Qilin Community Call #4 Recap
On June 6th, we held the Qilin Community Call #4. Updates included project development progress and a thorough discussion on issues surrounding our V1's mainnet.
In case you missed it, here is a full recap.
Qilin Progress of Week 1, June
- Launched and deployed V1 mainnet as well as related materials;
- Collected/sorted feedback and problems associated with V1 mainnet;
- Adjusted V2 design, confirming core interface design;
- Discussed on UI for rebase funding risk control for V2's trade interface.
Topic Discussion: FAQ for Qilin V1 Mainnet.
Q1: Why only one trading pair for V1?
Our main purpose with V1 is to verify the stability of the overall architecture. Also, we want to ensure smooth operation of core functions such as trading, opening/closing positions, liquidation, rebase funding, add/remove liquidity as LP etc. The number of trading pairs will increase greatly with V2 mainnet, estimate to launch end of July.
Q2: Why do you need wallet authorization for every transaction?
Currently, there are two authorization methods for DeFi transactions: limited and unlimited authorization.
Limited is safer, at sacrifice of UX. Unlimited authorization is unlimited in amount, so it only needs to be authorized once. This however may cause security issues, i.e. a hacker can transfer all the funds out of the wallet in one go.
We are investigating the scope of authorization to find balance between security and UX.
Q3: Restrictions on adding liquidity?
When the net trading position in is less than 20% of the total LP pool, it is not allowed to add liquidity. This restriction will be removed in V2.
Q4: Launch was originally scheduled for Monday, but only managed to go live on Friday same week, what happened?
The USDC on the testnet used the accuracy of 18. After it launched to the mainnet, the accuracy of Ethereum’s mainnet was 6. Therefore, we had to adjust all the accuracy in the formula and delayed the launch for three days.
Q5: Why was trading not available immediately after mainnet went live?
There was a genesis restriction on LP pool - it has to first reaches 500,000 USDC for trading to begin. This restriction will be removed in V2.
The current audit report on our website was done in April. Because Qilin has revised the formula for rebase funding rate (link), another audit was conducted. The latest audit is in progress and the report will be released end of June.
Q7: LP APR?
We will not provide APY and will instead relay on third parties such as DeBank for this service.
V1 only has one trading pair, but V2 will have hundreds if not thousands of trading pairs. This will be too hard for us to track and compile apr for.
Q8: What will the NFTs be used for?
The NFTs are our way of highlighting early contributors, a proof of contribution. NFTs are classified according to different functional roles (liquidator, trader, community contributor, LP, etc.).
We are still thinking about how to structure NFTs into our reward system. Stay tuned.
Q9: Current trading limit is 200 USDC, will this be lowered?
Will be removed in V2.
Q10: Will V2 allow customization of more aspects of a position like liquidation point? Similar to how Hegic allows custom strike price.
Will be available in V3.
Q11: Can anyone liquidate any position in V1?
No, currently only LPs are qualified to participate in liquidation. This restriction will be removed in V2, and anyone can participate in the liquidation after V2 is live.
Q12: How will transition work from V1 to V2?
The creation of V2 will not affect positions that are open in V1. We will guide users via a sunset procedure, just as Uniswap V3 guided its liquidities towards the new pools.