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Qilin Protocol 5th Community Meeting Review: Comparison of features between V1 and V2 versions

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This meeting summarized the development progress in the first week of June and compared the V1 and V2 releases.

Rhythmic BlockBeats message, decentralized volatility protocol Qilin Protocol&NBSP; The fifth meeting was held on 10 June. At the meeting, the team updated the development process of Qilin and compared the key features of the V1 and V2 versions of Qilin.

The following are the main contents of this conference:

Qilin progress in the first week of June

1. Confirm the design draft of V2;

2. Formulation of V2 contract;

3. Adjust and optimize the V2 version of micro-service interface scheme;

4. V2 version front-end project plan and division of labor.

Discussion topic: Comparison of the main features of QilInv1 and V2

Development goals

Qilin V1: Complete the model architecture design for derivatives, which is different from traditional financial protocols.

Qilin V2: Verify the feasibility of the product solution, so only USDC/ETH transactions are available.

pool

QilInv1: The pool is limited, operational and focused on mainstream assets. Since Gas charges are quite expensive, it is very necessary to create an attractive incentive for LPs to build their own traffic. Therefore, the capital pool becomes an operational tool for the LP business community.

QilinV2:The pool restriction is lifted.

The business core

Qilin V1: Vanilla contract for mainstream assets.

QilInv2: A contrarian contract against a small-currency asset.

Risk control mechanism

1. The predicted machine

Qilin V1: Chainlink -- Qualitative -- Manual adjustment

QilInv2: Uniswap -- qualitative and quantitative -- automatic price deviations

* Why the change?

Chainlink directly gives the price, which is qualitative and cannot be measured, so V1 needs to be adjusted manually.

Derivatives are spot based, and they also need to capture the spot price quantitatively. Uniswap can satisfy both qualitative and quantitative requirements of V2. Qilinv2 obtains the price from Uniswap, gives the market depth, simulates the sliding point, and automatically carries out the price deviation, so the service fee drops from 1.5‰ to 1‰.

2. Resetting the capital rate

Both QilInv1 and V2 use Rebase Funding Base as the risk control mechanism of LP. Before liquidation, LP is also taking risks in the process of holding the position. Technically, the risk of LP can use | | L - S measured (long position minus short positions). In the trading market, when long and short positions are unbalanced, the funds rate will be collected from the leading party of the long or short and paid to the LP.

* What's the difference between Qilin's heavy warehouse fund rate and CEX's?

CEX: Take money from the leading party one by one based on the net position of the long and short, deduct money every 8 hours, the long pay the short, or the short pay the long.

Qilin: There's no way to go round the chain, because Gas is too expensive. We tokedize our positions, scale inflation through rebase, and eventually pay the LPs a capital rate.