Vortex Protocol
@VortexProtocol
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1/ Excited to announce that @VortexProtocol has recently been acquired by @SushiSwap . With its one-of-a-kind on-chain matching engine and cross-margining features, Vortex has the potential to truly outcompete centralized exchanges.
Seismic moves in crypto today. 🍣 X ⛵ Sushi is coming to the Sei ecosystem, read more: https://t.co/Z8Xsdr9iAM
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1/ So it’s been a busy few months for us, culminating in the acquisition of Vortex Perps by one of the true OG’s of DeFi - Sushiswap. It’s been a pleasure to share ideas and work closely with @jaredgrey and his team.
Seismic moves in crypto today. 🍣 X ⛵ Sushi is coming to the Sei ecosystem, read more: https://t.co/Z8Xsdr9iAM
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Describing @VortexProtocol that's built on @SeiNetwork.
Hear me out...decentralized non custodial exchanges built on open, permissionless and public money protocols
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Big up Sei for incentivising Vortex’s testnet. 🤝 Proud to be the first app to launch - so far.
1% of the Sei token supply is allocated to our incentivized testnet and rewarding early members of the Sei community who use the chain. We value users with a strong desire to advance, test, and develop the Sei ecosystem 💜
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6/ This is the first example of DeFi legos coming together on Vortex. We’ll be sharing more on our Cosmos-wide vision soon, and our plans to make Vortex the most attractive perps exchange for builders, farmers and traders. Come and join our testnet:
trade.vortexprotocol.io
Vortex - Fully Onchain Perpetual Exchange for Cosmos Ecosystem
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5/ More often than not, funding is positive in crypto markets, so traders like UXD Protocol will receive funding payments from long positions. When funding turns negative, their transparent insurance fund maintains the short - more details here:
uxdprotocol.medium.com
At its heart, the UXD stablecoin represents the “principal” position of a basis trade. By the definition of the underlying collateral…
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4/ For example, by holding a spot “long” position and hedging with a perpetual short on Vortex, UXD can create a delta neutral position. This creates a "crypto dollar" - 1 $UXD is backed and always redeemable for $1 of decentralized, exogenous assets.
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3/ Vortex protocol is a ‘peer to peer’, orderbook based exchange. This means unlike $GMX, traders with open positions can directly earn yield via the funding rate mechanism. This allows structured products & protocols to build on top.
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2/ The key challenge for any perps exchange is attracting users and liquidity. Vortex will solve this problem in a variety of ways - the first is to facilitate a variety of new and innovative structured products across Cosmos. The first will be @UXDProtocol.
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1/ Welcoming native $UXD to the $SEI ecosystem. A new kind of trust-minimised, capital efficient stablecoin is coming to Cosmos, utilising Vortex's perps infrastructure. How will this work, and how it's a win-win 👇🧵
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We stand by the @GMX_IO team and community, true innovation is full of bumps in the road. Mistakes make perfection and we’ll definitely learn from this one.
Last thing i will mention about it. To be clear, i agree for lower liquid coins some additional logic should be implemented to $glp. Every model has potential flaws, order books also has flaws. Only thing we can do is think how to make it more efficient.
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Why do you use centralised exchanges to trade, rather than DeFi?
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heh Poll for Centralised Exchange users 👇
@HsakaTrades heh sorry about that -- FTX didn't actually go down but the website did wonky auto-refreshing for a lot of people which was pretty frustrating, rolling out a fix for that momentarily
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Steady lads. Deploying more upgrades 🫡 What assets would you like to see added to Vortex?
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Should we list $LUNA perps? Would you go long 🐂 or short 🐻 here?
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gm traders 🙌 Price goes → Sells the DOWN bottom ↑ ↓ Doesn’t take ← Price Goes profits UP
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📢 Launching: OctoSei - Request for Products 🐙 Build on the Layer 1 made for DeFi We're partnering w/ @Cryptocito @strangelovelabs and @galileo_xyz to lay out the best opportunities in #Cosmos. Our team can provide engineering help and offer VC funding for strong teams.👇
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