Perps V3 is expected to go live on Base in the coming days. The Andromeda release will ease development. V3 is making its way to the market based on the success V2 has claimed during its tenure. Features available in V3 include multi-collateral, cross-margin, account-based access, liquidation upgrades and much more.
V2 paved the way for V3 by encouraging perpetrators in the chain and risk management. Other offerings that have done the same job are dynamic financing rates and price impact. Interestingly enough, these features are now standard features across platforms. V2 is further credited with realizing $30 billion in volume and millions in fees for LPs – liquidity providers. This was supported by Oracles from Pyth Network.
New features in V3 seek to advance the brand image while preventing innovations from being halted. For example, account-based access provides flexibility and control to users based on delegated permissions. Similarly, upgrading to a smarter liquidation process for larger positions based on two approaches, namely non-sandwichable and gradual, will provide partial liquidation with configurable delays.
Cross-margin streamlines the trading experience by allowing users to use account margins for different positions. V3 appears to support more types of collateral for use as margin. This includes, but is not limited to, sETH, sUSD and sBTC.
The community has responded positively to this development, with most members recognizing that Pyth Network was indeed the answer to the way forward. Others have expressed their excitement about Perps V3, saying it sounds great and should be brought live as soon as possible.
Meanwhile, Base is organizing a voting process for Optimism’s RetroPGF. The voting will remain live until December 7, 2023, for badge holders only. They are tasked with helping the network decide how to distribute the 30 million OP among projects. They have all demonstrated their impact on Optimism Collective in one way or another; however, based on community voting results, only a select few will make it past the cutoff.
Base’s voting process is based on a one-person-one-vote system, meaning a single user can only vote once as part of democratizing and decentralizing the future. The community has praised the process as it mitigates the financial factor and gives power to all members of Citizen’s House.
Base has made it clear that it does not endorse any project on the list. Base is also partnering with thirdweb to organize an in-person hackathon. The event will be held in San Francisco from December 8, 2023 to December 10, 2023. It allows builders to build the next consumer crypto application that has the potential to reach a billion dollar valuation.
Perps V3 is expected to go live on Base soon via the Andromeda Release, continuing the success V2 has built to date with on-chain perpetrators and risk management, along with other now standard features.