Introducing GooseFX Perps Dex: Updates and Future Plans

Introduction

Over the past two weeks, we've been thrilled to launch our devnet trading competition and have witnessed an overwhelming response from the trading community. We're grateful for the support of our users, who have helped us test and refine our platform's features and functionalities.

This blog post will cover the basics of Perps, our platform's features, our experience with the devnet trading competition, what we learned, and how we plan to improve the platform based on user feedback.

So, without any further ado, let's jump into it.

If you still need to use our platform, try it by following the steps in our docs, and let us know what you think!

Perps Basic 101

To start, let's rewind to the most basic of stuff. Perpetual means never-ending, while Futures are a type of derivative contract that enables two parties to agree on buying or selling an asset (in this case, a cryptocurrency) at a specific future date and price. Remove the future expiration or maturity date, and you have a Perpetual futures contract.

You can read all about it in detail here.

In DeFi, there are two types of exchanges; AMM-based and CLOB based. AMM stands for Automated Market Maker to match buyers and sellers. Users trade against a pool of liquidity, thus removing any middleman in the process.

CLOBs stands for Centralized Limit Order Book, the more traditional way of running an exchange. In a CLOB, all buy and sell orders are collected in a centralized database, and the exchange matches these orders based on their price and quantity hence the exchange acting as the middleman taking a cut of the fees for this procedure.

We have written a detailed two-part series on AMMs and how they differ from CLOBs, and you can read all about them here.

Now, with all the basics set aside, let's look at our current Perps Dex.

GooseFX Perps Dex

We recently started our Devnet Trading Competition on the 23rd of March, with the end date being the 6th of April. With over 110 traders participating and $1.9 Million worth of Total volume traded, the competition has been a remarkable success.

Total Volume Traded: $1,900,000
Number of Unique Traders: 113

Features

Our perps dex offers 10x Leverage across trading pairs, quick and easy execution, and a competitive fee structure across Solana. When we launch on mainnet, you'll also be able to use our Referral system in partnership with Buddylink, and not only that, but you get better fees if you stake your GOFX tokens.

We also use the Asset Agnostic Orderbook repository by Bonfida for our CLOB based perpetual futures exchange.

Post Mainnet launch, we will also be open-sourcing our Perpetuals exchange code. We believe in the power of open-source software and are committed to promoting transparency and collaboration in the crypto space. By making our codebase available to the public, we hope to foster innovation and help drive the development of decentralized finance (DeFi) solutions that benefit the entire community.

Feedback and plans

We also have gotten a lot of constructive feedback from our users during the trading competition. We'll be rolling out more features and working on this feedback to enhance your trading experience as we go live on Solana Mainnet.

If you still need to use our platform, try it by following the steps in our docs, and let us know what you think!

Some important alpha 👀 for those who've read this far, we'll be hosting another trading competition when we go live on mainnet, so Stay Tuned for that!

More trading pairs and a much bigger prize pool!

Ending Thoughts

We want to extend a heartfelt thank you to all of the traders who participated in our devnet trading competition. We greatly appreciate the feedback and insights provided by all of our traders. We remain fully committed to listening to our users and incorporating their suggestions and feedback into our ongoing development initiatives. We are working with our heads down on several exciting new features and improvements for our platform.

In the meantime, we encourage our users to stay tuned to our Twitter and other social media channels for the latest updates and information about our platform.

Once again, thank you to all of our traders for participating in our devnet trading competition, and we look forward to continuing to serve your trading needs in the future.

Stay Tuned with #GooseAcademy

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Disclaimer: The statements, proposals, and details above are informational only, and subject to change. We are in early-stage development and may need to change dates, details, or the project as a whole based on the protocol, team, legal or regulatory needs, or due to developments of Solana/Serum. Nothing above should be construed as financial, legal, or investment advice.