TripleFi — a DEX derivative that allows users to trade cryptocurrencies with up to 25x leverage and invest a pool of LP for significant profits.
Features of the TripleFi trading protocol
TripleFi is currently available on the Polygon network. To use TripleFi, you first need a wallet with Matic and USDT on the Polygon network. Once completed, go to the app to start using the protocol to provide liquidity or open a position. Remember that each transaction costs Matic (this is called a "gas fee" and is paid to miners to keep the network running).
TripleFi uses a market creation algorithm. Currently, the liquidity pool is the trader's counterparty and carries a net position in relation to the trader's position. A future update will allow the TripleFi liquidity pool to hedge a net position to provide a relatively stable income for liquidity pool providers.
The TripleFi liquidity pool is designed to be a pool with good returns on trading fees, funding fees, spread and counterparty positions. Currently, LP can hedge counterparty risk on its own, and various tools and strategies for LP are provided in future releases.
Other features:
| Trading fee | TripleFi charges 0.06% and 0.3% of the trading fee. 75% goes to the liquidity pool. |
| Funding fee | 67.5% funding fees will go to the liquidity pool. |
| Position | When traders open a position, the LP has the potential to make a profit if the traders take losses. |
LP can be long or short. LPs share positions, according to their share of the pool. Traders do not need to make a deposit first. As long as you have USDT and gas fees in your wallet, you can open a position immediately after the TripleFi smart contract address is approved.
How is the price determined?
The index price is sourced from centralized exchanges or swaps and is protected by Chainlink. For Type A cryptocurrencies that are priced on major centralized exchanges such as Coinbase and Binance, the index price will be a weighted average of the centralized exchanges. There is a mechanism in place to eliminate bias data in extreme circumstances, and Chainlink further secures the price data.
The weighted average price is passed down the chain through Oracle. Currently, Type A crypto assets include ETH and Matic. Type B crypto assets do not have a valid price on major centralized exchanges. The price will be based on the weighted average for different trading pairs from different swaps. Type B crypto assets currently include BCT.