AshPerp Public Mainnet: Launch Details and The $10,000 Kick-off Campaign

Since 2022, we have been at the forefront of innovating DeFi on MultiversX by introducing the first stable-swap DEX, AshSwap. Positioning ourselves as a One-stop DeFi Hub, AshPerp is the natural evolution of that strength.

Let’s embrace on-chain perpetual futures trading!

In a month following our limited mainnet release, with approximately 50 active users, we witnessed over $1.6 million in trading volume. We restricted access to AshPerp while conducting thorough tests on the platform, including liquidations, bug detection, and vault operations. Additionally, we introduced an upgraded 1-Click Trading wallet with 2x faster processing time; a new wallet connection option, Ledger; and enhanced chart functionalities.

Now, we are excited to announce the AshPerp Public Mainnet Launch and the $10,000 Kick-off Campaign for early users on March 11th, 2024. 🥳

AshPerp App: https://ashperp.trade/

What is in store for AshPerp Public Mainnet?

1. On-chain Perpetual Futures

On AshPerp, trades are opened with USDC collateral, regardless of the trading pair. The leverage is synthetic and backed by our Vault. USDC is taken from the vault to pay for the traders’ profits or sent to the vault if the PnL is negative.

• Main trading pairs: BTC/USD, ETH/USD, EGLD/USD, and SOL/USD. More trading pairs will be listed in the future.
• Maximum leverage: 100x — Minimum leverage: 2x
• Maximum 3 orders/ trading pair/ wallet
• Maximum position: $100,000 — Minimum position: $1000
• Maximum Collateral: $1000
• Maximum SL: 80%
• Maximum TP: 900%
• Maximum OI: Dynamic
• Fixed spread for BTC/USD and ETH/USD: 0.04%
• Dynamic spread for other pairs

More unique features include:

• 1-Click Trading Wallet: x2 faster processing speed, free EGLD gas fee for market orders.
• Referral Scheme: 10% fee discount for referrals and tier-based fee rebates for referrers (up to 10%)
• Utility NFTs — AshGuards: save up to 50% on open fees and 50% on fixed spreads.
• Perpetual Vault

We care about your seamless, CEX-like, secure trading experience. This is what we provide to better track your trades:

• 4 options for wallet connection: xPortal, MultiversX DeFi Wallet, Ledger, and MultiversX Web Wallet
• Full set of Tradingview charts: indicators, time frames, chart drawing tools, and chart sharing.
• Trading options: 3 types of order (market order, limit order, stop order), TP/SL, leverage adjustment
• AshPerp Watcher—Telegram alert bot: get prompt notification about changes in borrowing fees.
• Social Sharing: easily share your PnL on social media with a referral code to invite more friends.
• Analytics and Leaderboard page.

2. Vault Mechanism

The Perpetual Vault plays at the heart of AshPerp. Specifically, USDC is taken from the Vault to pay the traders’ profits, while traders’ losses are directed to the Vault. Vault LPs get apUSDC as a receipt of their staked USDC, earning yields from negative PnL and borrowing fees. 30% of the negative PnL of traders will be saved in the insurance fund, acting as a buffer and protecting Vault from exploitation events.

Traders on AshPerp pay Borrowing fees hourly instead of the traditional funding fee. Borrowing fees treat open trades of the dominant side as Vault borrowers, enabling greater scalability of the maximum OI per pair without increasing Vault TVL.

By implementing Perpetual Vault, AshPerp allows:

• Capital efficiency by a single-staking stablecoin liquidity pool. We simplify the listing management process and ensure that every trading pair benefits from larger position sizes.
• Safe and secure operation with risk management measures: stable assets, treasury, and a 7-day cooldown unstaking period.
• A playground for new DeFi strategies to build on. Now, Vault LPs can stake apUSDC into the apUSDC/USDC pool on AshSwap to earn trading APR and ASH rewards.

3. Fee Structure

AshPerp’s fee structure includes:

• Open market fee: 0.1% OI
• Close TP/SL fee: 0.1% OI
• Liquidation fee: 5% of collateral
• Close market fee: 0.1% OI

Traders can save up to 60% on open fees by using referral codes (10% discount) and staking AshGuard NFTs. This is one of the most competitive fee discount mechanisms in comparison to other major perpetual DEXs.

By building AshPerp as a module of the AshSwap One-stop DeFi Hub, we are also cultivating a value stream for Governance stakers, or so-called veASH holders. 50% of platform fees are directed to AshSwap Governance and will be shared proportionally with the veASH capacity, while the remaining fees are used as business funds for R&D and operations.

4. Best median price

AshPerp is using highly reliable price services from Pyth Network.

What makes AshPerp a reliable perpetual DEX is that we maintain accurate prices.

We are the pioneer DEX on MultiversX to use highly reliable price services from Pyth Network, a leading oracle network with 100+ data providers, 450+ price feeds, and 300+ dApp integrations all over 30+ chains, to get real-time asset pricing.

Nevertheless, to ensure continuity in case of maintenance or downtime at Pyth, we also maintain an alternative system that involves fetching prices from centralized exchanges (CEXs). This dual approach ensures consistent and accurate price fetching, bolstering our system’s resilience and reliability.

• Each of the oracle nodes takes the median price from 10 CEXs’ APIs and sends the result to the aggregator contract. For each median price it receives from our nodes, the aggregator contracts double-check with the corresponding Hatom Price Feed to filter for outliers.
• If there is a difference of more than a certain threshold (10%), it rejects the node answer and waits for the next answer. Once the prices reach their proper condition, the aggregator takes the median price again and sends the final result to the trading contract to execute the order.

The $10,000 Kick-off Campaign

Trading on AshPerp just got more rewarding!

This is a series of campaigns on AshPerp Mainnet where we incentivize traders, Vault LPs, and referrers to participate in one month.

• Timeline: from 8:00am March 11th to 8:00am April 11th (UTC)

Results and reward distribution will be announced at the end of the campaign.

Let’s discover how to make the most use of it!

1. First Trade Bonus

Up to $1,000 worth of ASH tokens will be distributed to traders who open their first trade on AshPerp.

• Duration: 1 month (March 11th–April 11th)

The reward pool will increase based on the number of participants:

• 100 first traders — Reward pool: $300
• 300 first traders — Reward pool: $700
• 500 first traders — Reward pool: $1,000

2. Trade and Earn ASH

A maximum reward pool of $4,000 in ASH tokens will be distributed as trading rewards to AshPerp traders.

• Minimum requirement: who reaches $15,000 trading volume in both long and short
• The final reward is based on the ratio of user’s trading volume to the total trading volume
• Duration: 1 month (March 11th–April 11th)

The reward pool will increase based on the number of participants:

• 50 traders — Reward pool: $500
• 100 traders — Reward pool: $1,500
• >= 200 traders — Reward pool: $4,000

3. Vault Guardian

AshPerp users can earn ASH rewards in two ways: Trade on AshPerp or LP in Perpetual Vault.

During the campaign, a $4000 reward pool in ASH tokens will be distributed proportionally to Vault LPs based on their staked capacity to bootstrap the Vault TVL.

• Winners: anyone who deposits USDC in the Perpetual Vault
• Duration: 1 month (March 11th–April 11th)
• The snapshot for reward distribution will be taken on April 11th, following the below formula, please note that we only count the Vault staking action.

The reward pool will increase until we reach a certain milestone for the Vault TVL:

• TVL: $130,000 — Reward pool: $500
• TVL: $180,000 — Reward pool: $1,500
• TVL: $280,000 — Reward pool: 4,000

4. Referral Campaign

The top 50 on the referral leaderboard will share a $1,000 reward pool in ASH tokens. The winner’s rank is captured on the Leaderboard page from March 11th.

A step-by-step guide on how to refer friends: https://docs.ashswap.io/ashperp/referral

• Duration: 1 month (March 11th–April 11th)

Reward distribution:

• 1st rank: $300
• 2nd rank: $200
• 3rd rank: $100
• 4th–50th rank: $400 to be shared equally ($8.7/each)

For more technical information about AshPerp, please check out our document.

Should you have any concerns during the use of AshPerp, feel free to submit a Support ticket.

USE OF THE SITE FROM OR IN THE UNITED STATES OR UNITED STATES TERRITORIES, OR BY PERSONS WHO ARE US PERSONS OR CURRENTLY OR ORDINARILY LOCATED OR RESIDENT IN THE UNITED STATES OR A UNITED STATES TERRITORY, IS STRICTLY PROHIBITED, REGARDLESS OF THE USER’S IP ADDRESS.

Users are highly recommended to carefully read, fully understand, and agree with our Terms and Conditions before using AshPerp.

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