Derivatives trading platform ApolloX V2 release, review the advantages and disadvantages and impact

CapitalismLab

2023-04-18 14:07

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Source: Frog Seed, CapitalismLab

BSC Derivatives Exchange@ApolloX_Finance 已发布 V2 版本，在此前 V1 订单簿模式的基础上，部分整合 GMX 和 GNS 的机制并进行了符合 BSC「链情」的特色创新本 Thread 将锐评 ApolloX V2 的特点，产品优劣势，以及对 BSC 生态的意义。

The basic characteristics of ApolloX V2 can be summarized as :

1. ALP is an index asset model similar to GLP, enabling the trading experience and risk control of mainstream crypto assets such as BTC/ETH to reach the level of GMX.

2. Consistent capital rate of both long and short sides similar to CEX experience, and dynamic slip point mechanism similar to GNS

3. 支持合成资产交易，控制容量来控制风险 .

4 Work closely with Binance Oracle for flexible support of more asset transactions.

Let's move on to some of the more distinctive aspects of Apollox V2.

A . 资金费率虽然 Apollox V2 的资金费率公式与 GMX V2/GNS 非常相似，The same is priced according to the long-short ratio and volatility, but Apollox long and short sides use the same rates.

If a Long time; In the case of ShortOI, the ShortOI*Funding Fee Rate will be paid to the empty party, and the remaining (LongOI-ShortOI)*Funding Fee will become the system income.

Yes, although it doesn't have the Borrow Fee, in a sense, it organically combines the Borrow Fee and the Funding Fee. In addition, the majority of BSC users are white, and they are used to Binance contract, which is a localized innovation.

B. 动态滑点 Apollox V2 的开仓滑点类似 GNS 1。整体 OI 越高，开仓量越大，滑点越大 2. 对应交易对在 CEX 上的深度越大，滑点越小这一动态滑点有助于提高价格操纵攻击的成本以降低风险。

At present, this mechanism is similar to the slip point setting of GNS, which has been proven by the market.

C. 灵活的合成资产品类 Apollox 还支持合成资产，直接使用 ALP 支持合成资产。Due to the lack of corresponding underlying assets to support the synthetic asset model, the risk would be magnified. Apollox chose to control the size of these assets to control the risk while increasing the variety of transactions.

Since Apollox was originally funded by Binance Labs and backed by Binance Oracle, it is possible to customize asset classes relatively quickly, unlike chainlink. If later can support A share related assets trading, it is more interesting. It feels like a long shot.

D. 基础交易体验 Apollox 作为一个老牌项目，在交易方面有着不少积累，这些能力也有望复用到 V2。

1. For example, basic experience functions such as stop profit and stop loss modification and margin addition.

2. Transaction notification bot notifies customers through telegram and other channels. Although it is very basic, most DEX does not have it either.

3. 网格单等其他竞争对手不具备的功能或许在未来也能较低成本的迁移到 V2 上这些有助于其实现一定的差异化优势。

E. 对外合作 Apollox 也一直对外输出技术能力，比如 Pancake 的合约交易模块就是由 Apollox 支持的。So far, it appears to be a traditional partnership model in which Pancake and other agreements provide brand and traffic, and Apollox provides technical support, with commissions split between the two sides. There may also be room for this if it can be done in the future by web3.

产品优劣势

As mentioned above, much of Apollox's competitive advantage still lies in.

1. BSC localization innovation, "more suitable for BSC users constitution"

2. BD resource, backed by Binance Labs, is very smooth in cooperation with other projects in BSC.

3. Basic trading experience. As an old derivatives exchange who has been practicing for one and a half years, I have accumulated some experience.

The disadvantage is that.

1. V2 is only a subset of Apollox. Compared with those specialized in making GMX imitation disks, the token positioning is fuzzy, and Tokenomics cannot fully support V2

2. Brand + traffic cooperation mode is compared with web2, which lacks deep cooperation. In addition, the current flow rate of BSC is actually relatively ordinary, which leads to limited gain from cooperation.

如果能在合作方面探索出更深层合作的模式，在保障 APX/CAKE 持有者权益的情况下辅上专属的 tokenomics，或许会有不小的破局机会

Significance for BSC Ecology

The BSC ecosystem has a strong "short-term" view. Most project teams change places with one shot. Apollox team chooses old projects to continue to do new things, which is somewhat of a "long-term" view.

此外通过广泛合作这种模式开拓流量，工作量其实是不小的，虽然目前看来没有充分盘活，但至少占住了位置，将来也可以改进，徐徐图之。简而言之，从「短期」和「孤立」，到「长期」和「合作」，生态的氛围改变并非一朝一夕的事，但是至少已经看到这个趋势有一点点苗头，Gud!