Kwenta Roadmap Update: Charting the Course for 2024

As we gear up for another transformative year at Kwenta, we pause to reflect on our journey. The past year has been a remarkable one, filled with milestones that not only pushed the envelope in decentralized trading but also set the stage for a new era—an era we playfully dub 'Web5.'

Web3 + Web2 = Web5: The Future of User Experience

At Kwenta, we believe in pioneering an experience that's not just about the next step, but about leaps toward a future so advanced, we're skipping numbers. Web3's decentralization, combined with the user-friendly conveniences of Web2, equals Web5. It's not just quick maths; it's our roadmap to revolutionizing trading interfaces. The "Web5" initiative is our commitment to blending the security and innovation of blockchain with the ease-of-use that has made traditional platforms so successful.

A Look Back at 2023

2023 was a year where Kwenta showcased the strength and potential of decentralized futures trading:

  • A dazzling $35 billion in volume through Kwenta Perps v2, showcasing our platform's reliability and user trust.

  • The launch of over 80 diverse markets, meeting the needs of traders with various strategies.

  • An impressive $200 million in open interest, a figure unmatched by any other perps AMM platform.

  • A blazing fast advanced order system which made advanced orders through Kwenta Smart Margin the cheapest and fastest stop and limit orders build on Synthetix Perps.

Strategic Developments:

  • Fees from Synthetix Perps: With the passage if SIP-346, the KwentaDAO now earns 20% of all trading fees generated by v3 on Base. Eligibility for fees in the Synthetix system requires a unique tracking code to be sent with each order, and any order sent from the Kwenta UI or Kwenta SDK will be tracked for fee share. We will continue to work closely with Synthetix governance to ensure our partnership remains mutually beneficial as we expand beyond Base.

The Road Ahead: Kwenta's 2024 Vision

Building on last year's accomplishments, we're excited to share our vision and roadmap for Q1 2024. Behind the scenes in 2023, Kwenta Core Contributors built the foundation for a groundbreaking Web2 style experience, which is already being tested and assembled by a team of dedicated devs and traders.

Kwenta's Epoch 1, 2024 Roadmap unveils a vision for the future of trading in Web3
Kwenta's Epoch 1, 2024 Roadmap unveils a vision for the future of trading in Web3

Perps v3 Alpha Launch, January-February:

  • Perps v3 Alpha UI: January will be a big month for testing and refining the Perps v3 experience. Behind the scenes, core contributors and community members are already using Perps v3 on Base. Private testing already includes a redesigned UI which is optimized for v3 features, and will be expanded soon. More details about how v3 works will be shared as our public launch date nears.

  • Winding Down Perps v2: Though there is currently no deadline for migration and Kwenta will continue to support all of the core functions of Perps v2 through the entire epoch, January will begin the process of winding down markets and preparing for the migration on Optimism.

  • USDC Rewards for KWENTA Stakers: with the passage of KIP-114, all USDC earned by the KwentaDAO will be used for staking rewards. These rewards are intended to incentivize participation in staking and governance, and will be available for claim weekly by all stakers.

Perps v3 Official Launch, February-March:

As we move from alpha to beta, Perps v3 will introduce a comprehensive array of features and user experience enhancements. The beta launch of Perps v3 will construct our Web2-style vision on our Web3 foundation, making onchain trading more accessible for new traders, and bringing DeFi power users the tools they’ve been missing.

  • Notifications: A collaboration with Notifi will bring you customizable alerts. Stay informed on market movements, account changes, and platform updates directly through your preferred communication channels.

  • Social Login: In our 'Web5' world, we're breaking down the barriers between traditional and decentralized platforms. Imagine the seamlessness of Web2 logins fused with the innovation of Web3—this is the reality we’re bringing to Kwenta. With our new Social Login feature, we’re leaping ahead, offering the ease of use that traders have come to expect from Web2, without sacrificing the self-sovereignty and security that defines Web3.

  • New Dashboard: The new dashboard will bring an improved portfolio view, trading history, easier sorting of markets, and allow users to be fully immersed in their Kwenta performance.

March Onward:

Following the official launch of Perps v3 Beta, Kwenta will shift focus to expanding our product offerings

  • A Top Secret Perps Product: Kwenta Core Contributors will be asking council for permission to direct resources toward researching and developing a unique derivatives product never seen in DeFi. While details of the project have not yet been made public, we hope to christen the Synthetix v3 system with pools owned and operated by the KwentaDAO which offer unique payoffs to Kwenta users. This top secret perps project will live alongside integrations like Synthetix, adding another tool to our chest.

  • A Refreshed Rewards System: To encourage migration to Perps v3 and set the stage for Kwenta’s launch of our own liquidity pools, Kwenta will discuss a revamped rewards system which targets both new and existing users, and gives those who participated in early Kwenta a unique opportunity to help us take the project further. Be on the lookout for proposals in late January outlining this plan.

  • Building for Mobile First: Once v3 has been fully erected, Kwenta CCs will shift focus to an experience which truly feels organic across all devices. While the earlier part of 2024 will focus on the necessary backend work which enables a more seamless UI, improvements like developing a PWA will allow Kwenta to run smoothly across iPhones and iPads.

  • Kwenta API: Following the launch of v3 frontend tools, Core Contributors will look to enrich backend access. Our v3 API will empower traders to build their own systems and improve arbitrage within the system.

Getting Involved

Kwenta’s introduction of USDC staking rewards is a step toward sustainable, non-inflationary incentives for community members to actively stake and participate in governance. This stage in Kwenta’s development is a pivotal point where your voice matters the most.

Participate in Kwenta’s ongoing governance process by joining Discord governance calls, submitting KIPs, and discussing proposals in our Discord governance channels. Every 4 months, community members will have a chance to vote or run for Kwenta Council. Come to Discord to find out more.

Beyond governance participation, your skills are valuable at Kwenta. Content creators, opinion leaders, and developers are encouraged to help our community. Share your trading bots or other projects, post your threads and articles, or just hang out and talk trading!

Join the Kwenta Community

If you haven't already, join the Kwenta community on Discord.

To be the first to learn about new updates to Kwenta, follow us on Twitter.

To trade synthetic assets and futures, visit Kwenta.

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