[Request For Comment] Naming our New DPTP Project and Selecting a New Blockchain

Greetings to the community,

As you may recall from the previous post, we have announced the new DPTP plan, which is a major update to our Decentralized Perpetual Trading Protocol. In this post, we would like to invite the community to participate in the process of choosing a new name and a new blockchain for the new DPTP project. This post will explain the rationale behind these changes and solicit feedback from the community on the possible options.

We have brainstormed some potential names and blockchains for the new DPTP project, but we want to hear from you, the community, before we make any final decisions. We value your opinions and suggestions, as you are the ones who use and support our platform. Therefore, we kindly ask you to share your thoughts and comments on this post by Monday, April 3rd, 2023. After that, we will conduct a community vote on Tuesday, April 4th, 2023 to determine the new name and blockchain for the DPTP project.

Thank you for your attention and participation. We look forward to hearing from you soon.

Background

In our previous post, we described why we need to create a new project and a new chain for DPTP. Here is a brief summary:

  • We want to separate DPTP from our other projects so that we can focus on promoting and growing DPTP as a standalone protocol with its own brand identity and community.

  • We want to introduce some new features and improvements to DPTP, such as supporting multiple collateral assets, implementing a new liquidity mechanism, and migrating the existing users and liquidity to the new protocol.

  • We want to migrate DPTP to a more popular blockchain platform that has higher liquidity, more DEX users, and lower gas fees than BNB Chain.

These changes will enable us to offer a better service to our users and attract more traders to join our protocol. We believe that DPTP has the potential to become one of the leading DeFi protocols for perpetual trading in the market.

DPTP Features

DPTP is designed to offer a unique and superior trading experience for perpetual traders. Here are some of the key features of DPTP:

  • On-chain orderbook based: Unlike most DeFi protocols that use off-chain oracles or AMMs to determine prices, DPTP uses an on-chain orderbook that matches orders from buyers and sellers in real time. This allows users to trade with more accuracy, transparency and control over their positions.

  • Seamless experience: DPTP is designed to provide traders with a seamless experience, resembling that of a centralized exchange, with an intuitive interface and a range of tools to interact with the protocol.

  • Lower trading fees: DPTP charges low trading fees compared to other DeFi protocols. Users only pay a small percentage of their trade value as fees, which are distributed to the liquidity providers and the protocol treasury. There are no hidden fees or markups on DPTP.

Some of the achievements of old version of DPTP are:

  • Ranked among the top 10 Dapps worldwide several times, surpassing other decentralized platforms like DyDx and GMX.
  • Reached up to 20 million BUSD in open interest.
  • Had a daily trading volume of 20 to 30 million BUSD.
  • Bought back and burned 800,000 POSI tokens.

New DPTP Development Process

We have been working hard on implementing the new plan for DPTP. We have completed 70% of the smart contract development and 50% of the UI implementation. We are planning to launch an internal testing phase in the coming weeks, where we will invite some selected users and partners to test our protocol and provide feedback.

We expect to finish the testing phase by the end of April and launch the public beta version after that. We will announce more details on how to participate in the beta testing and how to migrate your existing positions, and liquidity to the new protocol soon.

Proposal

A new blockchain

As we announced in the previous post, the new DPTP plan is a major upgrade to our Decentralized Perpetual Trading Platform. One of the key changes is that we will be migrating DPTP to a new blockchain that can offer better performance, lower costs and more opportunities than the current BNB Chain. In this section, we will explain the reasons for this change and present some possible alternatives for the new blockchain.

The main factors that we took into account for selecting a new blockchain are:

  • Scalability: The new blockchain should be able to handle a large number of transactions per second, without compromising on security or decentralization. This will ensure that DPTP can offer fast and smooth trading experience to our users, even during periods of high volatility or congestion.

  • Compatibility: The chain should be compatible with existing DPTP smart contracts and allow for easy migration of the system and users fund.

  • Community: The new blockchain should have a strong and active community of developers, users and supporters, who share our vision and values of building a decentralized and open financial system. This will help us to grow our user base, foster innovation and collaboration, and receive feedback and suggestions from the community.

  • Popularity: The new blockchain should have a high level of adoption and recognition in the crypto space, especially among traders and investors. This will increase the exposure and visibility of DPTP, as well as attract more liquidity and volume to our platform.

  • Availability to grow: The new blockchain should have enough room for DPTP to grow and expand its features and functionalities, without facing limitations or restrictions from the network or the governance. This will enable us to deliver more value and benefits to our users, as well as to adapt to the changing needs and demands of the market.

Based on these criteria, we have shortlisted the following three chains as potential candidates for the new DPTP project:

  1. Arbitrum: Arbitrum is a layer-2 scaling solution for Ethereum that utilizes optimistic rollup to enable fast, low-cost, and secure smart contracts. The platform also supports arbitrary code execution, which allows Ethereum-compatible applications to run on Arbitrum without any modifications.

       Pros:

  • Large liquidity and user base due to its association with Ethereum’s L1 network.
  • Arbitrum offers low gas fees and high throughput, enabling users to trade on DPTP with speed and efficiency.
  • Arbitrum has a large and active community of developers and users, as well as support from major projects and platforms such as Uniswap, Aave, Chainlink, Coinbase, Binance, and more.
  • Arbitrum is one of the most popular layer 2 solutions in terms of TVL (total value locked) and transactions, indicating a strong market demand and adoption.
  • Decentralized Perpetual is well-known and established, as it has been created and taught by market leader GMX.

       Cons:

  • Competing with market leader GMX for users and gaining their trust may be challenging.

       However, we can leverage our strengths, such as:

  • Offering a seamless user experience with advanced tools like limit orders and stop-loss orders that are typically only available on centralized exchanges.
  • Our price is based on the on-chain order book, making it easier for traders to profit and more price-sensitive compared to Chainlink’s price, which can be slower to update. For instance, the price can fluctuate significantly, but Chainlink may take 60-90 seconds to update the price.
  • We can offer lower fees than GMX, which advertises zero slippage trading but charges higher fees than standard slippage, fluctuating around 1%. In contrast, our slippage is only about 0.00xx%. Additionally, we can optimize the fees to help users save more and attract them easily.
  1. Optimism: Optimism is a blockchain platform that aims to improve the scalability and usability of Ethereum. Optimism also uses a technique called optimistic rollups, which are layer 2 solutions that run on top of the Ethereum mainnet and process transactions faster and cheaper. Optimism leverages the security and decentralization of Ethereum, while enabling applications to run more efficiently and interactively.

       Here are some pros and cons to run a decentralized perpetual exchange on Optimism blockchain vs Arbitrum:

  • Optimism has a faster dispute-resolution process than Arbitrum, which means it can achieve faster transaction finality and lower latency.
  • Arbitrum has a more cost-effective dispute-resolution process than Optimism, which means it can save on gas fees and reduce the risk of congestion on the layer-1 chain.
  • Optimism uses the Ethereum Virtual Machine (EVM), which means it is compatible with Solidity and existing Ethereum smart contracts.
  • Arbitrum uses its own Arbitrum Virtual Machine (AVM), which means it supports all EVM programming languages and can offer more flexibility and innovation.
  • Arbitrum has a larger and more diverse ecosystem than Optimism, with more projects, users, and value locked on its network.
  • Optimism has some prominent backers and partners, such as Uniswap, Synthetix, and Chainlink, which could give it an edge in terms of liquidity, security, and adoption.
  1. zkSync: zkSync is a newer trustless protocol for scalable low-cost payments on Ethereum, powered by zkRollup technology. It uses zero-knowledge proofs and on-chain data availability to keep users’ funds as safe as though they never left the mainnet. While security is their paramount priority, user and developer experience are central to zkSync.

       Pros and cons of zkSync vs Arbitrum and Optimism:

  • zkSync is a ZK rollup solution that uses zero-knowledge proofs to validate transactions off-chain and post them on-chain. Arbitrum and Optimism are optimistic rollup solutions that assume transactions are valid unless challenged by a fraud proof.
  • zkSync offers higher security than Arbitrum and Optimism, as it relies on cryptographic proofs rather than game-theoretic incentives. ZK rollups eliminate the need for watchers and dispute resolution mechanisms, which can be costly and complex.
  • zkSync has lower gas fees than Arbitrum and Optimism, as it compresses more transactions into a single proof. ZK rollups also do not require posting fraud proofs or bond deposits on-chain, which can increase gas costs for optimistic rollups.
  • zkSync has faster withdrawal times than Arbitrum and Optimism, as it does not have a challenge period for transactions. ZK rollups allow users to withdraw their funds instantly, while optimistic rollups require users to wait for a week or more to ensure transaction finality.
  • zkSync has lower throughput than Arbitrum and Optimism, as it requires more computation and storage for generating and verifying proofs. ZK rollups can process up to 2,000 transactions per second, while optimistic rollups can handle up to 10,000 transactions per second.
  • zkSync has less compatibility than Arbitrum and Optimism, as it requires modifying smart contracts to fit the ZK rollup model. ZK rollups have limited support for complex logic and state transitions, while optimistic rollups can run any Ethereum smart contract without changes.
  • zkSync is a newer L2 blockchain, so it has less liquidity and users than Arbitrum and Optimism.
  • ZkSync is emerging as a new trend in the blockchain space, and it could potentially become a popular L2 blockchain in the near future. By joining early, we could reap benefits once we migrate to it, but it does come with some risk that we should be mindful of.

Our team has conducted extensive research on various blockchains and is currently considering moving to a specific blockchain. We highly value the input of the community and welcome any amendments or suggestions to be voted on collaboratively. Your feedback will be instrumental in ensuring that we make an informed decision that benefits everyone involved.

A New Name for DPTP

DPTP is a Decentralized Perpetual Trading Protocol that allows users to trade perpetual contracts on any asset with low fees, high leverage, and no expiry. However, as DPTP evolves and expands its features and markets, we believe that it is time to rebrand and rename our product to better reflect its vision and value proposition. We want to have a name that is catchy, memorable, and relevant to our target audience.

Therefore, we have conducted a survey among our community members and collected some suggestions for a new name for the new DPTP project. We would like to share them with you and invite you to vote for your favorite one or propose your own idea.

Here are the candidates for the new name:

  1. DPTP: This is the original name of our product, which stands for Decentralized Perpetual Trading Protocol. This name is simple, clear, and descriptive of what we do. It also has a strong brand recognition among our existing users and partners. However, it may also sound too technical, generic, or boring for some potential users who are not familiar with our product or the concept of perpetual contracts.
  2. JustPerp: This is a name that emphasizes the core feature of our product: perpetual contracts. This name is catchy, easy to pronounce, and appealing to traders who are looking for a simple and straightforward way to trade any asset with leverage and no expiry. However, it may also sound too narrow or limiting for some users who may want to explore other features or markets that we offer or plan to offer in the future.
  3. Community suggestion names:
  • Punix or Punlix: It was DPTP, it became Punix or Punlix “P” is Position “uni” in French “to connect” “x” can be an abbreviation for “exchange” or something similar in meaning to a word where there is an “x” Yes, and I have not seen projects in crypto or in other fields with the same name But you can make Punlix, but instead of “Uni” which means “connect” in French, you can take the word “unlimited” then “P” position(or positional) “unli” unlimited “x” exchange, and then this variant in the context of the meaning, even more suitable
  • Perlp, Aeterpos, Tradewitlim: New name proposal for updated DPTP
  • Replace the Word DPTP With PERP Dex

These are the three main suggestions that we have received from our community so far. We would like to thank everyone who participated in the survey and shared their opinions with us. We appreciate your feedback and support.

Conclusion

We hope that this RFC has clarified the rationale and the process for choosing a new DPTP project name and a new chain to migrate to. We believe that this is a crucial step for the future of our project and our community.

We invite you to share your thoughts and suggestions on this post by leaving a comment below. You have 3 days to do so, until Monday, April 3rd, 2023 at 23:59 UTC. Please be respectful and constructive in your feedback.

On Tuesday, April 4th, 2023, we will compile all the responses and create a voting proposal on snapshot.org. All POSI holders will be able to vote for their preferred name and chain using their POSI balance. The voting period will last for 24 hours.

We thank you for your participation and your support. Together, we can make DPTP a successful and innovative project in the decentralized finance space.

Position Exchange Team

13 Likes

Please limit your comments to the topic of this post. We are working tirelessly to ensure the stability of DPTP and Position Exchange, and we hope to receive support and encouragement from the community instead of unwarranted criticism that may cause further division. Any comments that do not contribute to the discussion will be removed. Let’s come together and overcome challenges as a united community. :pray:

8 Likes

Blockchain:

  1. Injective (@Injective_)
  2. zkSync (@zksync)

DPTP new name:

  1. POX
  2. JustPerp

@justin please take a seriously research on @Injective_ it should be the best for financial project!

3 Likes

In my opinion, our final approach should be aiming at everything towards POsichain, eventually when we become a stronger chain, with liquidity and userbase.

We can’t proceed with zksync, as it lacks the most felt need as on date, userbase and less liquidity. Also, not worth taking any additional risk (as we had risked enough).

Why not go with arbitrum and make a good go for now, have good userbase, make Posi financials healthy, win everyones faith. In the meantime, keeep promoting and developing Posichain and may be in a year or two, we can completely be on posichain primarily.

We have a dex too, let’s not ignore that for long, adding more liquidity, launchpad, ido, lottery, bonds, nfts need parallel development.

I suggest the name looks good as Position Perpdex.

Also, please count staked Posis on posichain for voting.

6 Likes

hi justin, are you still taking further suggestions for blockchain?

if so, i’d like to suggest https://alephzero.org/ and their team at Cardinals Cryptography (https://cardinal.co/) can help integrate Posi’s ideas onto their blockchain - they are currently (to my knowledge) missing a perpetuals product in the ecosystem. they are a professional team, with a strong brand presence that has been crafted to survive and become a big player in the near future. one challenge I see with this is that they are built on Ink 4.0 and WASM which I guess Im not sure if your team knows the language but it will be familiar for devs who are familiar with rust or substrate stack, but like i mentioned, their cardinals cryptography I believe will very much welcome POSI perp into their ecosystem.

-100ktps (highly scalable)
-near instant .9 s time to finality
-zero knowledge
-near zero (0.0003 AZERO) avg txn fee
-aiming for compatibility with the ISO 20022 standard (added bonus just incase)
-super secure, official ecosystem cybersecurity partner is Kudelski Security (@KudelskiSec) offering security support to builders, from design to code audits
-has won a polkadot parachain purely for bridging purpose
-amazing team of academics
-etc

if you check their ecosystem, they have quality dapps and builders in it. which provide a concrete foundation rapidly grow in the future. this is a layer 1 chain that is currently almost certain to not go away. very very smartly crafted/built and developed

BUT if not taking any more suggestions or azero is not operationally feasible, then if must be from the 3 you mentioned, then I vote for Arbitrum since the perps i know on it right now are good but not great, POSI can still catch up to them very quickly and steal their userbase.

6 Likes

I am now becoming more and more aware that the Coin Posi will no longer be worth anything, it is useless for all products.

The products themselves could fly very high, but Posi as a coin is useless, no one has to hold it and needs it, many thanks to Justin. We are now officially falling into the abyss with these bad blockchains that almost nobody knows except maybe people who only want to profit from small users :smiley:

at Justin do you make a April JOKE ? :smiley:

But my choice is

  1. Optimism
  2. JustPerp
1 Like

I would like we go to Arbitrum (with have more Liquidity, Users) and open other chain (ZkSync) maybe next update, we have more advantage than GMX

For name I like “JustPerp”

4 Likes

Use

  1. Arbitrum
  2. Zksync

Justperp Name is good

2 Likes

Hello friend,

There’s no need to worry. The old system is still being used and everything still needs to be processed through the POSI Chain even in a new chain. The POSI Chain still plays a very important role in the DPTP system and POSI holders will still enjoy certain incentives and receive profits (30%) from the Protocol as planned. In the future, we will focus on developing Dapps on the POSI Chain and have many plans specifically for it that we will discuss together. This is our plan for solving the short-term problem for the project and DPTP, while the long-term focus will definitely be on POSI and the POSI Chain.

10 Likes

Thank you for your suggestion and insight, DRU. I have reviewed AlephZero and agree that it is a promising blockchain. However, our current tech stack and smart contracts are designed for EVM-compatible blockchains only. Moving to a different tech stack like AlephZero could be a significant technical challenge and time consuming. Additionally, we need to focus on developing our user base on a high reputation blockchain first before considering moving to other chains. While we cannot move to AlephZero at this time, we will certainly consider it as an option when we need to expand to other faster chains. Thank you again for your suggestion.

11 Likes
  1. For blockchain:

ZKsync is not even option, yesterday:

Breaking: zkSync Era Block Explorer shows that zkSync Era is suspected to be malfunctioning, and no block has been generated for three hours. There was no official response until now. Recently, Avalanche has failed to produce blocks several times. On March 24, zkSync Era announced the launch of the mainnet. zkSync is one of the main Ethereum L2. — link
The official reply said that the team already knows about the problems of the zkSync era mainnet. In progress, try not to initiate transactions now. Waiting for mainnet recovery. Of course the funds are safe. Waiting for the team to fix it.

The main network of zkSync Era has now returned to normal, after down for more than 4 hours.

So last options is Optimism and Arbitrium.
We need liquidity right?

So based on daily trading volume Arbitrium is one of the top among Optimism and zksync.
Even projects who participating Arbitrium is getting high volumes.

In Optimism sending fees for Eth is 0.10$, in Zksync 0.03$ , in Arbitrium is the same 0.03$


Last 24 hours Optimism volume is 37.28m$,
Arbitrium volume is 593 m$.

Obvious decision is Arbitrium as we need volume and liquidity.
2.JustPerp or
my suggestions is

  • TraDEx (Trade Derivatives Exchange)
    As this will be also Forex too. So TraDex will be good option and new brand
3 Likes

IMO, we should’ve no problem on staying on bsc…
But however if your team has decided to leave bnb chain, then i would recommend arbitrum or injecktive…
Arbitrum can give us more userbase, but the gas fees is still relatively higher if compared to bsc or injecktive…
And while injecktive can help us reduce the gas fees multifolds, even lower than bsc ig, but i think we won’t get a large userbase as arbitrum, since arbitrum is kinda hyped in the market as of now…
So in short, i would go for arbitrum

Regarding the dptp name, ig justperp is fine but seems kinda too pale…
How about PerpEx, or PerpswapX, posiproX, posiflowX, posiX, etc…
Try to include something in the name which can depict that it’s a product of position exchange

2 Likes

-New blockchain, I would prefer one where dptp can be deployed faster, but zksync has the potential to be even bigger than ARB and OP, so I’d rather the team decide what’s best for the project, because relying entirely on the opinion of the community is not always the right way, because the community does not have 90% of real experts in this matter, traders rather than experts in project development strategies have gathered here
-Name “Punix”
it sounds great in English, and it combines letters and abbreviations that represent the principles of the project, and what the project offers people

1 Like

My Favorites

  1. Arbitrum is a good Blockchain with High Volume and Strong Community
  2. JustPerp ← Sounds Young Fresh and its easy to say for all People
2 Likes

Totally get it. Thats what I figured. Thanks for reviewong atleast. In this case, my vote goes to Arbitrum! Lets conquer it! We already know perps works there and have known perp users that also have money that Ive seen have locked in projects liquidity. Also have the volume that as I am sure you have already seen. POSI can dominate there, so much better UI than the other perps that already exist in there already. Lets take that market share! <3

  1. Arbitrum
  2. JustPerp

LFGrowwwwww!!! Goo posi wooooooooo!!!

5 Likes

Among the suggestions, I think that Arbitrum is the best choice, considering the current conditions of each network of course. Also, it is surely the network that is hyping at the moment. But… just a question: why don’t consider Polygon? If I’m not wrong, it is the blockchain that had the best performance in the bearmarket, have lots of whales/VCs, and they also lack a good and unique derivatives platform.

For the name… I honestly think that none promote the greatesness of our protocol as it should. IMO, make clear that we have the first cross chain derivatives protocol is a must. Maybe using “X” in the name to make allusion to “cross”, for cross chain, is a way.

6 Likes

Hi @justin!
I have drawn up some acronyms with the name ahead for the new DPTP, it will have to be an acronym of easy memory, alluding to futures and cross-chain protocol, so we can focus on the differential of our decentralized on-chain protocol.
FuturX for me would be the best name as we are working with future cross-chain, it gets simple, easy to memorize and in English it is a name of easy pronunciation.
I’d like you to adopt one of these ideas for community voting.
We should not adopt the names that are already very common for other projects on the market. We are a differentiated protocol, we must also have a differentiated and futuristic name.
The names are in the attached picture.
As a blockchain option I would say: 1- Arbitrum or 2- Polygon.
Keep doing a good job!

7 Likes

Blockchain:
Arbitrum

(Since we’re a multichain project I suggest start first in ARBUTRUM. with time and improvements we can go to the second and all of the rest).

New Name:
FuturX

1 Like

Ok folks lets use some AI tools. Hahahaha

@justin @Justin_Position according to ChatGPT:

“JustPerp” could be a good name for a crypto perpetual futures exchange, as it’s short, catchy, and easy to remember. The name also clearly communicates the platform’s focus on perpetual futures contracts, which could help attract the right audience.

When choosing a name like JustPerp, it’s important to make sure it doesn’t conflict with any existing trademarks or registered business names. Additionally, it’s a good idea to do some research to see if similar domain names or social media handles are available, as this can help with branding and marketing efforts.

Overall, if “JustPerp” aligns with your branding and marketing strategy, it could be a good choice for your crypto perpetual futures exchange.

6 Likes

New Name: Posi Perp Dex (This name will always put POSI on the minds of users, even if they aren’t paying fees with POSI just yet. Perp Dex will help our own to come up on search results when people search for places to trade Perpetual Futures).

New Chain: Arbitrum ( For it’s user base and low gas fees).

@justin we can do this.

Do not forget about Posi. I’ve been holding since August 29th, 2021.