Market proposal

For Optimism (OP) market, short % (3%) move and time 600 seconds should be good additional trigger

Yes, we love the decentralization. and tDAI be easy to faucet when liquidity provision start next week.

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Phase 3 and 4 start this monday 8 OCT. https://token.fairground.wtf/ in Governance. That day we publish here how to make the success voting on proposals. have a nice weekend!

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Hi Eleganza, team is working in all suggestion. The final review you can make it this monday 8 OCT on https://token.fairground.wtf/ in governance before your vote.

:+1:

After 5 minutes of auction, must all open order get filled?
If not, what happens to the orders not filled after the auction?

I have some questions to clarify about this proposal

  • Market monitoring parameters

horizon = 43200 seconds (12hours)
probability = 0.9999999
auction_extension = 300 seconds (5 minutes)

probability =0,9999999 Currently is very small. That leads to the market going to auction continuously and there is no liquidity at all. Since the price change is very small this is 0.9999999 It should be 0.95 or another number

  • Market fees include: infrastructure fees, liquidity fee, maker fee. It will be regulated by default by the Vega network or it is decided in each market and can be given here

I think It is possible that infrastructure fees are fixed by the Vega network, but the remaining fees are subject to change to create incentives for each market.

I hope it’s not too late to make suggestions
For the Price monitoring parameters, I suggest
Horizon= 8hours
Probability= 5%
Auction= 5 minutes

How can someone propose a market using order settlements assets like USDT aside the ones on Vega at the moment?

Are there ways to calculate the Amount needed for liquidity to prevent liquidity shock and also prevent the market from
going into auction?

Does Vega protocol
have a way of alerting trading deficit before an auction happens?
Like an alert that the liquidity demand is short and more liquidity is needed?

Great read, when are we expecting the updated proposal?
Voting is supposed to commence today right?

This is a good market to propose at this time. With all the news about OP, it will surely be a good ride.

I give advice:
trigger 1: 4h, 0.97, 3min ,
trigger 2: 8h, 0.95, 5min
trigger 3: '12h,0.93.7min

Have the maximum leverage been determined yet? Will be nice trading this asset

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Hi
Can see market expiry September 2021, an error or correct?

Possible to vote two markets? SHIBA and OP?

Good market proposal here.

FINAL PROPOSAL:

Market Description and Metadata
Rationale
See above

OP/DAI MONTHLY FUTURES
1.Cash settled futures market that will expire at the end of August against the OP/DAI FX spot price.
2.The market will be margined and settled in tDAI
3.Data used for settlement will be the final rate provided at “2021-04-01T24:00:00Z”

Naming
marketName: OP/DAI
Instrument.Code: OPDAI
Metadata
base:OP
quote:DAI
monthly
ProposedBy: @Kumzy|UpNode#1902/Tonynnamdi123#2974/angeldeln111#7758

Settlement Asset
The market will margin, settle and have fees incurred in:
{ “id”: “6d9d35f657589e40ddfb448b7ad4a7463b66efb307527fedd2aa7df1bbd5ea61”, “name”: “Dai (test)”,
“symbol”: “tDAI”,
“totalSupply”: “9376360000000000”,
“decimals”: “5”,
“source”: {
“erc20”: {
“contractAddress”: “0x65e92e892Fbb489ea263c8E52bb11D1c9b67C54d”
}
}
},

Default Trading Mode

The market will run in Continuous Trading with the following parameters:
1.tick size = 1 - set to this level because this is the minimum increment for the tDAI settlement asset.
2.quote Name: “tDAI” - the market will be quoted in tDAI

Risk Model and Parameters
The risk model for this market will be Lognormal, with the following risk parameters:
risk free rate = 0
mu = 0
risk aversion lambda = 0.001
tau = 1 hour (risk evaluation intervals)
volatility = 0.09(9%)

We are yet to define the volatility and maximum leverage available on this market, will really need the input of our community

Data Source for Settlement
Due to the nature of our market we decided to adopted the Open Data source for our Oracle.
“oracleSpecBinding”: {
“settlementPriceProperty”: “prices.OP.value”,
“tradingTerminationProperty”: “vegaprotocol.builtin.timestamp”
}
“oracleSpecForSettlementPrice”: {
“pubKeys”: [“c66fe74b64b2c97723bac8c3f110e5c3d7fb78f6c6c8915a56cb962968fbcfa7”],
“filters”: [{
“key”: {
“name”: “price.OP.value”,
“type”: “TYPE_INTEGER”,
},
“conditions”: [{
“operator”: “OPERATOR_GREATER_THAN”,
“value”: “0”,
}]
}]
}
oracleSpecForTradingTermination: {
pubKeys: [“c66fe74b64b2c97723bac8c3f110e5c3d7fb78f6c6c8915a56cb962968fbcfa7”],
filters: [
{key: {
name: “vegaprotocol.builtin.timestamp”,
type: “TYPE_TIMESTAMP”,
},
conditions:
}
]
},
metadata: [
“sector:Crypto”,
“sector:energy”,
“source:docs.vega.xyz”
]

Price Monitoring
We decide to adopt three price monitoring parameters. They are:
Trigger 1
horizon = 21600 seconds (6hours)
probability = 0.97
auction_extension = 120seconds (2 minutes)
Trigger 2
horizon = 21600 seconds (6hours)
probability = 0.95
auction_extension = 180seconds (3 minutes)
Trigger 3
horizon = 43200 seconds (12hours)
probability = 0.93
auction_extension = 300 seconds (5 minutes)

From the community feedback;
We decided on these values to allow Vega review the market frequently and efficiently to checkmate market manipulations,while ensuring the frequency of auction occurrence is moderate to provide a better trading experience in this market.

Liquidity Monitoring Parameters:
{
targetStakeParameters: {
timeWindow: “21,600”,
scalingFactor: 10
},
triggeringRatio: “0.7”,
auctionExtension: “1”,
}
}

Governance Parameters:
“closingTimestamp”: 1660122000,
“enactmentTimestamp”: 1660122040,
“validationTimestamp”: 1660122001,

Voting ends on Wednesday, August 10, 2022 9:00:00GMT
Enactment time: Wednesday, August 10, 2022 9:00:40GMT

1 Like

Hi community, we are very grateful for the overwhelming support we received from you guys on this proposal.
This is our final edited proposal after considering the community suggestions. You will have until Tuesday 9th August, 00:00:00 GMT to make any further comments on this proposal before it is submitted for voting.
Thank you and we hope to get your votes on this proposal.

1 Like
proposal = {
    "proposalSubmission": {
        "reference": proposal_ref,
        "rationale": {
            "description": "New market OPDAI"
        },
        "terms": {
            "closingTimestamp": 1660122000,
            "enactmentTimestamp": 1660122040,
            "validationTimestamp": 1660122001,
            "newMarket": {
                "changes": {
                    "decimalPlaces": 5,
                    "instrument": {
                        "name": "OP/DAI",
                        "code": "OPDAI",
                        "future": {
                            "oracleSpecForSettlementPrice": {
                                "pubKeys": ["c66fe74b64b2c97723bac8c3f110e5c3d7fb78f6c6c8915a56cb962968fbcfa7"],
                                "filters": [
                                    {
                                        "key": {
                                            "name": "price.OPDAI.value",
                                            "type": "TYPE_INTEGER",
                                        },
                                        "conditions": [
                                            {
                                                "operator": "OPERATOR_GREATER_THAN",
                                                "value": "0",
                                            },
                                        ],
                                    },
                                ],
                            },
                            "oracleSpecForTradingTermination": {
                                "pubKeys": ["c66fe74b64b2c97723bac8c3f110e5c3d7fb78f6c6c8915a56cb962968fbcfa7"],
                                "filters": [
                                    {
                                        "key": {
                                            "name": "trading.terminated.OPDAI",
                                            "type": "TYPE_BOOLEAN"
                                        },
                                        "conditions": [
                                            {
                                            "operator": "OPERATOR_EQUALS",
                                            "value": "true"
                                            }
                                        ],
                                    },
                                ],
                            },
                            "oracleSpecBinding": {
                                "settlementPriceProperty": "price.OPDAI.value",
                                "tradingTerminationProperty": "trading.terminated.OPDAI"
                            },
                            "quoteName": "tDAI",
                            "settlementAsset": found_asset_id,
                        }
                    },
                    "metadata": [
                        "base:OP",
                        "quote:DAI",
                    ],
                    "priceMonitoringParameters": {
                        "triggers": [
                            {
                            "horizon": 21600,
                            "probability": "0.97",
                            "auctionExtension": 120
                            },
                            {
                            "horizon": 21600,
                            "probability": "0.95",
                            "auctionExtension": 180
                            },
                            {
                            "horizon": 43200,
                            "probability": "0.93",
                            "auctionExtension": 300
                            }
                        ]
                    },
                    "liquidityMonitoringParameters": {
                        "targetStakeParameters": {
                            "timeWindow": 21600,
                            "scalingFactor": 10,
                        },
                        "triggeringRatio": 0.7,
                        "auctionExtension": 1,
                    },
                    "logNormal": {
                        "riskAversionParameter": 0.01,
                        "tau": 1.90128526884173e-06,
                        "params": {"mu": 0, "r": 0.016, "sigma": 0.05},
                    },
                },
                "liquidityCommitment": {
                    "commitmentAmount": "1",
                    "fee": "0.01",
                    "sells": [
                        {
                            "reference": "PEGGED_REFERENCE_BEST_ASK",
                            "proportion": 10,
                            "offset": "2000",
                        },
                        {
                            "reference": "PEGGED_REFERENCE_BEST_ASK",
                            "proportion": 10,
                            "offset": "1000",
                        },
                    ],
                    "buys": [
                        {
                            "reference": "PEGGED_REFERENCE_BEST_BID",
                            "proportion": 10,
                            "offset": "1000",
                        },
                        {
                            "reference": "PEGGED_REFERENCE_BEST_BID",
                            "proportion": 10,
                            "offset": "2000",
                        },
                    ],
                    "reference": "",
                },
            }
        }
    },
    "pubKey": pubkey,
    "propagate": True
}

When do we start voting?