The community governance meeting took place on 10 am Beijing time August 1st 2019
Taylor carboclanc BigTreeLiuJie Talrasha007 Mikefotiaoqing longyunlyd juqiangl
The agenda has been approved
Logic to combine the 4 trading actions on market protocol issue 57
Buy long= sell short Buy short = sell long Buy long and buy short both occur=mint new pair Sell long and sell short both occur=redeem
The combined effect: a future like derivative that has lower and upper bound. Can be long or shorted. Has a fixed collateral that cannot be topped up. The nominal price of the contract should be the index, which is essentially the long token price + the floor. The long token price* quantity in effect is the maintenance margin
Jie is developing the combined version of market protocol on a forked hydro protocol. Logic can be given but a detailed product document won't be available until later. The combined version of market protocol can also be deployed on other centralized exchanges easily.
The prerequiste of designing a product must include identifiing the right target user. For hedging it could include mid to high level miner. For trading and speculation, the expertise required is significant. Casual trader and miner like Xinhao won't participate. Has to be Tal or Jie or ZT level trader.
Tal as a arbitrage trader would like to see more third party data like the nicehash spot price Jie stated three major parameters before: implied difficulty, implied average difficulty increase in each cycle, implied profit margin
Two ways to calculate: 1. Use the past 2016 blocks. 2. Use the current cycle blocks (grow from 0 to 2016) Both have sound logic that should be considered.
The hashrate 2016 1008 and 504 can also be taken into consideration.
Implied difficulty
Implied average difficulty increase
Implied leverage
At least two ways to appraoch 1. Input average difficulty increase 2. Input each of the diffciulty change included in the contract
Data item like premium/discount, profit margin, should be secondary if not completely gone.
Projects from our own: hashedge the cloudmining platform, coincow the game.
Projects by Professor Burak
Project with radical market
Project by Suji and Minaji
The consititution of this organization need to be formulated. Then the rules for admission and rules for projects to gain resources from the organization can be set.