Perpetuals are landing on Tezos!
Hello Geniuses! Today is a great day in the SalsaDAO empire. Markets are looking brighter every day, and the all the work that the GC team put in over the bear market is gaining traction. ArtDEX Earn and ArtDEX Auctions are undergoing code review and will be shipping imminently!
We are incredibly proud of all the features & upgrades we’ve shipped in 2023, and today we have even more good news for those who follow our project.
The ODDITY.fi Ghostnet Beta is LIVE!
Our new perpetual markets protocol brings a popular DeFi primitive to Tezos. If you want to try our first test market, visit the updated beta site. Otherwise, let’s dive into the new information.
Wondering why this news is being released on the GC Medium?
ODDITY is joining Genius Contracts!
GC will be taking on the ODDITY brand, project development, and long-term scaling. We want to thank the original ODDITY team for thinking up this idea and creating the ODDITY branding.
We’ve come to an agreement to have the original team stay on to help us find new markets and API feeds. This is the best solution for both parties, combining GC’s DApp experience with the ODDITY team’s expertise on APIs & data analytics.
What is ODDITY?
The goal of ODDITY Finance is to offer perpetual prediction markets where users can bet on a number going up or down. Most perpetual platforms host markets where you can bet on the price of certain crypto, like Bitcoin or Ethereum.
ODDITY markets will be a bit more exotic. 🙂
When we say exotic, we are talking about creating prediction markets that are not solely based on cryptocurrency price fluctuations. We will be leveraging the Acurast platform to deliver API data from all sorts of industries.
Sports, weather, government… as long as there is a number that moves, ODDITY can host a prediction market. Our main value proposition is offering exotic markets that no other platform else has, on any blockchain.
We’re proud to announce that we’ve completed the core smart contract that acts as the engine for ODDITY prediction markets. This engine is completely fresh and built from scratch, using a pool-based architecture for efficient management of pool shares and funding rates.
The Ghostnet Beta is fully functional: we’ve already built the contracts, indexer, API, and Test UI. Funding rates are active on our test market, so you can see what our perpetuals will be like on mainnet. Our test market tracks a 2-hour XTZ price TWAP, we’ll be adding more soon.
As of now we are working towards polishing the codebase and raising money to pay for an audit of the ODDITY engine.
⚠️ We are planning an incentivized Ghostnet contest where users will compete in P&L contests to win mainnet NFTs & $sDAO. Keep following us for more info.
While we are excited about building & shipping ODDITY, we are not ignorant to the DeFi situation on Tezos. The Tezos ecosystem lags heavily in number of DeFi users, which leads to low volume and participation. Keeping this in mind, we will be going slow and steady for ODDITY.
We are not funded with millions in VC dollars, ICO funds, or grants, so we have to be smart about how we develop this software.
Our plan is to go to mainnet with our core offering, monitor traction within Tezos DeFi, and then adjust our plans according to the response.
We’ve designed the contract to be modular and upgrade-friendly. This means we can rapidly deliver major upgrades to ODDITY in 2024, as we gain traction. What we want to deliver 👇
🛠️ Margin & Leverage
🛠️ Multi-Collateral Deposits
🛠️ Multi-Option Markets
View our detailed roadmap on the ODDITY Ghostnet Beta.
Here at GC, we are very excited to develop and scale ODDITY. The perpetual contract is a popular new DeFi primitive that has not yet been explored in earnest on Tezos.
We believe that ODDITY will be key to attracting new users to Tezos DeFi. We hope you’ll support our journey and try the Ghostnet Beta.