Futures Trading Re-Launch Plan
As you know, The Decentralized Futures Trading Protocol is one of the core features of our project and the most consequent in terms of development and technology. We have been tirelessly focusing on building it for the past months. It is an innovative, efficient and cutting edge protocol by design that will lay the foundations of the future of Decentralized Perpetual Trading.
Position Exchange Perpetual Trading Protocol in short:
Position Exchange’s team has set a mission for its project and will remain dedicated to achieving it. Our goal is to create a TRULY decentralized Ecosystem where all features run On-chain in a completely transparent and community-driven environment.
Looking at the Defi landscape, the currently available “Decentralized” Trading Platforms are not in reality that “Decentralized” but mostly Hybrid. They certainly maintain the privacy and security of a DEX — i.e. do not require KYC, or no intermediaries to interact with smart contracts but still have their Orderbooks running off-chain. This system is designed to achieve high transaction performance and fast response speeds but still comes with risks and problems of off-chain/centralized Orderbook such as manipulation and lack of transparency and fails to fulfill the true virtue of Decentralization where all trading information, transaction records should be transparent, creating a fair trading environment for everyone.
Position Exchange designed a Perpetual Trading Protocol where everything runs fully On-chain, there is no need for a 3rd party to maintain the Orderbook, offering different types of orders (Limit, Market…) and leveraged trading. There is no need for users to deposit funds on the smart contract, users can trade straight from their wallets. By using an on-chain Orderbook and matching engine we aim to create an efficient, fair, and trustless financial market that is not controlled by any centralized organization
Where we are now with PPTP:
The Trading Protocol launched some time ago and Position Exchange users got a chance to try out the first fully On-chain orderbook in action. We have received great amounts of feedback and carefully tracked the users’ experience. Overall, the launch was okay, but honestly, it did not live up to our expectations, we should admit that the Trading Protocol is not working as well as we expected it to be. Users are encountering bugs and issues, preventing them from Trading well and enjoying the full Decentralized Orderbook experience. The bugs were on different functions, which did not make the protocol really operational and efficient.
How do we proceed forward from here?
We always want to provide POSINATION with the best products they could possibly find. Quality and efficiency are our top concerns, we do believe that the sustainability of projects is based on their ability to build the right products, products people need and use, and to make sure these products are functioning smoothly and are well maintained.
We’re currently working on a new version of the Trading Protocol targeting to bring more stability, efficiency and fluidity. This version will provide the experience that we have always pictured in our mind and solve a lot of the current issues getting us a step closer to the full potential of the protocol.
In order to make it easier for our development team to focus on this new Relaunch we believe that suspending the Trading Protocol for maintenance at the time-being will be the right move. We do believe that a 1 week of maintenance will do the trick, starting from 22th May 5AM (UTC) until 28th May 10 PM (UTC), and the details of the suspension are as follows:
- All mainnet contracts will be paused. Opening new limit orders or positions will be halted. The protocol page will be changed to a Maintenance Page.
- All opened limit orders will be automatically canceled, repaying margin.
- All opened positions will be settled and margin will be repaid follows:
- If PnL > 0, we’ll pay back Margin + profit in $POSI
- If PnL < 0, we’ll pay back Margin — loss (in BUSD)
- Unclaim amount will be claimable after the maintenance.
The maintenance will be great for our team to accelerate the release of the new version and provide you with the Trading Protocol that we have always promised!
Position Exchange Team