On January 20th, 2021, we released the Crypto Volatility Index (CVI) on MainNet. The CVI brings a new set of tools to the DeFi space. Users can:
- Buy a position in the index if they believe volatility in crypto is about to grow, as a speculation or as a hedge for their portfolio
- Become a liquidity provider to the platform to earn fees and if they feel that volatility will decrease or stay the same
- Protect their position as liquidity providers on DEXs like Uniswap against impermanent loss (caused by major fluctuations in assets price, regardless of the direction)
- Earn $GOVI on all of the above
This is only the beginning. In 2021, we will continue developing and improving the platform by adding more features and data sources, integrating new wallets and assets, adding leverage, and more.
Take an in-depth look at what we have already achieved, and what comes next in the first half of 2021:
- CVI MainNet Beta Launch
On January 20th, we launched the Crypto Volatility Index on MainNet. The platform users can now connect with their Metamask, deposit USDT and buy positions or provide liquidity to the platform.
- Contracts audit Publication
The Crypto Volatility Index was launched after a thorough Certik audit of the platform’s various contracts. No critical issues were found and we fixed everything that needed fixing before the MainNet launch. For the full audit: https://github.com/certikfoundation-shared/CertiK-Audits/blob/master/reports/REP-Coti's_CVI_Implementation-19_01_2021%20(1).pdf
- Source code publication
CVI operates a permissionless and open-source protocol. This means that any user can be a part of the development of the network and access the code on Github: https://github.com/coti-io/cvi-contracts
- Staking $GOVI
GOVI token holders are able to stake their tokens and collect fees from the platform.
- $GOVI liquidity mining
After providing liquidity to the COTI-ETH or GOVI-ETH pools in Uniswap, users will receive COTI-ETH-LP or GOVI-ETH-LP tokens. By staking their LP tokens on the CVI liquidity mining page, they can earn $GOVI tokens.
- Gas optimizations — while the entire ecosystem awaits Ethereum to improve congestion, we are already actively improving our contracts to optimize for better gas costs. We will be releasing an optimized model to cut down about 40% of gas costs this week
- Adding an option to deposit liquidity or buy position with ETH
In addition to the initial USDT token. Adding ETH will enable a wider range of users from the crypto space to buy positions or provide liquidity to the CVI platform.
- Additional wallets support
We plan on adding the Trust Wallet, to begin with, and grow from there
- Adding an option to deposit liquidity or buy positions with $COTI
In addition to USDT and ETH, we’ll be adding support to $COTI. When depositing $COTI on CVI, a user will enjoy reduced fees and more $GOVI tokens for his trades and deposits.
- Additional derivatives markets data source
Deribit exchange is our main data source for the index calculations as it is the most advanced and widely adopted platform for derivatives and options. CVI will use a Chainlink-powered decentralized oracle network to aggregate options market data from multiple off-chain sources and deliver it on-chain.
In order to ensure decentralization and transparency, Chainlink architecture uses multiple independent oracles that use external adapters to retrieve trading options data from across the market in order to calculate the CVI.
We will keep track of potential new significant players with financial data that can be included in the CVI Index calculations.
- Advanced traders dashboard — as requested by pro users:
The new dashboard will include:
-Addition of charts to trading tabs
-A feed of the last actions performed by users
-More graphs and data visualization
-Funding fee vs the CVI index values related info and graphs
-Historical view of CVI index values
- Margin trading
Adding support for other ratios than the existing 1:1, so that various risk management strategies can be implemented. The idea is to increase the value of an opened position, so it is based not only on the amount of tokens used to open it, but on a multiplication factor as well.
- TradingView integration
TradingView is one of the largest and most active trading communities on the web with over 8,000,000 traders worldwide. Integration with Tradingview will make it possible for CVI traders to receive real-time data and charts and will allow them to share trading ideas.
- Keep3r integration
Using Keep3r service to perform operations will be an improvement, without which operations would still be run manually and/or scheduled by external mechanisms. Relying on keep3rs would be an additional step towards the decentralization of operations of the platform. It can also help smooth actions with more efficiency.
- Additional derivatives markets data source
Assuming new significant sources of data are found and \ or needed, these can be integrated into the CVI Index updated calculations. This will ensure its robustness and accuracy according to further ongoing analysis.
- Liquidity mining for new pairs
Adding new pairs support for liquidity mining will allow more users to use the platform, stake their LP tokens and earn $GOVI.
The choice of the following pair to be added will be accepted by the $GOVI holders by vote.
- Voting platform
CVI includes a decentralized governance component with which any holder of the $GOVI token can vote on matters such as the tradable assets, leverage used, deposit amounts, platform fees and more. The more $GOVI you hold, the greater your influence on the voting results will be. The voting will be hosted on Snapshot platform.
- $GOVI governance votes Implementation
Once votes are cast, we will work on implementing the results into the platform.