VBP-10 - Suspend the Market cap and Points markets

🗳️ Governance Proposals Batch Proposals
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VB10 - Suspend the Market cap and Points markets

Earlier this year, a few experimental markets were created. Two point markets for Hyperliquid points and EigenLayer points, and 1 market cap market for NFTPERP.

While these markets seems to have attracted some interest at first, there’s been no trading activities on those for a few weeks if not months and the open interest is close to if not 0.

We are proposing to settle these markets. To do so we are suggesting the following approach:

  1. A first batch proposal will be submitted to suspend trading on all 3 markets.
  2. The market will stay suspended for a given duration (initial suggestion is 1 month from now).
  3. In a month from now, the market will be settled using another batch proposal of updateMarketState, to settle either at the price of the last trade on the market OR the price of the related token if the tokens have been launched and are redeemable for points.

The proposal enactement and voting period are set to the 8th of August, so it leave a week for both reviewing this proposal and submit it on chain for vote.

Here’s the JSON payload of the proposal:

{
  "batchProposalSubmission": {
    "rationale": {
      "title": "VBP-10 - Suspend points and market cap markets",
      "description": "VBP-10 - Suspend points and market cap markets (https://community.vega.xyz/t/vbp-10-suspend-the-market-cap-and-points-markets/4573)"
    },
    "terms": {
      "closingTimestamp": "1723111200",
      "changes": [
        {
          "enactmentTimestamp": "1723111200",
          "updateMarketState": {
            "changes": {
              "marketId": "37b33b7ada98bb1d2aa0a2a2c9af5525352e4476a2e3c2c44b95513df10c7282",
              "updateType": "MARKET_STATE_UPDATE_TYPE_SUSPEND"
            }
          }
        },
        {
          "enactmentTimestamp": "1723111200",
          "updateMarketState": {
            "changes": {
              "marketId": "2fc40d5bf9445dbd4ed070382c2f0a7f4f145cfa73453227fb2097e08ab3cce2",
              "updateType": "MARKET_STATE_UPDATE_TYPE_SUSPEND"
            }
          }
        },
        {
          "enactmentTimestamp": "1723111200",
          "updateMarketState": {
            "changes": {
              "marketId": "fc37a1eedb6e57b86823e2fc42480a0b9236aea556c1d7df49be697a93f8f2a0",
              "updateType": "MARKET_STATE_UPDATE_TYPE_SUSPEND"
            }
          }
        }
      ]
    }
  }
}

And a link to the transaction tool for convenience.

2 Likes
2

Sounds good. Just as an aside, while suspended the markets can be terminated at any time via the UMA Oracle if a price is set there.