01 Exchange — Launching SQUOL, Perpetuals, and Decentralized Derivatives on Solana

The First Derivatives Exchange on Solana to support both Perpetuals Futures and Power Perpetuals (SQUOL) is Launching this Month

🏛 Decentralizing The Centralized Exchange

01 originally started as an experiment by a group of traders and friends to see whether it would be possible to take all the features a centralized exchange offers, and fully decentralize them.

📈 Perpetual Futures, and the 01 Difference

With the vision to decentralize centralized exchanges, our team could not see a DEX future without perpetual futures.

💫 From Everlasting Options…

In early November, we also experimented with Everlasting Options on public Devnet. Throughout the experiment, the team realized that the Evers design still had a few flaws.

⚡️ To Power Perpetuals #SQUOL

  • #SQUOL provides option-like exposure, without the necessity to select strikes like in Everlastings. This means traders are exposed to an instrument with convex payout (i.e. if the price moves in your favour, you gain a lot, whereas if the price moves against you, you lose a little)
  • Power perpetuals are fairly intuitive to understand. When the price of the underlying doubles, the Squared Power Perp quadruples, and so forth. Premium continues to be paid like a regular perpetual future position, from longs to shorts.
  • Power perpetuals provide the ability to hedge impermanent loss, as well as traditional options
  • Thanks to Solana’s throughput, and Project Serum’s fully decentralized on-chain orderbook, we are able to provide the first ever limit orderbook-based #SQUOL experience

🗓 Mainnet Schedule

We know this has been a long time coming, and that we’ve been teasing Mainnet since late 2021. But this time, it’s real.

PHASE I. Release of Perpetual Futures markets, Yield-Bearing deposits, and Borrowing on January 27th

Users will be able to trade cross-margined and cross-collateralized perpetual futures, up to 20x leverage, while earning yield on all their deposits. Non-traders will also be able to deposit to earn yield.

PHASE II. Release of the First ever Limit Orderbook-based Power Perpetuals markets #SQUOL

The decision to release Power Perps/ SQUOL sequentially after regular Perpetual Futures is to ensure a smooth rollout, while stress-testing all protocol engines. Moreover, this gives time for market makers to fully familiarize themselves with the instrument. We’re incredibly excited about this milestone, as this will be a first for Solana, DeFi, and crypto.

PHASE III. Trading Competition launch in partnership with some of the biggest names and firms in crypto

This will be an opportunity for all traders of all levels to take part in what will be one of 01’s biggest event to date.

🤝 Get involved early!

Follow us and join the community to stay updated on the exact release dates!

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