GIP-3: Permissionless Perpetuals
| Field | Value |
|---|---|
| GIP | 3 |
| Title | Permissionless Perpetual Market Deployment |
| Status | Draft |
| Category | Market |
| Author | GX Core Team |
Summary
GIP-3 enables any GX holder who stakes 500,000 GX to deploy a new perpetual futures market on GX Chain without requiring a governance vote. Market deployers earn 50% of the trading fees generated by their market.
Motivation
Governance-gated market listings create bottlenecks and limit the speed at which new markets can launch. Permissionless deployment allows the market to decide which assets deserve perpetual futures, while the staking requirement ensures deployers have meaningful skin in the game.
Specification
Deployer Requirements
| Parameter | Value |
|---|---|
| Minimum Stake | 500,000 GX (locked for the lifetime of the market) |
| Fee Share | 50% of all trading fees generated by the market |
| Market Cap Requirement | None — any asset with an oracle feed can be listed |
| Deployment Cost | Gas only (no additional fee) |
Market Parameters (Set by Deployer)
| Parameter | Range | Default |
|---|---|---|
| Max Leverage | 1x - 50x | 20x |
| Initial Margin | 2% - 100% | 5% |
| Maintenance Margin | 1% - 50% | 2.5% |
| Funding Rate Interval | 1h / 8h | 8h |
| Tick Size | Deployer-defined | Asset-dependent |
| Max Open Interest | Deployer-defined | Based on oracle liquidity |
Fee Distribution
Trading fees from permissionless markets are split as follows:
| Recipient | Share |
|---|---|
| Market Deployer | 50% |
| GX Stakers | 25% |
| Insurance Fund | 15% |
| Protocol Treasury | 10% |
Oracle Requirements
Every permissionless market requires a valid price oracle. Accepted oracle sources:
- Chainlink — preferred for major assets
- Pyth Network — supported for long-tail assets
- GX Native Oracle — aggregated from multiple sources for GX-native tokens
The oracle must provide price updates at least every 30 seconds. If the oracle becomes stale (no update for 60 seconds), the market enters reduce-only mode. If stale for 5 minutes, the market is paused.
Market Lifecycle
- Deployer stakes 500,000 GX and submits
DeployMarkettransaction - Market enters warm-up period (24 hours) — trading enabled with reduced leverage (max 5x)
- Full launch — all parameters active, Auto-Liquidity Engine begins quoting
- Ongoing — deployer earns 50% of fees, can adjust non-critical parameters via governance
- Sunset — if 30-day average daily volume falls below $10,000, market enters reduce-only mode
Deployer Slash Conditions
The deployer’s 500,000 GX stake can be slashed under the following conditions:
| Condition | Penalty |
|---|---|
| Oracle manipulation (proven) | 100% slash, market delisted |
| Market parameters set to enable exploits | 50% slash, parameters reset to defaults |
Rationale
The 500,000 GX staking requirement (approximately the cost of running a validator) ensures deployers are meaningfully invested. The 50% fee share provides strong economic incentive to deploy high-quality markets that attract volume.
Security Considerations
- Oracle quality is the primary risk vector. Deployers are responsible for selecting reliable oracle feeds.
- The warm-up period with reduced leverage limits exposure during the initial price discovery phase.
- Automatic sunset of low-volume markets prevents the accumulation of illiquid, exploitable markets.