In this article we will tell you about the results of the first month of Tsunami Exchange work in the new year and the results of testing the 2nd version of the protocol, share interesting details about the bugs that were discovered by the test participants, and divulge some spoilers about the release dates of the new version of Tsunami.
It will be interesting. Enjoy reading!
A new year is a time for new features, innovative technologies and new products. That's what our team has been doing, testing the new protocol and working on the bugs found during 3 weeks. Working tirelessly, the developers, together with the efforts of the community, created a balanced product, which will be based not only on improved functionality, but also on the power of the community to offer its ideas and improvements.
Nearly 7,000 testers took part in Testnet 2.0;
During the testing period, participants sent us over 1000 bug reports;
Over 150,000 positions were closed during the testing period;
The maximal profit of all testing participants was 8,577 USDN, and the minimum was -14,247 USDN;
The maximal number of closed positions for one user was 2,814;
The maximum number of bugs found per tester was 17 items;
18 people have shown themselves as activists in the community, helping admins answer questions and maintain a friendly atmosphere.
Testnet is where new features go as soon as they are developed, so every user has a chance to be the first to know about them. Throughout testing, many unique innovations have been added to testnet, such as:
dynamic curve, allowing to avoid a big gap between Index and Market Price and to trade comfortably in any market conditions;
support of Metamask - the most popular wallet in the crypto-space;
limit orders stop loss and take profit, without which no exchange of derivatives can do;
improved interface that allows users to manage trading without leaving one page;
new trading pairs, open interest expansion and many functional changes that you will appreciate!
We know how you like spoilers, so we'll tell you the most important thing - the launch of protocol 2.0 on mainnet is scheduled for February 6. And yes, we're not in the habit of postponing deadlines.
At the time of writing this digest, the ability to provide liquidity has already been added to mainnet on Tsunami Exchange.
🎁 Spoiler - we prepared something special for the first liquidity providers.
Tsunami 1.0 worked without liquidity providers because basically traders provided liquidity to each other. The new design assumes liquidity providers because now the price can follow the oracle and it does not only depend on how you trade, but also on the market conditions.
70% of the amount collected trading fees;
100% of the amount of users’ negative P&L collected;
50% of the liquidated positions' paid penalty;
100% of profit collected from staking on Neutrino Protocol;
25% of the trading rewards pool in TSN tokens.
Read more about how to provide liquidity in our recent article.
The place where the liquidity provided is stored is called Omni-Vault. What actually goes into Omni-Vault is external liquidity. In addition, all collateral, all fees, all negative P&L and liquidation ppenalties are placed in the vault. At the time of closing the trader's position with a positive P&L, the collateral together with the trader's profit is returned from the vault. The Global Settlement mechanism protects the users and their P&L from potential risks associated with low liquidity.
With the launch of the new version the protocol stops charging a fixed 1% fee per trade. The current version is replaced by 0.12% fee on open notional. What does it mean? A trader will pay 0.12% for opening and closing a position, as well as will pay a Rollover fee - an hourly percentage of 0.0035% on the collateral for the time the position remains open. We have recently described the changes to the fees model in more detail in our blog.
The Whitepaper is one of the most requested documents when launching projects, so we pay special attention to writing it and updating information on all current changes. Chances are, while you're reading the digest, another chapter of the most important document is being written.
The Waves ecosystem is undergoing an important transformation and new decentralized solutions are being built. We are working closely with the development teams, and our project will be one of their first users. In particular, we plan to use the USDT stablecoin of the new decentralized bridge from the PepeTeam team. And while it is being developed and implemented, we are working on a solution to launch trading with the current XTN [USDN renamed] token, which will allow a large number of holders to access futures trading.
A bear market is the perfect time to develop a powerful product that will be ready to take off during crypto growth. We at Tsunami are positive and confident that our team's experience and professionalism will be enough to build a great product that can be your first guide to the world of perpetual futures. Trading beyond cryptocurrencies, low fees, transparency and security, high-speed transaction processing - all this and more will provide Tsunami Exchange users with the best trading experience!
Stay connected and become the first liquidity providers in the upcoming Tsunami 2.0!
Thank you for reading!
Your Tsunami Team 🌊