SIP-262: Create Perps Markets for XMR DOGE
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Optimism |
| Implementor | MEB (@barrasso) |
| Release | Muhlifain v2.76 release |
| Proposal | Loading status... |
| Created | 2022-07-19 |
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
Copyright and related rights waived via CC0.