Introducing Quotex :DeFi Done Differently

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Quotex is a decentralized finance platform built on the Internet Computer that enables users to trade Perpetual Derivative contracts seamlessly.

Quotex aims to enable the trading of perpetual contracts of low liquid assets on the Internet Computer (currently BTC,ETH,SOL,USDT etc) utilizing much more liquid assets like the ICP token as collateral,this unique approach also makes room for more expressive markets like Inverse Derivatives Market.

Technicalities

Quotex utilizes two primary actors

  • The Vault actor
    Each asset on the Quotex platform has it’s own vault actor,basically one vault for one token.
    The vault actor handles all liquidity management for the specified token including handling Deposits and Withdrawals to the vault.
    When users deposit into the vault,they can either trade with their deposit on any market that utillizes the deposited asset as margin or lend out this funds to traders to trade on leverage and these traders pay hourly interest.
    When users lend their liquidity of certain amount on the platform, a virtual token

    Qtoken ,Q for Quotex, acts as a 1:1 representation of the token lent by user.

    of equal amount is minted and sent to the user after which the user can lock their Qtokens in the vault for even greater yield

  • The Market actor
    The Market actor handles all trading activity for one market pair on the Quotex platform, each Quotex market actor comprises of a base asset and a quote asset eg BTC/USD ,BTC is the base asset and USD is the quote asset.
    The Quotex market actor utilizes an inbuilt efficient Order Book system built by the team to execute trades.The use of an Order-Book enables the utilization of limit orders on the Quotex market platform .

    This in contrast to AMMs creates a more familiar trading experience for traders who are not DeFi native.

    Funding rates are calculated and paid by fetching the current spot price from the XRC Canister.

Both the Vault actor and the Market actor is built with rust utilizing the IC rust cdk,integrations testing is done with Pocket IC.

Quotex enjoys some of the super powers of the Internet Computer Protocol like

  • Timers
    Quotex utilizes timers for various mechanisms like settling funding rates by fetching spot price at certain intervals and also for executing Limit Orders when the the reference price point has been crossed.
  • Stable Storage
    Quotex utilizes the stable storage memory available to canisters on the Internet Computer to store state and market details,active price points and account’s positions
  • Internet Identity
    The Quotex dapp utilizes various sign in options like the NFID wallet which allows users sign in with just an email address hence greatly reducing friction of Onboarding Non DeFI natives and also improving user experience generally.

Moneitzation

The primary source of revenue for the Quotex platform would be from fees paid by traders ,other options would be weighed for viability later in the future

What next ?

We recently just finished our MVP which you can access here and try out the features like deposit,lending and locking liquidity

NOTE:The faucet claiming sends faucet tokens and not the real token,do not send any funds to the canisters

.We will be launching our official testnet soon where we will be getting feedback from users and iterating for better user experience and eventually mainnet beta laucnh.

References

Check out our github

1 Like
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I like the concept and am playing around with the MVP. I think using ICP as collateral is risky as I don’t know what the price will be if I wanted to make a trade for longer timeframes. If we used other coins (BTC, USDC) as collateral, or even something like PAXG.. that’d be a start for feeling safer about ensuring my collateral doesn’t tank in value and affect my position somehow.

Also, this next point isn’t unique to your DEX. I actually really want to see a chart viewer that’s not based on TradingView’s Web2 tech. It also takes away from the color scheme of the UI.

Any plans on spot trading, or is the focus only on leverage? Also.. the liquidity, is the model only going to be based on users staking their coins? That would limit a lot of the liquidity in the beginning. It’s kind of the negative side of the network effect.