Kwenta is eager to reveal its proprietary margin engine, Smart Margin v2 (SMv2), which introduces advanced order types and a fully reimagined Futures UI/UX to the public. This groundbreaking system provides an extensive selection of trading tools tailored for Synthetix perpetual contracts, exceeding the capabilities of competing platforms. SMv2 has been meticulously developed to enhance traders' transactional efficiency and support strategies that are not accommodated by other platforms; reference KIP-55 for more details.
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The core concept of SMv2 is the "Command" structure, which replaces the previous beta margin engine's complex logic. The previous system's approach, while functional, restricted the trader's imagination and forced much of the directional reasoning on-chain, resulting in fragile code. In contrast, SMv2 decomposes multi-leg actions into individual "Commands," each responsible for a specific function.
For example, modifying the margin in a single market or account is a discrete command, as is submitting a reduce-only limit order. The ability to string together various commands allows account owners (or delegates with trading abilities) to maximize their options and create sophisticated strategies. Furthermore, this modular approach enables seamless integration of ecosystem changes and minimizes downtime.
SMv2 utilizes Gelato for facilitating conditional orders. Incorporating Gelato into our system provides a decentralized backend capable of executing orders automatically, even under high network congestion. By segregating the commands for order submission and cancellation, traders can initiate a trade in a specific market and concurrently place a stop-loss order within a single transaction.
More about advanced orders can be found at the conditional orders blog.
SMv2's account authorization has undergone enhancements that now encompass delegates, authorized addresses allowed to act/trade on the account owner's behalf. Delegates extend the potential for account-wide automation beyond our conditional orders. The current implementation is intentionally non-restrictive, highlighting Kwenta's unwavering commitment to delivering an unparalleled trading experience.
In addition to Kwenta's ongoing development of in-house bots capable of copy-trading accounts or offering account margin rebalancing, we encourage the community to develop tools that can be easily integrated into accounts. This collaborative invitation embodies the community's self-governance ethos to develop its tools and leverage Kwenta's established platform, thereby benefitting all parties involved.
This feature is not yet supported by the front-end, but is slotted for a release in the coming month
SMv2's potential for external protocol integrations is a crucial factor to consider. Any protocol that can facilitate interactions with sUSD, such as Aave, Uniswap, and Lyra, can seamlessly integrate with our margin engine. This integration unlocks various possibilities, such as executing a command that purchases a call option via Lyra or sweeping margin from a trader's account to Aave to earn yield.
As these ideas are explored, and as Kwenta's total value locked (TVL) increases, the impact of implementing such commands will soar, thereby creating significant value for token holders who vote on these decisions. Such prospects are exhilarating, and our system serves as the ideal launching pad for ecosystem innovation.
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Learn more about the Smart Margin interface and how to use It in the Kwenta Docs.