Pre-Launch Markets
Last updated
Last updated
Bluefin offers Pre-Launch Perps for selected protocols ahead of their TGE, to enable price discovery for their tokens and allow users to get exposure to these projects and other potential benefits they might offer. These Pre-Launch Perps will trade like regular perpetual contracts that users are familiar with but won't require an underlying spot or index/oracle price, instead the fair value of the asset will be determined by a 4-hour exponentially weighted moving average (EMA) of the mid-market price, as a protection mechanism against market manipulation.
Thus, the index/oracle price will be set to this 4-hour EMA and used for calculating Liquidation prices and Stop-Order triggers. However, PnL calculations will be based on the mid-market price as it will be more representative of the actual trade price a user will exit their position on.
Note: In case of a sudden price movement due to large BUY/SELL orders placed on the book, the index/oracle price could take some time to converge to the mid-market price, and thus Liquidations and Stop-Order will not get triggered until the index/oracle price catches up, protecting users against potential price manipulation.
The first pre-launch market on Bluefin will be in collaboration with the Suilend team.
Symbol
SEND-PERP
Total Supply
100M
Opening Price
$0.75 (implying an FDV of $75M)
Leverage
1X
IMR
60%
MMR
20%
Taker Fee
0.25%
Maker Fee
0.0%
Step Size
0.1
Min. Trade Price
$0.05
Max. Trade Price
$10.0
As a precaution, we’ve set up several safeguards to protect users from price manipulation while the market matures:
Index/Oracle Price: 4-hour EMA (Exponential Moving Average). Liquidations are based on the index price. At TGE, this price will move to a price feed provided by Pyth.
Min Trading Price: $0.05 (assuming a $5M FDV)
Max Trading Price: $10.0 (assuming a $1B FDV)
Market Take Bound: 100% (this means that a market order can’t execute at a price greater than 2x the index price. For the market to move up more than 2x, it will take at least a few hours)
Max OI Per User: $25,000
Max OI for Market: $1M (as the liquidity builds up and price stabilizes, we will look to increase this limit)
Only Bluefin Liquidators will be allowed to liquidate on pre-launch markets.
