VMP-40 - Create ENA/USDT Perpetual Market
Hey guys, I’d like to propose adding a perpetual market for Ethena (ENA) which recently launched. I previously put up a proposal for Ethena Shards market however, we could not create it in time for there to be sufficient trading opportunity.
ENA is currently trading at a $1.5B MCAP, FDV of $14B, and 24hr trading volume of ~$3b.
I’d also like to propose utilizing 15k VEGA from the CAF to kickstart trading activity and run a relative PnL trading game for users who are in a referral set for 2 weeks upon its launch.
Full Proposal JSON:
{
"rationale": {
"title": "VMP-40 - Create ENA/USDT Perpetual",
"description": "This proposal requests to create an Ethena Perpetual market (ENA/USDT) & Launch a 10k VEGA Trading Competition. Full forum discussion can be found [here](https://community.vega.xyz/t/vmp-40-create-ena-usdt-perpetual-market/4467)"
},
"terms": {
"newMarket": {
"changes": {
"decimalPlaces": "1",
"positionDecimalPlaces": "4",
"instrument": {
"code": "ENA/USDT",
"name": "Ethena / Tether USD (Perpetual)",
"perpetual": {
"quoteName": "USDT",
"marginFundingFactor": "0.9",
"interestRate": "0.1095",
"clampLowerBound": "-0.0005",
"clampUpperBound": "0.0005",
"fundingRateLowerBound": "-0.001",
"fundingRateUpperBound": "0.001",
"dataSourceSpecForSettlementSchedule": {
"internal": {
"timeTrigger": {
"conditions": [
{
"operator": "OPERATOR_GREATER_THAN",
"value": "0"
}
],
"triggers": [
{
"every": "28800"
}
]
}
}
},
"dataSourceSpecForSettlementData": {
"external": {
"ethOracle": {
"address": "0x719abd606155442c21b7d561426d42bd0e40a776",
"abi": "[{\"inputs\": [{\"internalType\": \"bytes32\", \"name\": \"id\", \"type\": \"bytes32\"}], \"name\": \"getPrice\", \"outputs\": [{\"internalType\": \"int256\", \"name\": \"\", \"type\": \"int256\" }], \"stateMutability\": \"view\", \"type\": \"function\"}]",
"method": "getPrice",
"args": [
"0xb7910ba7322db020416fcac28b48c01212fd9cc8fbcbaf7d30477ed8605f6bd4"
],
"trigger": {
"timeTrigger": {
"every": "60"
}
},
"requiredConfirmations": "3",
"filters": [
{
"key": {
"name": "ena.price",
"type": "TYPE_INTEGER",
"numberDecimalPlaces": "18"
},
"conditions": [
{
"operator": "OPERATOR_GREATER_THAN",
"value": "0"
}
]
}
],
"normalisers": [
{
"name": "ena.price",
"expression": "$[0]"
}
],
"sourceChainId": "100"
}
}
},
"dataSourceSpecBinding": {
"settlementDataProperty": "ena.price",
"settlementScheduleProperty": "vegaprotocol.builtin.timetrigger"
},
"fundingRateScalingFactor": "1",
"internalCompositePriceConfiguration": {
"decayWeight": "1.0",
"decayPower": "1",
"cashAmount": "50000000",
"sourceWeights": [
"0.0",
"0.999",
"0.001",
"0.0"
],
"sourceStalenessTolerance": [
"1m",
"1m",
"10m",
"10m"
],
"compositePriceType": "COMPOSITE_PRICE_TYPE_WEIGHTED",
"dataSourcesSpec": [
{
"external": {
"ethOracle": {
"address": "0x719abd606155442c21b7d561426d42bd0e40a776",
"abi": "[{\"inputs\": [{\"internalType\": \"bytes32\", \"name\": \"id\", \"type\": \"bytes32\"}], \"name\": \"getPrice\", \"outputs\": [{\"internalType\": \"int256\", \"name\": \"\", \"type\": \"int256\" }], \"stateMutability\": \"view\", \"type\": \"function\"}]",
"method": "getPrice",
"args": [
"0xb7910ba7322db020416fcac28b48c01212fd9cc8fbcbaf7d30477ed8605f6bd4"
],
"trigger": {
"timeTrigger": {
"every": "60"
}
},
"requiredConfirmations": "3",
"filters": [
{
"key": {
"name": "ena.price",
"type": "TYPE_INTEGER",
"numberDecimalPlaces": "18"
},
"conditions": [
{
"operator": "OPERATOR_GREATER_THAN",
"value": "0"
}
]
}
],
"normalisers": [
{
"name": "ena.price",
"expression": "$[0]"
}
],
"sourceChainId": "100"
}
}
}
],
"dataSourcesSpecBinding": [
{
"priceSourceProperty": "ena.price"
}
]
}
}
},
"metadata": [
"base:ENA",
"quote:USDT",
"oracle:pyth",
"oracleChain:gnosis",
"class:fx/crypto",
"perpetual",
"sector:defi",
"enactment:2024-02-04T15:00:00Z ****TODO*****"
],
"priceMonitoringParameters": {
"triggers": [
{
"horizon": "21600",
"probability": "0.9999999",
"auctionExtension": "86400"
},
{
"horizon": "4320",
"probability": "0.9999999",
"auctionExtension": "3600"
},
{
"horizon": "1440",
"probability": "0.9999999",
"auctionExtension": "1800"
},
{
"horizon": "360",
"probability": "0.9999999",
"auctionExtension": "300"
}
]
},
"liquidityMonitoringParameters": {
"targetStakeParameters": {
"timeWindow": "3600",
"scalingFactor": 0.05
},
"triggeringRatio": "0.9",
"auctionExtension": "1"
},
"logNormal": {
"riskAversionParameter": 0.000001,
"tau": 0.0000071,
"params": {
"mu": 0,
"r": 0,
"sigma": 1.5
}
},
"linearSlippageFactor": "0.001",
"quadraticSlippageFactor": "0",
"liquiditySlaParameters": {
"priceRange": "0.005",
"commitmentMinTimeFraction": "0.5",
"performanceHysteresisEpochs": "0",
"slaCompetitionFactor": "1"
},
"liquidityFeeSettings": {
"method": "METHOD_MARGINAL_COST"
},
"liquidationStrategy": {
"disposalTimeStep": "1",
"disposalFraction": "1",
"fullDisposalSize": "1000000",
"maxFractionConsumed": "0.1"
},
"markPriceConfiguration": {
"decayWeight": "1.0",
"decayPower": "1",
"cashAmount": "0",
"sourceWeights": [
"0.0",
"0.0",
"1.0",
"0.0"
],
"sourceStalenessTolerance": [
"1m",
"1m",
"1m",
"1m"
],
"compositePriceType": "COMPOSITE_PRICE_TYPE_WEIGHTED",
"dataSourcesSpec": [
{
"external": {
"ethOracle": {
"address": "0x719abd606155442c21b7d561426d42bd0e40a776",
"abi": "[{\"inputs\": [{\"internalType\": \"bytes32\", \"name\": \"id\", \"type\": \"bytes32\"}], \"name\": \"getPrice\", \"outputs\": [{\"internalType\": \"int256\", \"name\": \"\", \"type\": \"int256\" }], \"stateMutability\": \"view\", \"type\": \"function\"}]",
"method": "getPrice",
"args": [
"0xb7910ba7322db020416fcac28b48c01212fd9cc8fbcbaf7d30477ed8605f6bd4"
],
"trigger": {
"timeTrigger": {
"every": "60"
}
},
"requiredConfirmations": "3",
"filters": [
{
"key": {
"name": "ena.price",
"type": "TYPE_INTEGER",
"numberDecimalPlaces": "18"
},
"conditions": [
{
"operator": "OPERATOR_GREATER_THAN",
"value": "0"
}
]
}
],
"normalisers": [
{
"name": "ena.price",
"expression": "$[0]"
}
],
"sourceChainId": "100"
}
}
}
],
"dataSourcesSpecBinding": [
{
"priceSourceProperty": "ena.price"
}
]
}
}
},
"closingTimestamp": ****TODO****,
"enactmentTimestamp": ****TODO***
}
}