This paper is aimed at the investigation and analysis of perpetual contract products on the chain. Let me start with two of my favorite agreements, which makes me realize that really good products can operate well without issuing coins, and really meet the needs of users, and there will be real benefits. It opens a narrative of real benefits, and it has also been running for a long time in the cashless mode, which has met the needs of many users to solve the automatic benefits of assets. When it issues tokens, the market has come into being because it has created a fair start mode. Why does the real benefits start fairly? Real income is very important, no matter whether it is a product that meets the needs of users and can make money, it is very important that a product can't survive for a long time only by financing or the support of users. The products with real income show that it has found a market balance on the one hand, and can continue to operate on the other hand without selling or constantly financing. There are not many products that can really make money in the encryption market, and most of them still rely on financing or selling money for a living under the condition of absolute market leadership. Relying on the unique token incentive mechanism to catch up and even have a tendency to sit firmly on the track first. Among them, the pattern design of tokens in the project start-up process is very important. winning numbers allows users to really benefit. For a product that can truly meet users' needs, the rational use of token mechanism is the most effective method for cold start and the way to bring the greatest benefits to users. Among many economic model designs, fair start-up is the most popular mode for users. Everyone who reserves shares with the project side gets the project tokens fairly in an open way, which is also a popular economic model of the underlying logic recently. The economic model focuses on fair start, and all the people who participate in the project jointly get the distribution of the project tokens through fair start. All the tokens are owned by the community through position mining, liquidity mining and recommended mining output. The total amount of project tokens is 10,000, and all the tokens are distributed through mining for many days. After distributing more than 10,000 users, they can also share the project growth bonus by pledging the income earned from the agreement. Perhaps users will have a question here. This is one of the highlights of the project. The project only maintains its operation by sharing the income from the agreement, and does not make money by selling any tokens. For example, the project only charges a certain percentage of handling fees. Users earn project tokens by trading and providing liquidity. The function and operation mechanism of the bonus product of the currency sharing project, as shown in the figure above, will be analyzed from the perspectives of user capital flow and agreement income flow. There are usually two types of roles for perpetual contract products. Traders and market makers use the similar fund pool model but do not use the order book model. The pricing of the agreement subject using the order book model mainly depends on the current order situation, and the order bid is generated. For the fund pool model, all market makers will put funds. In the deposit process, you don't take the initiative to hold orders but passively trade with the traders. When the traders open multiple orders, the corresponding open orders, that is to say, when the traders open multiple orders, are the traders' opponent's orders. If the traders' long and short positions are balanced, this is the ideal situation. Do not open additional orders in any direction, but if one party has too many orders, it will lead to losses that may be caused by unilateral opening. The pricing model is adopted to avoid the losses that may be caused by unilateral risks. Price model The key of this model consists of the execution price index price and the capital rate. Simply speaking, the execution price will shift to this direction when the opening position in a certain direction deviates. The greater the deviation of the opening position, the greater the deviation price and the higher the capital rate. For example, if the current index price is medium, the current net empty position ratio indicates that the current trader's long positions lead to the high proportion of empty positions. The ideal situation is the long-short balance. According to the calculation formula of the execution price of the agreement, the current execution price is roughly calculated as follows That is, it is higher than the index price and the capital rate will be positive. This design mechanism is to protect the balance of funds in China and avoid the loss of funds caused by excessive unilateral positions. At the same time, it can also use the price to attract arbitrageurs to balance the positions in China. The main purpose of insurance funds is to bear all temporary losses first when they suffer losses until the fund balance is exhausted. Therefore, as a fund compensation for insurance funds, the source of funds includes users' payment when they open positions or are liquidated. A part of the transaction fee generates a part of the profits. When it is liquidated, the funds directly enter the insurance fund. Simply put, when the agreement loses money, it will be paid from the insurance fund first, and then it will be liquidated from the highly leveraged fund. The trading function and various expenses are used in the chain. As a trader, what he usually cares about is the margin ratio, the handling fee and the size of the sliding position of the switch warehouse. The difference is that it adopts the way of real-time trading without depositing the funds into the agreement in advance. There is no limit to the size of traders' positions, and the minimum margin rate can be maintained. In terms of handling fees, both the switch positions need a chain interactive fee. Both long and short positions are used as margin to support the limit order and the market price direct transaction mode. At the same time, it also supports the long and short double opening to improve the utilization rate of funds. Market makers provide the highest support for market-making funds, leverage mining incentives and pledge income. The income from participating in mining mainly comes from two parts: mining incentives and pledge income. The ways of mining to obtain project tokens include delivery. The average daily output of easy positions is the average daily output of insurance fund pledge, and the rest is distributed to holders according to the total proportion of trading volume and positions. The main source of income distributed is transaction fee, which will be rewarded to the pledgee. The average annual pledge of the current pledge will be paid directly as income, and the maximum multiplier can be obtained by using the model to lock the warehouse for one month, and the pledge model supported at the same time will be relatively higher. The summary is that the new perpetual contract agreement is the main narrative of real income fairness. Start-up has more convenient operation experience for traders, lower handling fee, higher leverage and capital utilization rate. At the same time, you can also earn agreement tokens. For the highest support leverage of market makers, you can effectively improve capital efficiency. There is insurance fund protection and no right lock-up restrictions, making market entry and exit more flexible. The above views are only personal analysis and research of products, not as any investment advice. If you want to participate, you need to conduct personal research and testing. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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