Introducing SakePerp.fi’s BSC Mainnet Launch and SakePerp x CoinMarketCap Airdrop Campaign
The Sake development team is thrilled to announce that on the 31st of May, SakePerp.fi will go live on Binance Smart Chain’s (BSC) mainnet. SakePerp is a decentralized perpetual contracts platform with a lower funding rate and optional liquidity provider exposure powered by the vAMM+Oracle price discovery mechanism. SakePerp brings real-world assets into DeFi in an innovative way.
To celebrate the launch of SakePerp.fi, @Sake_perp_swap and CoinMarketCap will work together to airdrop more than 600K SAKE to early adopters!
New Use Case of $SAKE
SAKE Token Buy-backs
50% of the transaction fees will be used to buy-back SAKE tokens and locked as insurance funds for the future. It will help all the SAKE holders capture SakePerps value.
SAKE can entitle traders to continue earning benefits from the protocol development and maintain the long-term value for SakePerp adopters.
Farm $SAKE by staking SakePerp.fi’s Market Maker (MM) Liquidity provider (LP) token
Liquidity Providers/ Market Makers on SakePerp.fi will get the vault LP token representing the shares of the MM Vault. SakePerp.fi farming pools will be available on SakeSwap.fi.
Liquidity Providers/ Market Makers on SakePerp.fi can continue earning benefits from the protocol development of both SakePerp and SakeSwap. SAKE is the first governance token in DeFi that supports both spot market and futures market with SakeSwap AMM DEX and SakePerp Perpetual Contract.
Features
Lower Funding Rates
With the vAMM+Oracle dual price discovery mechanism, keeping contract prices close to spot price is guaranteed by external price feeding instead of funding rates.
Optional Liquidity Provider Exposure
Liquidity providers can take the dynamic price difference between oracle and AMM positions. Even if all liquidity is withdrawn from SakePerp, trading will not be affected.
Proactive Market Maker Bots
Setup bots for arbitrage between SakePerp and CeFi platforms such as FTX/Binance to avoid MM exposure losses and capture benefits from different price discoveries.
Markets with 15x Leverage
BTC, ETH, BNB, DOT and LINK are the first batch of trading pairs on SakePerp. Traders can easily take a long or short position with max 15x leverage.
More markets will be added based on community governance which is another SAKE holder right.
SakePerp x CoinMarketCap Airdrop Campaign
Airdrop Summary
🍶 More than 600K SAKE giveaway
🍶 1,000 lucky traders
🍶 Around $100 in SAKE for each lucky trader
🍶 May 31, 8 am — June 6, 8 am (UTC)
How to Participate?
1) Add SAKE to your CoinMarketCap watchlist: https://coinmarketcap.com/currencies/sake-token/
2) Trade at https://sakeperp.fi
3) Join the Telegram group: https://t.me/Sake_Perp_Swap
4) Follow this Twitter account: https://twitter.com/Sake_Perp_Swap
6-day Airdrop Campaign
May 31, 8 am — June 6, 8 am (UTC)
Airdrop Distribution
Total 1,000 lucky traders will be randomly selected. Each lucky trader will be airdropped 666.67 in SAKE to his/her connected BEP20(BSC) addresses on SakePerp.fi by 10 June 2021.
The average price of SAKE/BUSD trading pairs during the competition period as the exchange rate between USD and SAKE for prize distribution.
How to trade on SakePerp.fi?
- Visit this website: https://sakeperp.fi
- Connect to MetaMask and switch to Binance Smart Chain (BSC) network
3. As an example, choose the BNB/BUSD trading pair
4. Take a long or short position with max 15x leverage
5. Confirm and transfer BNB as gas fee through MetaMask
6. Check your position info in “My Position” including the position size, leverage, Margin ratio, PNL, etc. The available actions contain: “Share your PNL”,”Add alert”, “update Margin” and “Close position”.
7. Share your PNL: a shareable picture will be automatically generated
8. Add alert: Email notifications will be sent when the position PNL meets profit or loss set within the settings.
9. Add/Remove Margin
Add Margin to enlarge the position margin ratio to avoid forced liquidation, the forced liquidation margin ratio is 3%.
Remove Margin to take margin back to account balance, the remaining margin ratio must be bigger than the initial margin ratio(6.67%).
10. Close positioin
Click the “MAX” button, this will close the whole position. The fees will be deducted from margin and PNL, the remaining amount will go back to your wallet account.
Manually input position size to partially close the position, if position partially closed, the PNL will be settled and stay in margin, the fees need to be paid by the wallet balance which means the wallet balance has to be able to cover the fees when proceeding to a partially closed position.
