VMP-15 Create Market - SOL/USD(USDT) Perpetual
This is a perpetual futures market for Solana (SOL) denominated in USD using the SOL/USD Chainlink price feed. This market will be settled in USDT.
Market Summary:
Name:
SOL/USD(USDT) PERPETUAL
Settlement asset:
USDT
Rationale:
Solana (SOL) is a very popular Layer 1 with a large market cap and high daily perpetual trading volume.
Market/Update Details:
Instrument:
SOL/USD(USDT)-PERP
Data source definition for the settlement data oracle:
Chainlink Oracle
0x4ffC43a60e009B551865A93d232E33Fce9f01507
Risk model:
Log-Normal
Liquidity monitoring parameters:
"liquidityMonitoringParameters": {
"targetStakeParameters": {
"timeWindow": "3600",
"scalingFactor": 1
},
"triggeringRatio": "0.1",
"auctionExtension": "1"
},
Price monitoring parameters:
"priceMonitoringParameters": {
"triggers": [
{
"horizon": "43200",
"probability": "0.9999999",
"auctionExtension": "300"
}
]
},
SLA monitoring parameters:
"liquiditySlaParameters": {
"priceRange": "0.03",
"commitmentMinTimeFraction": "0.85",
"performanceHysteresisEpochs": "1",
"slaCompetitionFactor": "0.5"
}
}
Full Proposal JSON:
{
"rationale": {
"title": "SOL/USD(USDT) Perpetual",
"description": "This is a perpetual futures market for Solana (SOL) denominated in USD using the SOL/USD Chainlink price feed. This market will be settled in USDT."
},
"terms": {
"newMarket": {
"changes": {
"linearSlippageFactor": "0.001",
"quadraticSlippageFactor": "0",
"decimalPlaces": "3",
"positionDecimalPlaces": "2",
"instrument": {
"name": "SOL/USD(USDT)-PERP",
"code": "SOL/USD-PERP",
"perpetual": {
"settlementAsset": "bf1e88d19db4b3ca0d1d5bdb73718a01686b18cf731ca26adedf3c8b83802bba",
"quoteName": "USD",
"marginFundingFactor": "0.95",
"interestRate": "0",
"clampLowerBound": "0",
"clampUpperBound": "0",
"dataSourceSpecForSettlementData": {
"external": {
"ethOracle": {
"address": "0x4ffC43a60e009B551865A93d232E33Fce9f01507",
"abi": "[{\"inputs\":[],\"name\":\"latestAnswer\",\"outputs\":[{\"internalType\":\"int256\",\"name\":\"\",\"type\":\"int256\"}],\"stateMutability\":\"view\",\"type\":\"function\"}]",
"method": "latestAnswer",
"normalisers": [
{
"name": "sol.price",
"expression": "$[0]"
}
],
"requiredConfirmations": 3,
"trigger": {
"timeTrigger": {
"every": 30
}
},
"filters": [
{
"key": {
"name": "sol.price",
"type": "TYPE_INTEGER",
"numberDecimalPlaces": 8
},
"conditions": [
{
"operator": "OPERATOR_GREATER_THAN_OR_EQUAL",
"value": "0"
}
]
}
]
}
}
},
"dataSourceSpecForSettlementSchedule": {
"internal": {
"timeTrigger": {
"conditions": [
{
"operator": "OPERATOR_GREATER_THAN_OR_EQUAL",
"value": "0"
}
],
"triggers": [
{
"every": 1800
}
]
}
}
},
"dataSourceSpecBinding": {
"settlementDataProperty": "sol.price",
"settlementScheduleProperty": "vegaprotocol.builtin.timetrigger"
}
}
},
"metadata": [
"enactment:TBD",
"base:SOL",
"quote:USD",
"class:fx/crypto",
"perpetual",
"sector:defi"
],
"priceMonitoringParameters": {
"triggers": [
{
"horizon": "43200",
"probability": "0.9999999",
"auctionExtension": "300"
}
]
},
"liquidityMonitoringParameters": {
"targetStakeParameters": {
"timeWindow": "3600",
"scalingFactor": 1
},
"triggeringRatio": "0.1",
"auctionExtension": "1"
},
"logNormal": {
"tau": 0.000009506426342,
"riskAversionParameter": 0.000001,
"params": {
"mu": 0,
"r": 0.016,
"sigma": 1.5
}
},
"liquiditySlaParameters": {
"priceRange": "0.03",
"commitmentMinTimeFraction": "0.85",
"performanceHysteresisEpochs": "1",
"slaCompetitionFactor": "0.5"
}
}
},
"closingTimestamp": 0,
"enactmentTimestamp": 0
}
}