nftperp: Abbreviated Introduction
nftperp is a protocol that allows users to take long or short positions on the floor price of select blue-chip NFT collections using ETH as collateral. The protocol uses a virtual Automated Market Maker (vAMM) based on Perpetual Protocol’s model for price discovery; all collateral is stored in a smart contract vault.
The vAMM allows traders to profit from the losses of other traders and quote prices to be determined by a dynamic bonding curve based on open interest. This model enables nftperp to facilitate trading without needing a liquidity pool while minimizing slippage. The major components of the protocol are:
- An in-house Chainlink oracle for price feeds, filtering out wash trades and outliers to create a true floor price. This serves as the mark price for a given collection.
- The funding rate balances open interest and minimizes the deviation between index and perps price. It operates by having longs pay shorts a small fee, or vice versa, depending on positive or negative funding rates.
- The smart contracts deployed on the Arbitrum blockchain.
The perpetual swap market is the largest market for crypto in terms of volume (over spot and options).
Nftperp is currently in Beta version, launched on November 25th, 2022. As of February 2023, total trades on the platform have already surpassed $82 million in volume.
The nftperp project comprises a select and competent team of engineers and computer scientists. The organization has the backing of experienced advisors as well. nftperp raised a total of $1.7 million at a valuation of $17 million.
nftperp does not have a live token yet. However, the project has launched voucher tokens to incentivize liquidity in the platform.
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