Perps V3 set to launch on Base with Andromeda release
Perps V3 is expected to go live on Base in the coming days. The Andromeda release will facilitate the development. V3 makes its way to the market based on the success that V2 has claimed during its tenure. Features that will sport in V3 are multi-collateral, cross-margin, account-based access, liquidation upgrades, and many more.
V2 has set the path for V3 by boosting on-chain perps and risk management. Other offerings that have done the same job are dynamic funding rates and price impact. Interestingly, these features are now standard features for several platforms. V2 has further been credited with achieving $30 billion in volume and millions in fees for LPs—liquidity providers. This was backed by Oracles from Pyth Network.
New features in V3 look to carry the brand image forward while ensuring no stoppage to innovations. For instance, account-based access will offer flexibility and control to users as per delegated permissions. Similarly, upgrading to a smarter liquidation process for larger positions based on two approaches, namely non-sandwichable and gradual, will provide partial liquidation with configurable delays.
Cross-margin streamlines the trading experience by enabling users to utilize account margins across various positions. V3 looks to support more collateral types for use as margin. This includes, but is not limited to, sETH, sUSD, and sBTC.
The community has responded positively to this development, with most of the members acknowledging that Pyth Network was indeed the answer to moving the way forward. Others have expressed their excitement for Perps V3 by saying that it sounds great and should be brought live as soon as possible.
Meanwhile, Base is hosting a voting process for RetroPGF by Optimism. The voting will remain live till December 7, 2023, only for badge holders. They are tasked with assisting the network in deciding how to distribute 30 million OP to projects. All of them demonstrated their impact on Optimism Collective in one way or another; however, only a select few will make it past the crossline based on the community voting results.
The voting process being held by Base is based on a one-person, one-vote system, which means that a single user can only vote once as a part of democratizing and decentralizing the future. The community has lauded the process, for it mitigates the financial factor and gives power to all the members of Citizen’s House.
Base has clarified that it does not endorse any project that is on the list. Base has also partnered with thirdweb to host an in-person hackathon. The event will be organized in San Francisco from December 8, 2023, to December 10, 2023. It allows builders to construct the next consumer crypto application that has the potential to achieve a valuation of a billion dollars.
Perps V3 is expected to go live on Base soon through the Andromeda Release, taking forward the success that V2 has built so far with on-chain perps and risk management, along with other now-standard features.