocurrencies for 24h trading volume (excluding stablecoins). Trading interest has been steadily increasing recenly.

$LTC perpetual futures are currently offered by other decentralized protocols such as DyDx.

Rationale

The primary focus of Kwenta is to offer a trading experience which competes with centralized exchanges. One of the primary ways in which Kwenta and Synthetix can deliver on this goal is to provide traders with the most popular assets from centralized exchanges, making the Kwenta futures product a more complete trading experience.

Additionally, there is interest in Synthetix community for this listing and interest from the broader market judging by its recent jump in trading volume.

Technical Specification

ChainLink Price feed update after a 1% deviation with a 24 hour heartbeat.

Test Cases

n/a

Configurable Values (Via SCCP)

Open interest caps and fee tier

Copyright and related rights waived via CC0.