VMP-11 - Create market DOGE/USDT Future - 2023/12/31
Hey everyone, this proposal looks to create a futures market for DOGE with an expiry on the 31st of December 2023.
I found it rather difficult to follow the docs to create this market, so it would be great if the Vega team or community members could thoroughly check all parameters. Specifically, feedback on:
- LP parameters
- Oracle
- decimals
- Closing, termination, and enactment dates
Thanks a lot!
Market Summary:
Name:
DOGE/USDT Future expiry 2023/12/31
Settlement asset:
USDT
Rationale:
As many of you know memecoins despite being memes receive a lot of attention in the ecosystem and therefore, volume. DOGE is no exception to this with quite a large market cap and avg. daily trading volume.
I believe a DOGE/USDT market on Vega will be instrumental in driving new users to try and trade on the network.
Market/Update Details:
Instrument
DOGEUSDT-231231
Data source definition for the settlement data oracle
Coinbase Oracle
Risk model
Log-normal risk model
Liquidity monitoring parameters
"liquidityMonitoringParameters": {
"targetStakeParameters": {
"timeWindow": "3600",
"scalingFactor": 1
},
"triggeringRatio": "0.7",
"auctionExtension": "1"
},
Price monitoring parameters
"priceMonitoringParameters": {
"triggers": [
{
"horizon": "43200",
"probability": "0.9999999",
"auctionExtension": "600"
}
]
},
Full Proposal JSON:
{
"rationale": {
"title": "VMP-11 - Create market DOGE/USDT Future - 2023/12/31",
"description": "As many of you know memecoins despite being memes receive a lot of attention in the ecosystem and therefore, volume. DOGE is no exception to this with quite a large market cap and avg. daily trading volume. I believe a DOGE/USDT market on Vega will be instrumental in driving new users to try and trade on the network. "
},
"terms": {
"newMarket": {
"changes": {
"lpPriceRange": "0.8",
"linearSlippageFactor": "0.001",
"quadraticSlippageFactor": "0",
"decimalPlaces": "6",
"positionDecimalPlaces": "6",
"instrument": {
"name": "DOGE/USDT expiry 2023 Dec 31st",
"code": "DOGE/USDT-231231",
"future": {
"settlementAsset": "bf1e88d19db4b3ca0d1d5bdb73718a01686b18cf731ca26adedf3c8b83802bba",
"quoteName": "USDT",
"dataSourceSpecForSettlementData": {
"external": {
"oracle": {
"signers": [
{
"DOGEAddress": {
"address": "0xfCEAdAFab14d46e20144F48824d0C09B1a03F2BC"
}
}
],
"filters": [
{
"key": {
"name": "prices.DOGE.value",
"type": "TYPE_INTEGER",
"numberDecimalPlaces": "6"
},
"conditions": [
{
"operator": "OPERATOR_GREATER_THAN",
"value": "0"
}
]
},
{
"key": {
"name": "prices.DOGE.timestamp",
"type": "TYPE_TIMESTAMP"
},
"conditions": [
{
"operator": "OPERATOR_GREATER_THAN",
"value": "1703941200"
}
]
}
]
}
}
},
"dataSourceSpecForTradingTermination": {
"internal": {
"time": {
"conditions": [
{
"operator": "OPERATOR_GREATER_THAN_OR_EQUAL",
"value": "1703941200"
}
]
}
}
},
"dataSourceSpecBinding": {
"settlementDataProperty": "prices.DOGE.value",
"tradingTerminationProperty": "vegaprotocol.builtin.timestamp"
}
}
},
"metadata": [
"enactment:2023-07-14T00:00:00Z",
"settlement:2023-12-31T00:00:00Z",
"source:docs.vega.xyz"
],
"priceMonitoringParameters": {
"triggers": [
{
"horizon": "43200",
"probability": "0.9999999",
"auctionExtension": "600"
}
]
},
"liquidityMonitoringParameters": {
"targetStakeParameters": {
"timeWindow": "3600",
"scalingFactor": 1
},
"triggeringRatio": "0.7",
"auctionExtension": "1"
},
"logNormal": {
"tau": 0.0001140771161,
"riskAversionParameter": 0.000001,
"params": {
"mu": 0,
"r": 0.016,
"sigma": 1.5
}
}
}
},
"closingTimestamp": 1689292800,
"enactmentTimestamp": 1689296400
}
}