Structure of the Protocol Programs

The following two programs will be launched to incentivize liquidity and volume :

TermDefinition
  • A points program for liquidity provision and maker volume.

  • A dynamic score (Maker Score) will be calculated for each wallet based on a measure of the wallet’s 1) quote quality (maker quotes vs price to mid) and 2) maker volume traded by that wallet for each instrument (e.g. BTC-USD-PERP)

  • Each wallet’s score is then measured (as a percentage) against all wallets’ scores to calculate the wallet’s points share for each instrument.

  • A points program for trading fees.

  • A dynamic score (Fee Score) is calculated for each wallet based on recent fees paid by that wallet for each instrument (e.g. BTC-USD-PERP)

  • Each wallet’s score is then measured (as a percentage) against all wallets’ scores to calculate the overall wallet’s fee points share for each instrument.

Each program functions automatically and on a non-discretionary basis, based on algorithmic formulas and without the need for human intervention or control. The protocols will be subject to modification via protocol governance over time.

Last updated