# Pre-Launch Markets

<figure><img src="/files/c0pyEIDrGlnMOk3gGpL4" alt=""><figcaption></figcaption></figure>

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.

{% hint style="info" %}
**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**.
{% endhint %}

## Pre-Launch for Suilend (SEND-PERP)

<figure><img src="/files/G9JRhfziGgPdQVs6a2bk" alt=""><figcaption></figcaption></figure>

The first pre-launch market on Bluefin will be in collaboration with the Suilend team.

### Market Specs:

<table><thead><tr><th>Specs</th><th>Values</th><th data-hidden></th></tr></thead><tbody><tr><td>Symbol</td><td>SEND-PERP</td><td></td></tr><tr><td>Total Supply</td><td>100M </td><td></td></tr><tr><td>Opening Price</td><td>$0.75 (implying an FDV of $75M)</td><td></td></tr><tr><td>Leverage</td><td>1X</td><td></td></tr><tr><td>IMR</td><td>60%</td><td></td></tr><tr><td>MMR</td><td>20%</td><td></td></tr><tr><td>Taker Fee</td><td>0.25%</td><td></td></tr><tr><td>Maker Fee</td><td>0.0%</td><td></td></tr><tr><td>Step Size</td><td>0.1</td><td></td></tr><tr><td>Min. Trade Price</td><td>$0.05</td><td></td></tr><tr><td>Max. Trade Price</td><td>$10.0</td><td></td></tr></tbody></table>

### Safeguards for SEND Pre-Launch Market

As a precaution, we’ve set up several safeguards to protect users from price manipulation while the market matures:&#x20;

* **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.


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