This is a proposal to modify the liquidityMonitoringParamaters.triggeringRatio to 0.1 so that it is aligned with the ETH Perp as per recommendations of the Vega team. The quote name is also changed to USD to match the underlying reference rate from the oracle. This can be modified again once a USDT oracle is available.
{
"rationale": {
"title": "VMP-22 Update BTC/USD Perpetual quote name and liquidity monitoring triggering ratio.",
"description": "## Summary\n\nThis proposal requests to update the BTC/USD Perpetual with appropriate values for the quote name and the liquidity monitoring triggering ratio. The triggering ratio is being set to 0.1 to reduce the chances of liquidity auctions, while the quote name is being set to USD since the underlying oracle data quotes the price of BTC against USD."
},
"terms": {
"updateMarket": {
"marketId": "4e9081e20e9e81f3e747d42cb0c9b8826454df01899e6027a22e771e19cc79fc",
"changes": {
"linearSlippageFactor": "0.001",
"quadraticSlippageFactor": "0",
"instrument": {
"code": "BTC/USD-PERP",
"perpetual": {
"quoteName": "USD",
"marginFundingFactor": "0.9",
"interestRate": "0.1095",
"clampLowerBound": "-0.0005",
"clampUpperBound": "0.0005",
"dataSourceSpecForSettlementData": {
"external": {
"ethOracle": {
"address": "0xF4030086522a5bEEa4988F8cA5B36dbC97BeE88c",
"abi": "[{\"inputs\":[],\"name\":\"latestAnswer\",\"outputs\":[{\"internalType\":\"int256\",\"name\":\"\",\"type\":\"int256\"}],\"stateMutability\":\"view\",\"type\":\"function\"}]",
"method": "latestAnswer",
"normalisers": [
{
"name": "btc.price",
"expression": "$[0]"
}
],
"requiredConfirmations": 3,
"trigger": {
"timeTrigger": {
"initial": "1701727200",
"every": "300"
}
},
"filters": [
{
"key": {
"name": "btc.price",
"type": "TYPE_INTEGER",
"numberDecimalPlaces": "8"
},
"conditions": [
{
"operator": "OPERATOR_GREATER_THAN",
"value": "0"
}
]
}
]
}
}
},
"dataSourceSpecForSettlementSchedule": {
"internal": {
"timeTrigger": {
"conditions": [
{
"operator": "OPERATOR_GREATER_THAN_OR_EQUAL",
"value": "0"
}
],
"triggers": [
{
"initial": "1701727200",
"every": "28800"
}
]
}
}
},
"dataSourceSpecBinding": {
"settlementDataProperty": "btc.price",
"settlementScheduleProperty": "vegaprotocol.builtin.timetrigger"
}
}
},
"metadata":[
"base:BTC",
"quote:USDT",
"class:fx/crypto",
"perpetual",
"sector:defi",
"enactment:2023-12-01T18:00:00Z"
],
"priceMonitoringParameters": {
"triggers": [
{
"horizon": "4320",
"probability": "0.9999999",
"auctionExtension": "300"
},
{
"horizon": "1440",
"probability": "0.9999999",
"auctionExtension": "180"
},
{
"horizon": "360",
"probability": "0.9999999",
"auctionExtension": "120"
}
]
},
"liquidityMonitoringParameters": {
"targetStakeParameters": {
"timeWindow": "3600",
"scalingFactor": 0.05
},
"triggeringRatio": "0.1",
"auctionExtension": "1"
},
"logNormal": {
"tau": 0.00000380258,
"riskAversionParameter": 0.000001,
"params": {
"mu": 0,
"r": 0,
"sigma": 1.5
}
},
"liquiditySlaParameters": {
"priceRange": "0.03",
"commitmentMinTimeFraction": "0.85",
"performanceHysteresisEpochs": "1",
"slaCompetitionFactor": "0.5"
}
}
},
"closingTimestamp": 1701990000,
"enactmentTimestamp": 1701990000
}
}