AMA Recap: Avalanche Vietnam x Hubble Exchange
On Thursday, March 17th, 2022 at 03:00 pm (UTC+7), we hosted a live AMA with Kepler from Hubble Exchange.
A revised transcript is available below:
Q: Before we dive into the questions, can you please introduce briefly about yourself and some key features of Hubble Exchange.
A: Hubble Exchange is a multi-collateral and cross-margin perpetual futures exchange on Avalanche.
Multi Collateral means you can trade perps while maintaining full exposure to your favourite coins — Use multiple coins like AVAX, JOE, ETH, etc as collateral for your positions.
Cross-Margining — allows you to automatically utilize PnL from one position to either offset losses or increase leverage in other positions.
Q: Next, could you please update some latest news or big events of Hubble Exchange in the coming time?
A: We have a Trading Competition live at the moment with a total prize pool of $50,000. Over 100 participants will be eligible for rewards. It’s called SuperNova. The faucet to start using SuperNova is on our discord (discord.gg/hubble). In April, we will be launching onto the Avalanche Mainnet.
1. What is the use-case of Hubble Space Cat (HSC)?
1. Govern Hubble Exchange DAO by voting with your Space Cats: https://snapshot.org/#/hubbleexchange.eth
2. Unlock a Trading Fee Discount when Hubble launches on mainnet.
3. Use them as PFPs on Hubble’s Exchange Interface.
2. How can we cooperate or assist you in the development of the project?
The best way to contribute is to use the Trading Competition that is currently live and sharing feedback. Our total prize pool is $50,000 for Traders and Makers. Those who find bugs and report features while following our guidelines will be eligible to earning HubbleBucks. These HubbleBucks can be exchanged for HSC (Hubble Space Cats) which are used to govern the Hubble Exchange DAO. Here’s a link to our guidelines for submitting feedback: https://learn.hubble.exchange/how-to-provide-feedback-and-earn-hubblebucks
3. Can you indicate a feature or feature that you like best about the platform so that it can compete with other competitors?
We’re working on tokenizing perpetual positions so that they can be utilized in other DeFi protocols. You could use your profitable perps position as collateral on lending platforms. This has never been done before by a perps exchange, and we’d like to take a shot at cracking it.
4. How many types of assets/trading pairs shall be supported on your platform?
During the initial release, Hubble will support AVAX-PERP, BTC-PERP and ETH-PERP. We will be offering Perps on Avalanche-Ecosystem assets later on.
5. Where the Hubble’s market liquidity come from? Is it possible to provide liquidity (as any other AMM) to the protocol?
Anyone can add liquidity and become a Maker in Hubble. Conceptually, adding liquidity to our vAMM is akin to providing liquidity to any other AMMs like Uni/Curve V2. Makers provide virtual liquidity in the Hubble vAMM pool (optionally on leverage) i.e. they can add more virtual liquidity than their margin and earn fees on leveraged liquidity. For every position opened by a trader, there is a counter position opened for all makers and they share it in the ratio of their liquidity. I’d like to encourage you to try out the UX of being a Maker. We have a testnet Trading Competition live at the moment and the faucet tokens can be requested on https://discord.gg/Hubble
We have $20k in rewards for the most profitable makers within the competition to encourage our community to give it a shot.
6. Do you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something? can you share it with us?
Definitely, we have a group of contributors called the Tutorial Guild. They are from the community and they build tutorials for Hubble. We host all our tutorials on https://learn.hubble.exchange (https://learn.hubble.exchange/). Our Vietnamese Mods have also worked on Vietnamese translations to these tutorials which you can expect to be present on the site as well very soon.
When it comes to video tutorials, we are working on them and they will be live on the site as well.
7. Do you have AUDIT certificate or are you working to AUDIT your project, so that the security of the project becomes more secure and reliable?
Before our mainnet, we will have 2 audits. One was an audit competition where many smart contract developers participated to find vulnerabilities in Hubble. This was Code4rena. This went very well and no serious vulnerabilities were found.
We have another audit by Dedaub which has just begun today.
Both our audits were approved by the Hubble Exchange DAO, where our DAO Members voted using Hubble Space Cats (our NFTs which we use as the governance token).
You can view the full proposal here: https://snapshot.org/#/hubbleexchange.eth/proposal/QmX2PoyQmZVmc2oofSa6nrWyJqo4yVLhuSsTeeazwuFDKY
8. I believe that Hubble have Insurance funds to cover potential loss to its investors due to market volatility. Can you explain a little bit about it like the source of funds and how it works?
Insurance fund swoops in when a trader needs to be liquidated, but their liquidated collateral does not cover the debt of the trader. If such a scenario presents itself, the insurance fund would swoop in to prevent insolvency.
Anyone can deposit vUSD into the insurance fund and take the risk of losing a portion of it in the occurrence that margin is insufficient to cover the loss of a trade. In exchange for taking this risk, insurance fund liquidity providers receive a portion of the trading fees and a 50% share in the liquidation fees alongside the liquidator.
9. What is your top 3 things for priorities in 2022 ? Could you share some plans for the upcoming year?
1. Our first priority is to launch on the mainnet safely and securely. Ensuring that that there is sufficient liquidity. One of the ways we are doing this is something called an Ignition Period. Avalanche Vietnam community members who used SuperNova during the initial days would know this. It means that no trades are allowed to take place, until the pair reaches a certain level of liquidity. This is because of liquidity is low, the slippage would be very high. Therefore, we implemented the Ignition Period.
2. Grow our volumes and trader-base.
3. Collaborating with Avalanche Ecosystem partners. We want to create a truly Avalanche Native Perpetual Futures Exchange. One way we’ll be doing this is by adding Avalanche Ecosystem assets as collateral, so traders on avax can maintain exposure to their avax coins while trading perpetual futures in a decentralized way.
Just to add to my first point, ignition period is one example to showcase how we are tackling challenges and we’re spending a lot of time to find new and novel solutions to problems. At Hubble, we have done a lot of new and exciting things that have rarely been done before, example using Hubble Space Cat PFPs as governance tokens.
We are also working on incentives with Hubble Space Cats for those who will become Makers on Hubble. So I want to reveal some alpha to the Avalanche Vietnam community. We have not officially announced these incentives, but we will be doing that soon before mainnet launch. Providing liquidity as a Maker will be a good opportunity to earn Hubble Space Cats and earn governance power within the DAO.
10. When can we expect to see the Hubble platform to go live?
We are expecting to go live around the 20th April 2022.
