Since its inception, perpetual contracts have become one of the most popular ways of trading cryptocurrencies, with twice the volume of the spot market. However, the current centralized approach lacks transparency. A decentralized approach will provide a trustless and transparent way to trade perpetual contracts. We are thrilled to officially launch the first decentralized ETH perpetual contract today.
The financial architecture of our perpetual contract is based on the proven design of perpetual contracts in the CeFi space, along with these following features:
No expiration date.
Trading price soft pegged to the index price by funding rate mechanism.
On-chain funding rate by introducing AMM.
Off-chain order book providing better liquidity.
The most unique and innovative part about our ETH-PERP contract is the introduction of the AMM (Automated Market Maker), which generates the funding rate, provides on-chain liquidity, and ensures complete decentralization. The AMM acts as a money lego for smart contracts to trade with our on-chain perpetual contracts, enabling them to arbitrage, speculate, and manage their portfolios.
Since the AMM has higher slippage than traditional CeFi exchanges, we have also introduced an off-chain order book for liquidity-sensitive users. The order book, which provides better liquidity than the AMM, is used as the main entry point for trading perpetual contracts. We recommend users to trade with the order book, and smart contracts to trade using the AMM. Here are some specifications for our perpetual contract:
Trading pair: ETH-PERP
Leverage: up to 10x
Transaction fee: Maker = -0.025%, Taker = 0.075%
Funding rate: up to 0.4%
Initial Margin: 10%
Maintenance Margin: 7.5%
For more detailed information, please refer to References.
Here's the official announcement: https://medium.com/@montecarlodex/mcdex-officially-launches-its-perpetual-contracts-with-up-to-10x-leverage-e9464cfcbc60
Details here: https://mcdex.io/competition
Talk of the Town
DeFi Pulse 🍇 @defipulse1/ 🍇🍇 DeFi Pulse Drop #3: MCDEX 🍇🍇 MCDEX's hybrid order book/AMM supports efficient perpetual contracts trading on Ethereum w/ 10x leverage and no expiration @MonteCarloDEX’s ETH-PERP is launching TOMORROW Monday June 29th, 2020 Learn more https://t.co/11v1lw4Ljq https://t.co/1f4Sej4AhA
DeFi Pulse 🍇 @defipulse1/ Are you keeping up w/ the latest 🍇 DeFi Pulse Drop w/ MCDEX (@MonteCarloDEX)? ETH-PERP went live yesterday w/ +350K 24hr trading volume in its first day! Did you know that ETH-PERP is only one stop on MCDEX's roadmap? MCDEX plans to introduce structured funds and much more. https://t.co/bfIRnOWWvp
Thank you, DeFi Pulse - https://defipulse.com/blog/mcdex/
Thank you, Anthony!
MCDEX is live on Product Hunt
Product Hunt Hi @ProductHuntHi@montecarlodex FYI, MCDEX was posted on @ProductHunt https://t.co/W4Z0JxYeVX — Invite your teammates to join as Makers 🙌
Give us an upvote: https://www.producthunt.com/posts/mcdex
Podcast with Kerman Kohli
MCDEX has also partnered with the industry’s best security teams to conduct a comprehensive audit of MCDEX’s smart contracts. The security audits of MCDEX’s Mai Protocol V2 used for implementing perpetual contracts are done by OpenZeppelin and ConSensys Diligence.
To ensure MCDEX becomes a truly DeFi platform, both the software and the governance should be fully decentralized. In order to better implement decentralized governance, we plan to issue a platform token — the MCB. The MCB token will allow key stakeholders of the MCDEX platform, i.e takers, liquidity providers, contributors of trading strategies, DeFi developers, etc, to participate in the governance to achieve sustainable and robust development.
MCB token will be used for capturing the platform’s value, for providing liquidity to the AMM, and for taking the risk of liquidation and/or enjoying its benefits. The functionality and use-case of the MCB token will gradually expand thereby increasing the liquidity of the MCB tokens. Regarding the distribution, 25% of MCB tokens will be allocated to the team and initial investors, 25% will be allocated to the foundation for token sales, and the remaining 50% will be used as incentives for the stakeholders.
MCPool: built for investors lacking the knowledge to trade perpetual contracts; MCPool simplifies the process by enabling users to invest by depositing their assets in the fund. Bots and social traders will act as fund managers by providing trading strategies. In this way, MCDEX provides a platform for traders with varying risk appetites and trading acumen with a common goal to make profits.
Please refer to MCDEX’s Whitepaper for more details.
MCDEX will launch Liquidity Mining on July 8th. Get MCB by providing liquidity to the AMM!
Here’s the official announcement: https://medium.com/@montecarlodex/mcdex-will-launch-liquidity-mining-on-july-8th-8084691f8d6e
The launch of our perpetual contract (ETH-PERP)
The launch of our automated and social trading products
The MCB Token Sale (First Round)
Adding Liquidity Mining
New AMM formula for perpetual contracts
MCB for AMM liquidity incentive
MCB for on-chain governance
MCB capturing platform fees
Launching Decentralized leveraged tokens
IDO (Initial DEX Offering)
Enhancement of MCB.
Use of MCB to provide liquidity for AMM
Use of MCB to cover social losses
Use of MCB to capture liquidation penalties
Introducing an optimistic roll-up mechanism to improve trading performance.
Introducing more types of financial assets to the MCDEX platform.
Stay tuned for more! Join our Telegram Group: https://t.me/mcdex