After increased regulatory pressure by Western governments on centralised crypto derivative exchanges, there is an increasing demand for a decentralised BTC perpetual (BTC-PERP) contract. MCDex is positioned to attract liquidity from centralised exchanges (CEX) as traders now search for a decentralised alternative.
Therefore, I propose the addition of a BTC-PERP contract that uses WBTC as collateral due to the fact it being the most liquid BTC asset on Ethereum. Liquidity can be incentivised via a liquidity mining scheme that rewards WBTC liquidity providers with MCB.
Additionally, the following makes an excellent case for the BTC-PERP and its time of release:
- Contract with the largest open interest across centralised exchanges (>1B BitMex)
- Increasing demand from CEX traders now looking for decentralised derivatives
- Low gas fees after DeFi farming mania subsiding
- Increasing BTC liquidity on Ethereum
FOR - Agree with the proposal to add BTC-PERP with WBTC as collateral
AGAINST – Disagree with the addition of new perpetual contract or the collateral used
Vote Quorum: 10,000 MCB