Zeta Product Update
As we push closer to Mainnet, we wanted to give our community a brief but important product update, building on our Shipping Update.
Over the last month, core contributors to the Zeta Protocol have successfully run the orderbook trading component for both futures and options on Zeta’s Devnet environment. This has allowed us to iron out potential issues in margining, trading, collateralization, and settlement. We’re currently winding down maintenance of Devnet as we focus all our efforts on getting the Zeta Protocol ready for Mainnet.
We strongly believe that for DeFi to achieve its full potential, innovation must be permissionless. As such, we’ve made our first steps into open-sourcing by releasing both our SDK and FuZe, our CPI program. We are hopeful that these will both be building blocks for innovations in DeFi infrastructure. For more information about these be sure to check out our announcements.
UI & Smart Contracts
Accessibility is one of our top priorities. As such we’ve made our web app ultra responsive, catering for all devices, shapes, and sizes! We’ve also improved various trading flows and migrated to weekly expirations for both options and futures. Insurance fund mechanisms have also been added to our main smart contract. This was a top priority for us to ensure that if the platform were to go underwater, users would be able to access their funds.
DeFi Derivatives Landscape
We’ve witnessed a recent shift in the decentralized derivatives landscape, with more than a dozen vault and asset management products coming online since the Solana Summer Hackathon ended. In tandem the Zeta Protocol community has had inbounds from more than ten market makers who are interested in providing institutional grade liquidity to our DEX. More on this in the coming days and weeks!
The Zeta Options Market Maker (OMM)
In order to optimise our speed of execution, the Zeta Protocol community has decided to launch the Zeta V1 DEX without an Options Market Marker (OMM) primitive, but with the full orderbook trading, undercollateralization and margining experience seen on Zeta’s Devnet.
We’re pleased to disclose that multiple parties have offered to provide day 0 liquidity (announcements soon!), and the community continues to progress in similar discussions with multiple additional parties. Additionally, the team plans to circulate a liquidity incentives consultation paper in the near future, to secure further commitments and formal expressions of interest from market makers.
Core contributors to the Zeta Protocol have determined that the additional time required to launch an OMM primitive would lead to a delay unequal to the incremental benefits received. Whether or not to launch the OMM primitive immediately will be determined by market demand for the primitive at launch as we still believe the OMM primitive is a core concept that is needed to democratize options liquidity for a wide range of assets.
If you’re a developer or market maker looking to contribute, provide liquidity to, or build on Zeta, reach out to @zetamarkets on twitter or hop in our Discord — links below!
- FuZe Repo: https://github.com/zetamarkets/fuze
- SDK Repo: https://github.com/zetamarkets/sdk
- FuZe docs: https://zetamarkets.gitbook.io/zeta/build-with-zeta/zeta-fuze
- Typescript SDK docs: https://zetamarkets.gitbook.io/zeta/build-with-zeta/zeta-sdk
- Dev support: http://discord.gg/C3VS42PKAJ
- Twitter: https://twitter.com/ZetaMarkets