Dazhbog: A Decentralized Perpetual Futures Exchange
Dear Polkadot Community,
Ceres Blockchain Solutions is thrilled to propose Dazhbog, a plug-and-play solution for a decentralized perpetual futures exchange within the Polkadot ecosystem. This platform allows other builders and parachains to seamlessly integrate it into their ecosystems, enabling users to trade perpetual futures contracts in a decentralized manner while leveraging the security, scalability, and interoperability of the Polkadot network. By integrating with their parachains, builders can offer a smooth and efficient trading experience without relying on centralized intermediaries.
The core concept and technical feasibility of Dazhbog have been rigorously validated. Our project secured first place in the DeFi category at the Polkadot Prodigy hackathon, underscoring the extensive research conducted and the project's significant potential.
We began by validating the idea at the Polkadot Prodigy hackathon and planned to apply for a Level 2 grant for the Proof-of-Concept of Dazhbog. During Polkadot Decoded, we had discussions with members of the Web3 Foundation and other influential figures in the Polkadot ecosystem. While they expressed interest for the idea, they advised us to skip the PoC grant and pursue full product implementation instead.
The full proposal is available here - https://docs.google.com/document/d/1Asz_sQFl8-8WdACZoHPS5XTsDb8T8F_Ry7L2ubcJGNY
Forum post (please note that following extensive discussions with the W3F, we have decided to move away from pursuing W3F Level 2 and DF grants for PoC and go straight to full product development) - https://forum.polkadot.network/t/decentralized-futures-dazhbog-a-decentralized-perpetual-futures-exchange-on-polkadot/8777
Best regards,
The Ceres Team
Discover more about us:
Website - https://ceresblockchain.solutions
Linkedin - https://www.linkedin.com/company/ceres-blockchain-solutions-llc
Twitter - https://twitter.com/ceresblockchain
Email - office@ceresblockchain.solutions
Comments (8)
Requested
Proposal Failed
Summary
0%
Aye
0%
Nay
Aye (23)0.0 DOT
Support0.0 DOT
Nay (35)0.0 DOT
We have some issues with this pallet "plug-and-play" approach. Our main concern is that it hasn't been that successful at bringing use or adoption. We have seen this in the past. During the initial development of Substrate projects, many pallets were developed and consequently turned into abandonware, the most notable being Chainlink's pallet. Ceres has already developed the Carbon Credit Pallet, which can be considered a successful delivery and in accordance to the OpenGov proposal. Github https://github.com/Ceres-Blockchain-Solutions/veles-pallet Docs: https://veles-carbon-credits.gitbook.io/veles-carbon-credits-pallet But we have not heard of carbon credit initiatives that are willing to use this pallet or Ceres starting a Carbon credit project that will make use of this pallet. We are seeing this issue again with Dazhbog, hopefully we get to see perps being built on Polkadot but this will again create a pallet and hope to find a team willing to go all the way to create these perpetuals as a product with the added costs of development and auditing? In short, what is the best argument to have this collections of pallets without having the project that coalesces them into a product? We brought the exact same point during ref 496 but we would like to see how this plug-and-play development approach can be framed positively when we don't have the team willing to use it right now. https://polkadot.polkassembly.io/referenda/496#1mut2Fzd1wDNJNc1tnsn
Hi @saxemberg,
Your feedback is, as always, extremely constructive, and we are pleased to respond.
Let's start with Veles. As you mentioned, the Veles pallet was successfully delivered in accordance with the OpenGov proposal. From the beginning of the build, the team has promoted the Veles pallet and Carbon Credits at several events, including Polkadot Day and Web3 Transforming Traditional Sectors: Blockchain in Energy during Belgrade Blockchain Week (Serbia) and the Bitget Event in Rijeka (Croatia). You can find the link attached at the end of this reply. In the upcoming period, our goal is to launch the Veles website (which we will handle free of charge) to further facilitate access to the pallet for teams interested in Veles and Carbon Credits regulation. Also, considering that the Veles pallet was fully completed just a few weeks ago, along with the documentation, it is hard to say whether it will be successful or not; only time will tell.
Regarding Dazhbog, the idea itself has been validated by several influential people from the Polkadot ecosystem and at the Polkadot Prodigy Hackathon. A decentralized perpetual futures platform is definitely something that Polkadot DeFi lacks (consider how much GMX has contributed to Arbitrum DeFi). Dazhbog would be ideal for HydraDX since both platforms are built on pallets. Additionally, HydraDX is the DEX with the highest liquidity in the Polkadot ecosystem and as such is ideal for the user experience on Dazhbog. We presented the idea to the HydraDX community and received positive feedback from them and some HydraDX council members as well. We certainly believe that Dazhbog should be a plug-and-play solution for future projects as competition is more than necessary in every ecosystem.
https://www.linkedin.com/posts/ceres-blockchain-solutions-llc_last-week-our-developer-nikola-petrovi%C4%87-activity-7206565909455417345-niZN?utm_source=share&utm_medium=member_desktop
https://imgur.com/a/j9zyBib
We hope we have answered your questions. If you have any additional questions, we are happy to answer them.
Best regards,
Ceres Blockchain Solutions
Voted nay for now.
Hi @birdo ,
First of all, thank you for your questions.
Dazhbog will be a product with a frontend. As you can see in the proposal, among the team members there are a Senior Backend Developer, a Senior Frontend Developer, and a designer.
Several influential members of the Polkadot ecosystem have supported the idea of building decentralized perpetual futures. These include individuals from W3F, CEOs of some projects, and others. Additionally, at Polkadot Decoded, we discussed this idea with the Hydra CEO and Hydra CTO, and they liked it. The idea was also validated at the Polkadot Prodigy Hackathon. Furthermore, we plan to promote Dazhbog at upcoming web3 events and advocate for Decentralized Perpetual Futures on Polkadot.
Funding for the audit is not included in this proposal. Our plan is to integrate Dazhbog initially on the testnet and test the product with the community's help, potentially through a bug bounty program. If the community decides to engage an audit company, we are willing to cooperate.
As previously mentioned, we talked with the Hydra CEO and Hydra CTO, and several members of the Hydration Council supported the idea; some even voted "AYE" for this proposal. You can view our proposal on the Hydration platform as well, where we seeked Hydration community approval:
https://voting.opensquare.io/space/hydradx/proposal/QmbC6XgkebCAbeAW9CDmtg5jf9CbNpEtSorE61qWZwgBAE
As stated in our previous comments, we firmly believe that Dazhbog should be a plug-and-play solution for all projects in the Polkadot ecosystem. Competition is essential in every ecosystem, but currently, HydraDX is the best place for integration and for providing a proper user experience.
We hope we have answered your questions. If you have any additional questions, we are happy to answer them.
Best regards,
Ceres Blockchain Solutions