Crypto Volatility Index — Preparations for MainNet Launch
We are also working closely with Chainlink to perfect the index and with Certik to make sure that the platform is secure.
As many of you have taken an active part in testing the CVI trading platform, we’d like to share with you what we’re working on right now and the top improvements we plan to implement for:
- Reducing the lockup period for trading positions (24 hours) and liquidity provisions (72 hours): the rationale behind the lockup period is stability and security, and this is why lockup is quite common on other derivatives platforms. That said, it’s the #1 reject that the platform users mention and we want to be attentive. Hence, we’re working on ways to reduce the lockup period on one hand and still maintain a high standard of stability and security.
- Adding Trust Wallet — as the MetaMask wallet is not always supported via all mobile devices we are adding the Trust Wallet.
- Adding Onchain staking for the $GOVI token built into the platform — this will allow you to immediately stake your $GOVI tokens to gain platform fees
- Adding liquidity mining, allowing users to stake their LP tokens to gain more $GOVI
- Adding liquidation bots to clear the system from “dust”
- UX improvements:
— Adding a “Total Value Locked”, “Trading Volume” and other valuable metrics to the platform
— Adding a counter for each transaction’s lockup period, so you can see the remaining time.
— Adding notifications for notable events like surge in purchase fees
We have been working with Certik to audit the platform’s various contracts. We believe that when a company like COTI is building, security of users’ funds should be a top priority. Accordingly, we will launch the MainNet with a thorough Certik audit.
The competition itself is working as expected and the platform already has more than $10M (test) USDT locked into it. As the competition is happening through crazy time in the markets, volatility is at an unprecedented level and accordingly the index has kept rising throughout the competition. As we’d like users to have an opportunity to maybe see other market configurations and in order to give a fair chance to new users joining the competition, we’re extending the competition for another week, ending it on January 17th. As the level of participation is amazing, we’re also increasing the overall prize pool to 150K $GOVI.
Keep testing, your feedback is valuable and we’re taking it into consideration.
The CVI team