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Qilin Protocol Fourth Community Meeting: Update Qilin V1 main network development progress and answer frequently asked questions

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This meeting confirmed the core interface design and the V2 version Trade interface Rebase risk control model display scheme discussion.

June 8, Qilin Protocol held the fourth meeting of the community. This meeting focused on the preparation and release of information related to the launch of the V1 mainnet. Collect and sort out the feedbacks and problems of V1 main network, and release them online gradually in the way of version iteration after sorting out; Adjust the V2 version design, confirm the core interface design and discuss the display scheme of the REBASE risk control model on the Trade interface of V2 version.

The following is a summary of the meeting

Main network on-line:

1. Why is there only one right trade?

The main reason for Qilin V1 to go online is to verify the robustness of the overall architecture and the smoothness of transactions, and to ensure that the core functions such as trading, trade opening and closing, clearing, Rebase fund rate, LP adding and removing liquidity, etc. can run smoothly. After V2 goes live, the number of trade pairs will increase greatly.

2. Why do you need wallet authorization for every contract transaction?

At present, Defi transaction has two kinds of authorization, one is limited amount authorization, the principle is to use how much authorization, and each transaction should be authorized once, this way is more secure, but at the expense of a little user experience. The second kind of authorization is unlimited, so it only needs to be authorized once, but the security problem is that the hacker can transfer all the money from the wallet in one go. The first one is the one Qilin is using now. We are investigating the scope of authorization to see which one is safer and does not sacrifice the experience, and then we will modify the parameters with the R&D.

3. Restrictions on adding liquidity

When the net position is set to be less than 20% of the total LP pool in V1, it is not allowed to add liquidity, but we will remove this limit in V2.

4. If Qilin token develops well in BSC, are you willing to deploy the product?

The core development team of Qilin Protocol currently has no plan to issue tokens. The current Qilin Token is a community activity, and we do not recognize or oppose the act of self-publishing tokens. In addition, the code is open source, and interested community members are encouraged to deploy the product by themselves. Any member who wants to talk about products, technology and ideas is welcome at any time, but we do not welcome the behavior of simply inducing users to invest.

5. Why was the launch scheduled for Monday delayed to Friday?

In the original smart contract, the development team did not set the accuracy of tokens in USDC accurately enough. The accuracy of USDC in the test network was 18, but after it was put on the main network, the accuracy of the Ethereum main network was 6. So we adjusted all the accuracy in the formula and delayed the launch for three days.

6. Why didn't the transaction be opened immediately after the launch?

LP has a restriction that the pool can only be started when the pool is full of $500,000, so the transaction has not been opened after the on-line, and this restriction will be cancelled later.

7. Contract security

At present, the audit report on the official website is in April. Because Qilin has published the revised formula of capital rate on Medium, another audit is needed. The latest audit report will come out in June, and the audit has been submitted and is in progress.

8. Pool.

There is no statistical APY on the official website, so the third party can help us to count it. For example, DEBANK, users can only pay attention to the community, V1 has only one ETH trading pair, and V2 has too many trading pairs for fear that the statistics can not come over, so data interface is provided to the third party for statistics.

9, operations,

Transaction, clearing and other functions in the FAQ group has operation manual instructions.https://docs.qilin.fi/user-manual/operation-guide-for-perpetual-contract

10. What is NFT for?

The NFT is a souvenir that we reward early contributors, and we have categorized it by a number of different functional roles (Liquidator, Trader, Community Contributor, LP, etc.), primarily as a testimonial to the contributors. If there is no issue of token on the mainnet, and there is no issue of reward mechanism, you can continue to pay attention to our official notice. If there is need, you can use the product first (if there is no need, you can not use it temporarily).

11. How to improve the clearing efficiency of V3?

Further developments will be announced next week.

12. Why is the minimum order amount 200USDC?

Since the mandatory clearing line is 80%, the liquidator can get 20% profit at most. We have estimated the gas cost of Ethereum, which is estimated to be between 20 USDT and 40 USDT, so we set a minimum opening amount of 200 USDC. But we're going to solve that problem in V3. We will reduce the gas costs of clearing by using a centralized clearing engine.

13、 V2 是否允许对一个职位的更多方面进行定制，比如清算点?类似于 hegic 允许自定义执行价格

The custom position function is a stop-loss function in the perpetuated contract, which can be implemented with the help of Qilin V3's decentralized clearing engine, which is available at V3.

14、这是否意味着任何人都可以公开平仓其他人的头寸并在 v1 中赚取费用 (当条件满足时)? 我在 UI 中漏掉了这一点

In V1, only LP is eligible to participate in the ending and get the ending. This is because the ending is risk-free and we want the user to be able to continue this setting. But in V2 we have removed that limitation and anyone can participate in liquidation.

15、当创建 v2 时，v1 池中的位置会发生什么? 它们会自动关闭吗?

First of all, the creation of V2 will not affect V1, we will direct users to V2 on V1, just as Uniswap V3 directs the flow of V2 and users to V2 in the past.