Proposal that round 4 of new markets should just be a vote for all available pairs on chainlink
Rationale
One of the requirements for a new market to be launched is for the Chainlink price feed for funding rate calculations. Given we are already waiting for SUSHI to be listed (and we’re unsure of when this will occur) rather than voting in more and building up this backlog I’d propose that we vote on the ones that already exist in Chainlink so that we can keep building momentum.
The only other requirement would be given we are denominated in USD it would have to be in a TOKEN-USD pair (otherwise if we convert it then it will be super delayed which isn’t good)
Potential Pairs
I thought I’d just pick a bunch of pairs and we should discuss the following:
Are we happy as a community to take this approach for Round 4 (hopefully in Round 5 we can have SUSHI done and get back to regular programming)
Which of the tokens do we want to list
Some of the no brainers to me would be the big DeFi tokens:
LINK
COMP
UNI
AAVE
Then there’s all the non ERC20 tokens that maybe we can discuss. Though I’m less bullish on them given they aren’t within the Eth community (and at least DOT was related)
XRP
EOS
LTC
BCH
BNB
There’s also a whole other category outside of crypto which may be interesting maybe?
Possible to offer sDEFI instead? Being able to trade an index will be pretty lucrative for people who are not following individual coins, but not sure able the risk involved since it will a double oracle product.
This sounds great - Personally I would go for the big DeFi tokens over the others. They are having their moment and by having them as Pairs will pull potential traders across.
LINK
AAVE
COMP
UNI
I strongly vote against XRP, LTC, BCH
Currencies and commodities are very interesting too, however, my focus would be on the DeFi blue chips before them.
A couple of hours. However, a bigger issue is we still need to grow organically at this point. If we add pairs too quickly, risk to the exchange and users grows faster than we’d like.
I’m also strong in the Defi camp as well. LINK, UNI and AAVE is among the highest volume pairs on Binance futures. I would say list those obvious ones first. It would be interesting to go out of the box and for experimentation do one of the FX pairs like EUR. I would avoid commodities for the time being… oil for example went negative last year briefly for a day. How would AMMs handle that?
At this point, LINK/UNI/AAVE seems like the clear combination to go to. They are the top DeFi tokens by market cap and any analysis on trade volumes (spot or futures) shows they have the most interest.
I think onboarding all 3 would provide a big jump in value and put Perpetual Protocol in a new place to evaluate future listings. By the data, the DOT listing seems to have been OK but also not “knock it out of the park” in terms of popularity which suggests there’s no rush to go the BNB/BCH/XRP route.
I might agree here. If we have a look the trading volume and number of traders on perp for both DOT and YFI are very similar.
However if you look very naively at CG DOT has had 1.8b trading volume vs YFI had ~390M trading volume. You’d expect there to be at least 4x given the trading volume so supports the hypothesis that traders on the platform seem to care more about DeFi assets than other non ERC20
I also feel like the voting hasn’t exactly turned out as expected. The voting needs more participation or you might possibly get low volume pairs pushed through because it would be beneficial to a specific but active PERP holders. I would have expected PERP holders to vote for a token that would most likely to bring it the most value(consistently high trade volume) but the first 2 votes went to DOT and SNX while the runner ups don’t place consistently from week to week.
From my point of view, as a trader and active user of the platform. I prefer to scan the markets before deciding which pair to trade. I will not trade new pair if I don’t have confidence with its trend. For this reason alone it would be better to have more projects onboarded as traders will have more choice and opportunities. Defi coins mentioned are the obvious choice. I have no problems with the team deciding on the pairs to launch to speed up the process.
That being said, if it’s an issue listing multiple pairs in one go then maybe the focus should be more focused on getting more traders to trade through other incentives. I know fee rebates have been mentioned but not publicly announced? And there have been some really good suggestions in the governance chat on discord that could really help spread the word and increase users.
To be clear, the team are rockstars and the protocol has been awesome to use. So keep up the great work!
I think our strategy should be to find differentiated tokens that other platforms don’t support. For example, DYDX supports LINK, so we should focus on something else like AAVE or UNI.
They also have the benefit of being higher in market cap as well as top 15 in trading volume.
although the vote is already over, I´d suggest taking the Forex majors on the list soon. I´m coming from a traditional trading background and it´s no secret that these markets have insane daily volumes in the non-crypto world. When we have the Forex majors on the protocoll there will be arbitrage opportunities. This alone should drive significant volume. Add to that some partnerships with trading firms and we´re good to go.