VMP-49 Migrate big three markets to use arbitrum USDT

Update the big three markets to use arbitrum USDT

This proposal implements what was discussed in the following thread: Upcoming protocol release and Arbitrum asset bridge - #6 by david in order to migrate existing market to use arbitrum USDT as settlement asset.

This proposal is covering the following three markets:

  • BTC/USDT
  • ETH/USDT
  • SOL/USDT

In a similar manner than the following proposal, we propose to implement this in two separate batch proposal.

A first one, which will suspend the existing market and create the new ones. The voting will end on the Wednesday 19th of June at 11:00 BST. At that time, an openning auction period of 1h will start on the 3 new markets (BTC, ETH and SOL using arbitrum USDT for settlement) after which these 3 markets will be still tradable in parallel to the existing one, leaving time for users and market makers to close their position in the old markets and open new ones / provide liquidity in the new markets, the market suspension proposal part of the batch will then take effect on the 21st at 11:00 BST.

The second proposal will be submitted on the 21st after 11:00 BST, to settle the old markets with the prices at the time of suspension (11:00 BST).

Following is the payload for the first part:

{
  "batchProposalSubmission": {
    "rationale": {
      "title": "VPM-49 Part one - Big three markets migrations to arbitrum USDT",
      "description": "This proposal implement the migration of the market from using USDT ethereum as settlement asset to use USDT arbitrum as described in the following forum post "
    },
    "terms": {
      "closingTimestamp": "1718791200",
      "changes": [
        {
          "enactmentTimestamp": "1718967600",
          "updateMarketState": {
            "changes": {
              "marketId": "4e9081e20e9e81f3e747d42cb0c9b8826454df01899e6027a22e771e19cc79fc",
              "updateType": "MARKET_STATE_UPDATE_TYPE_SUSPEND"
            }
          }
        },
        {
          "enactmentTimestamp": "1718794800",
          "newMarket": {
            "changes": {
              "tickSize": "1",
              "decimalPlaces": "1",
              "positionDecimalPlaces": "4",
              "instrument": {
                "name": "Bitcoin / Tether USD (Perpetual)",
                "code": "BTC/USDT",
                "perpetual": {
                  "settlementAsset": "2a1f29de786c49d7d4234410bf2e7196a6d173730288ffe44b1f7e282efb92b1",
                  "quoteName": "USDT",
                  "marginFundingFactor": "0.9",
                  "interestRate": "0.1095",
                  "clampLowerBound": "-0.0005",
                  "clampUpperBound": "0.0005",
                  "fundingRateScalingFactor": "1",
                  "fundingRateLowerBound": "-0.001",
                  "fundingRateUpperBound": "0.001",
                  "internalCompositePriceConfiguration": {
                    "decayWeight": "1",
                    "decayPower": "1",
                    "cashAmount": "50000000",
                    "sourceWeights": [
                      "0",
                      "0.999",
                      "0.001",
                      "0"
                    ],
                    "sourceStalenessTolerance": [
                      "1m0s",
                      "1m0s",
                      "10m0s",
                      "10m0s"
                    ],
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                    "dataSourcesSpec": [
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              },
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              ],
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                  }
                ]
              },
              "liquidityMonitoringParameters": {
                "targetStakeParameters": {
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                },
                "triggeringRatio": "",
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              },
              "linearSlippageFactor": "0.001",
              "liquiditySlaParameters": {
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                "commitmentMinTimeFraction": "0.1",
                "performanceHysteresisEpochs": "0",
                "slaCompetitionFactor": "1"
              },
              "liquidityFeeSettings": {
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              },
              "liquidationStrategy": {
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              },
              "markPriceConfiguration": {
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                "cashAmount": "50000000",
                "sourceWeights": [],
                "sourceStalenessTolerance": [
                  "1m0s",
                  "1m0s",
                  "168h0m0s",
                  "168h0m0s",
                  "1m0s"
                ],
                "compositePriceType": "COMPOSITE_PRICE_TYPE_MEDIAN",
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                  {
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              "logNormal": {
                "riskAversionParameter": 0.000001,
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                }
              }
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              ],
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                        },
                        "requiredConfirmations": "3",
                        "filters": [
                          {
                            "key": {
                              "name": "eth.price",
                              "type": "TYPE_INTEGER",
                              "numberDecimalPlaces": "18"
                            },
                            "conditions": [
                              {
                                "operator": "OPERATOR_GREATER_THAN",
                                "value": "0"
                              }
                            ]
                          }
                        ],
                        "normalisers": [
                          {
                            "name": "eth.price",
                            "expression": "$[0]"
                          }
                        ],
                        "sourceChainId": "100"
                      }
                    }
                  }
                ],
                "dataSourcesSpecBinding": [
                  {
                    "priceSourceProperty": "eth.price"
                  },
                  {
                    "priceSourceProperty": "eth.price"
                  }
                ]
              },
              "logNormal": {
                "riskAversionParameter": 0.000001,
                "tau": 0.000003995,
                "params": {
                  "mu": 0,
                  "r": 0,
                  "sigma": 1
                }
              }
            }
          }
        },
        {
          "enactmentTimestamp": "1718967600",
          "updateMarketState": {
            "changes": {
              "marketId": "6adf4314db2c637dc1fb2276386ee4c2ed9a7b998ed55e8c30991b8cc82bf921",
              "updateType": "MARKET_STATE_UPDATE_TYPE_SUSPEND"
            }
          }
        },
        {
          "enactmentTimestamp": "1718794800",
          "newMarket": {
            "changes": {
              "tickSize": "1",
              "decimalPlaces": "2",
              "positionDecimalPlaces": "1",
              "instrument": {
                "name": "Solana / Tether USD (Perpetual)",
                "code": "SOL/USDT",
                "perpetual": {
                  "settlementAsset": "2a1f29de786c49d7d4234410bf2e7196a6d173730288ffe44b1f7e282efb92b1",
                  "quoteName": "USDT",
                  "marginFundingFactor": "0.9",
                  "interestRate": "0.1095",
                  "clampLowerBound": "-0.0005",
                  "clampUpperBound": "0.0005",
                  "fundingRateScalingFactor": "1",
                  "fundingRateLowerBound": "-0.001",
                  "fundingRateUpperBound": "0.001",
                  "internalCompositePriceConfiguration": {
                    "decayWeight": "1",
                    "decayPower": "1",
                    "cashAmount": "50000000",
                    "sourceWeights": [
                      "0",
                      "0.999",
                      "0.001",
                      "0"
                    ],
                    "sourceStalenessTolerance": [
                      "1m0s",
                      "1m0s",
                      "10m0s",
                      "10m0s"
                    ],
                    "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": [
                              "0xef0d8b6fda2ceba41da15d4095d1da392a0d2f8ed0c6c7bc0f4cfac8c280b56d"
                            ],
                            "trigger": {
                              "timeTrigger": {
                                "every": "60"
                              }
                            },
                            "requiredConfirmations": "3",
                            "filters": [
                              {
                                "key": {
                                  "name": "sol.price",
                                  "type": "TYPE_INTEGER",
                                  "numberDecimalPlaces": "18"
                                },
                                "conditions": [
                                  {
                                    "operator": "OPERATOR_GREATER_THAN",
                                    "value": "0"
                                  }
                                ]
                              }
                            ],
                            "normalisers": [
                              {
                                "name": "sol.price",
                                "expression": "$[0]"
                              }
                            ],
                            "sourceChainId": "100"
                          }
                        }
                      }
                    ],
                    "dataSourcesSpecBinding": [
                      {
                        "priceSourceProperty": "sol.price"
                      }
                    ]
                  },
                  "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": [
                          "0xef0d8b6fda2ceba41da15d4095d1da392a0d2f8ed0c6c7bc0f4cfac8c280b56d"
                        ],
                        "trigger": {
                          "timeTrigger": {
                            "every": "60"
                          }
                        },
                        "requiredConfirmations": "3",
                        "filters": [
                          {
                            "key": {
                              "name": "sol.price",
                              "type": "TYPE_INTEGER",
                              "numberDecimalPlaces": "18"
                            },
                            "conditions": [
                              {
                                "operator": "OPERATOR_GREATER_THAN",
                                "value": "0"
                              }
                            ]
                          }
                        ],
                        "normalisers": [
                          {
                            "name": "sol.price",
                            "expression": "$[0]"
                          }
                        ],
                        "sourceChainId": "100"
                      }
                    }
                  },
                  "dataSourceSpecBinding": {
                    "settlementDataProperty": "sol.price",
                    "settlementScheduleProperty": "vegaprotocol.builtin.timetrigger"
                  }
                }
              },
              "metadata": [
                "base:SOL",
                "quote:USDT",
                "oracle:pyth",
                "oracleChain:gnosis",
                "class:fx/crypto",
                "perpetual",
                "sector:defi",
                "enactment:2024-06-19T09:00:00Z"
              ],
              "priceMonitoringParameters": {
                "triggers": [
                  {
                    "horizon": "21600",
                    "probability": "0.9999999",
                    "auctionExtension": "3600"
                  },
                  {
                    "horizon": "21600",
                    "probability": "0.9999999",
                    "auctionExtension": "3600"
                  },
                  {
                    "horizon": "21600",
                    "probability": "0.9999999",
                    "auctionExtension": "3600"
                  },
                  {
                    "horizon": "21600",
                    "probability": "0.9999999",
                    "auctionExtension": "3600"
                  },
                  {
                    "horizon": "21600",
                    "probability": "0.9999999",
                    "auctionExtension": "3600"
                  },
                  {
                    "horizon": "21600",
                    "probability": "0.9999999",
                    "auctionExtension": "3600"
                  },
                  {
                    "horizon": "4320",
                    "probability": "0.9999999",
                    "auctionExtension": "900"
                  },
                  {
                    "horizon": "4320",
                    "probability": "0.9999999",
                    "auctionExtension": "900"
                  },
                  {
                    "horizon": "4320",
                    "probability": "0.9999999",
                    "auctionExtension": "900"
                  },
                  {
                    "horizon": "4320",
                    "probability": "0.9999999",
                    "auctionExtension": "900"
                  },
                  {
                    "horizon": "1440",
                    "probability": "0.9999999",
                    "auctionExtension": "450"
                  },
                  {
                    "horizon": "1440",
                    "probability": "0.9999999",
                    "auctionExtension": "450"
                  },
                  {
                    "horizon": "1440",
                    "probability": "0.9999999",
                    "auctionExtension": "450"
                  },
                  {
                    "horizon": "1440",
                    "probability": "0.9999999",
                    "auctionExtension": "450"
                  },
                  {
                    "horizon": "360",
                    "probability": "0.9999999",
                    "auctionExtension": "75"
                  },
                  {
                    "horizon": "360",
                    "probability": "0.9999999",
                    "auctionExtension": "75"
                  },
                  {
                    "horizon": "360",
                    "probability": "0.9999999",
                    "auctionExtension": "75"
                  },
                  {
                    "horizon": "360",
                    "probability": "0.9999999",
                    "auctionExtension": "75"
                  }
                ]
              },
              "liquidityMonitoringParameters": {
                "targetStakeParameters": {
                  "timeWindow": "3600",
                  "scalingFactor": 0.05
                },
                "triggeringRatio": "",
                "auctionExtension": "0"
              },
              "linearSlippageFactor": "0.001",
              "liquiditySlaParameters": {
                "priceRange": "0.03",
                "commitmentMinTimeFraction": "0.75",
                "performanceHysteresisEpochs": "1",
                "slaCompetitionFactor": "0.8"
              },
              "liquidityFeeSettings": {
                "method": "METHOD_CONSTANT",
                "feeConstant": "0.0001"
              },
              "liquidationStrategy": {
                "disposalTimeStep": "1",
                "disposalFraction": "1",
                "fullDisposalSize": "1000000",
                "maxFractionConsumed": "0.1",
                "disposalSlippageRange": "0.03"
              },
              "markPriceConfiguration": {
                "decayWeight": "1",
                "decayPower": "1",
                "cashAmount": "0",
                "sourceWeights": [
                  "0",
                  "0",
                  "1",
                  "0"
                ],
                "sourceStalenessTolerance": [
                  "1m0s",
                  "1m0s",
                  "1m0s",
                  "1m0s"
                ],
                "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": [
                          "0xef0d8b6fda2ceba41da15d4095d1da392a0d2f8ed0c6c7bc0f4cfac8c280b56d"
                        ],
                        "trigger": {
                          "timeTrigger": {
                            "every": "60"
                          }
                        },
                        "requiredConfirmations": "3",
                        "filters": [
                          {
                            "key": {
                              "name": "sol.price",
                              "type": "TYPE_INTEGER",
                              "numberDecimalPlaces": "18"
                            },
                            "conditions": [
                              {
                                "operator": "OPERATOR_GREATER_THAN",
                                "value": "0"
                              }
                            ]
                          }
                        ],
                        "normalisers": [
                          {
                            "name": "sol.price",
                            "expression": "$[0]"
                          }
                        ],
                        "sourceChainId": "100"
                      }
                    }
                  }
                ],
                "dataSourcesSpecBinding": [
                  {
                    "priceSourceProperty": "sol.price"
                  }
                ]
              },
              "logNormal": {
                "riskAversionParameter": 0.000001,
                "tau": 0.0000071,
                "params": {
                  "mu": 0,
                  "r": 0,
                  "sigma": 1.5
                }
              }
            }
          }
        }
      ]
    }
  }
}

And for the second part:

{
  "batchProposalSubmission": {
    "rationale": {
      "title": "VMP-49 part two - Big three markets migrations to arbitrum USDT",
      "description": "This proposposal implement the settlement of markets using USDT a settlement asset as described in the following forum post "
    },
    "terms": {
      "closingTimestamp": "/*todo*/",
      "changes": [
        {
          "updateMarketState": {
            "changes": {
              "marketId": "4e9081e20e9e81f3e747d42cb0c9b8826454df01899e6027a22e771e19cc79fc",
              "price": "/*todo*/",
              "updateType": "MARKET_STATE_UPDATE_TYPE_TERMINATE"
            }
          }
        },
        {
          "updateMarketState": {
            "changes": {
              "marketId": "e63a37edae8b74599d976f5dedbf3316af82579447f7a08ae0495a021fd44d13",
              "price": "/*todo*/",
              "updateType": "MARKET_STATE_UPDATE_TYPE_TERMINATE"
            }
          }
        },
        {
          "updateMarketState": {
            "changes": {
              "marketId": "6adf4314db2c637dc1fb2276386ee4c2ed9a7b998ed55e8c30991b8cc82bf921",
              "price": "/*todo*/",
              "updateType": "MARKET_STATE_UPDATE_TYPE_TERMINATE"
            }
          }
        }
      ]
    }
  }
}

For the ease of review, the proposal can be explored using the following links as well:

I’ll also share soon a tentative proposal to migrate the transfer for rewarding liquidity on these 3 markets.

The follow up proposal would reward liquidity provider with a pool of 750 $VEGA per epoch per market for an initial duration of 3 months, taken from the network treasury.

Please share any feedback (all appropriate timestamps and asset ID will be updated before submission).

{
  "batchProposalSubmission": {
    "rationale": {
      "title": "Reward for ACCOUNT_TYPE_REWARD_LP_RECEIVED_FEES for the BTC/USDT, ETH/USDT and SOL/USDT market",
      "description": "Rewards liquidity providers for the BTC/USDT, ETH/USDT and SOL/USDT market 750 VEGA per epoch."
    },
    "terms": {
      "changes": [
        {
          "proposalSubmission": {
            "terms": {
              "closingTimestamp": "/*TODO*/",
              "enactmentTimestamp": "/*TODO*/",
              "newTransfer": {
                "changes": {
                  "sourceType": "ACCOUNT_TYPE_NETWORK_TREASURY",
                  "transferType": "GOVERNANCE_TRANSFER_TYPE_BEST_EFFORT",
                  "amount": "750000000000000000000",
                  "asset": "d1984e3d365faa05bcafbe41f50f90e3663ee7c0da22bb1e24b164e9532691b2",
                  "fractionOfBalance": "1",
                  "destinationType": "ACCOUNT_TYPE_REWARD_LP_RECEIVED_FEES",
                  "recurring": {
                    "startEpoch": "955",
                    "endEpoch": "1015",
                    "dispatchStrategy": {
                      "assetForMetric": "2a1f29de786c49d7d4234410bf2e7196a6d173730288ffe44b1f7e282efb92b1",
                      "metric": "DISPATCH_METRIC_LP_FEES_RECEIVED",
                      "windowLength": "1",
                      "entityScope": "ENTITY_SCOPE_INDIVIDUALS",
                      "individualScope": "INDIVIDUAL_SCOPE_ALL",
                      "transferInterval": "1",
                      "lockPeriod": "7",
                      "distributionStrategy": "DISTRIBUTION_STRATEGY_PRO_RATA",
                      "markets": [
                        "BTC/USDT MARKET ID"
                      ]
                    }
                  }
                }
              }
            }
          }
        },
        {
          "proposalSubmission": {
            "terms": {
              "closingTimestamp": "/*TODO*/",
              "enactmentTimestamp": "/*TODO*/",
              "newTransfer": {
                "changes": {
                  "sourceType": "ACCOUNT_TYPE_NETWORK_TREASURY",
                  "transferType": "GOVERNANCE_TRANSFER_TYPE_BEST_EFFORT",
                  "amount": "750000000000000000000",
                  "asset": "d1984e3d365faa05bcafbe41f50f90e3663ee7c0da22bb1e24b164e9532691b2",
                  "fractionOfBalance": "1",
                  "destinationType": "ACCOUNT_TYPE_REWARD_LP_RECEIVED_FEES",
                  "recurring": {
                    "startEpoch": "955",
                    "endEpoch": "1015",
                    "dispatchStrategy": {
                      "assetForMetric": "2a1f29de786c49d7d4234410bf2e7196a6d173730288ffe44b1f7e282efb92b1",
                      "metric": "DISPATCH_METRIC_LP_FEES_RECEIVED",
                      "windowLength": "1",
                      "entityScope": "ENTITY_SCOPE_INDIVIDUALS",
                      "individualScope": "INDIVIDUAL_SCOPE_ALL",
                      "transferInterval": "1",
                      "lockPeriod": "7",
                      "distributionStrategy": "DISTRIBUTION_STRATEGY_PRO_RATA",
                      "markets": [
                        "ETH/USDT MARKET ID"
                      ]
                    }
                  }
                }
              }
            }
          }
        },
        {
          "proposalSubmission": {
            "terms": {
              "closingTimestamp": "/*TODO*/",
              "enactmentTimestamp": "/*TODO*/",
              "newTransfer": {
                "changes": {
                  "sourceType": "ACCOUNT_TYPE_NETWORK_TREASURY",
                  "transferType": "GOVERNANCE_TRANSFER_TYPE_BEST_EFFORT",
                  "amount": "750000000000000000000",
                  "asset": "d1984e3d365faa05bcafbe41f50f90e3663ee7c0da22bb1e24b164e9532691b2",
                  "fractionOfBalance": "1",
                  "destinationType": "ACCOUNT_TYPE_REWARD_LP_RECEIVED_FEES",
                  "recurring": {
                    "startEpoch": "955",
                    "endEpoch": "1015",
                    "dispatchStrategy": {
                      "assetForMetric": "2a1f29de786c49d7d4234410bf2e7196a6d173730288ffe44b1f7e282efb92b1",
                      "metric": "DISPATCH_METRIC_LP_FEES_RECEIVED",
                      "windowLength": "1",
                      "entityScope": "ENTITY_SCOPE_INDIVIDUALS",
                      "individualScope": "INDIVIDUAL_SCOPE_ALL",
                      "transferInterval": "1",
                      "lockPeriod": "7",
                      "distributionStrategy": "DISTRIBUTION_STRATEGY_PRO_RATA",
                      "markets": [
                        "SOL/USDT MARKET ID"
                      ]
                    }
                  }
                }
              }
            }
          }
        }
      ]
    }
  }
}

Hi, I have some concerns about where the liquidity will come from to exchange USDTARB for USDTETH on spot. We should do a proven transition in the minor markets as stipulated and the following month (July) go with these 3 main markets. This will give the market makers time to move the funds to Arbitrum, first with the minor markets and then once everything is in place and working, go with these 3. Everything is happening very quickly and the spot market has no liquidity providers.

It seems like a lot of things, from new market creation to onboarding new users are going to be in limbo until the transition is complete, as the community seems to be opting to move everything, so it’s probably worth thinking about the trade-off between a maybe more “perfect” transition in a month or two with a lot of stuff in the community somewhat paused until then and just pushing the button and going for it sooner.

I have heard at least some LPs say they are happy to deposit via Arbitrum and withdraw from the Eth bridge rather than use the Vega spot market, so the amount of liquidity needed/there would perhaps only really be a factor to make it easier for traders to move over. Also not clear how much activity would actually persist if the rewards are moved and there’s liquidity on the new markets?

Perhaps the pain could be reduced by keeping both for a few weeks if anyone is still using them, instead of holding off entirely?

I agree, keep the 3 major markets in both USDTs while migrating liquidity to the smaller ones and the large ones to Arbitrum. In any case, it would be to modify the request to create these 3 in Arbitrum without closing or modifying those of ETH.

Based on feedback here and offline with other community members, I’ve updated the initial proposal to keep the 3 old market to run in parallel to the new ones for a period of 2 weeks (until the 3rd of August) and also reduce the fixed amount lp fee from 1 basis point to 0.1.

You can find the updated proposal there: Part 1 updated

2 Likes

Proposal is now up for voting VEGA Governance