In this thread
2) How does the protocol work
3) Why is it different
5) Key details to be aware of
TLDR It is a Perpetual Dex that allows you
-Trade #Crypto, #Forex, #NFT & Indices Markets up to 100x Leverage
-Liquidity Providing without Impermanent loss
*This is not a #GMX fork hence why I'm interested/ looking into it
How does the protocol work
Lexer has two core components
“ Smart Router” & “Hybrid Liquidity Engine”
Hybrid Liquidity Engine includes
-Multi-Asset LP ( @GMX_IO style LPs )
-Synthetic LP ( @GainsNetwork_io style)
-Lending LP ( @OpenLeverage style) this enables any assets to be traded through “ Smart Router “
Lexer aims to be “Perpetual everything” in a decentralised way.
Cross margin, Lexer’s position as NFTs enabling cross margin
Although I don’t fully understand how they are achieving this as its not live yet but as a trader, being able to cross margin decentralise will greatly improve capital efficiency
*if you are a gud trader kek
Keys details for any Perps
1) Oracle, How does it work? is it safu?
2) Risk Control
TLDR Lexer using on-demand decentralise oracle network (DON),
-takes median spot price of leading exchanges
-keeper mechanics to keep stability & credibility of the price feed by constantly comparing to @chainlink oracle price
Their gitbook did cover two key risk of a Perp, oracle update front running & price manipulation but it will be good to see an insurance fund setup.
Seem yet to be confirm but the design is following the #GMX which is 70/30 % to LP and LEX staker
Overview Lexer is a breath of fresh air compared to other gmx forks. They are dreaming big to enable perpetuating everything with their “Hybrid Liquidity Engine”.
Product wise i think they are on a right track but all perpetual’s KPI is driving traders & trading volume, it will be interesting to see how goes