HIP-18: Proposal to Add DOGE and SHIBA to Horizon Futures

August 13, 2024

HIP-18: Proposal to Add DOGE and SHIBA to Horizon Futures

In our ongoing efforts to expand our platform and provide more trading opportunities, we’re excited to announce a new proposal for adding two Futures markets. Responding to the community’s interest in popular meme coins, HIP-18 suggests the addition of Dogecoin (DOGE) and Shiba Inu (SHIB) to Horizon Futures.

Given their strong presence in the crypto world and their popularity among traders, DOGE and SHIBA are perfect candidates for the next Futures assets on our platform. By introducing these meme coins, we aim to increase trading activity, offer more options for strategy diversification, and enhance overall market liquidity.

A huge thank you to everyone who has been providing feedback! Your input is vital, and we encourage you to continue sharing your thoughts on this and future asset additions.

Read the full HIP below or visit Horizon Academy.

HIP-18: Add DOGE and SHIBA to Horizon Futures

Add DOGE and SHIBA markets to HorizonFutures to expand trading options and incentivize more activity on the platform.

Type: Horizon Improvement Proposal

Date: August 13th, 2024

Status: First Draft

Summary

This HIP proposes to add Dogecoin (DOGE) and Shiba Inu (SHIB) to the Horizon Futures platforms in order to increase the options available for traders and boost trading volume. By introducing these assets to Futures, we aim to enhance the platform’s appeal and provide traders with more opportunities to diversify their strategies.

Specification

Add Dogecoin (DOGE) and Shiba Inu (SHIB) on Horizon Futures and set the system parameters as below:

Motivation

Following the successful listing of 10 Futures markets, this proposal aims to further expand the range of assets available on Horizon Protocol. By offering a diverse set of markets, including popular memes coins, we aim to attract more traders to the platform, increase trading activity, and enhance overall market liquidity.

In this batch of listings, the top two most popular memes coins will be added to the currently available options for Futures trading. Dogecoin (DOGE) was originally created in 2013 and is currently established as one of the top 10 coins by market cap. Shiba Inu (SHIB) was created in 2020 as an ERC-20 token on Ethereum Mainnet and is second in popularity and market cap among meme coins. Considering their popularity, market performance, and ecosystem maturity, these are the optimal choices for addition as the next futures assets.

Considerations

Global Debt Pool Impact: Adding new assets to Horizon Futures will introduce increased volatility and potentially impact the global debt pool. Therefore, assets should be added gradually to ensure the platform’s stability and manage risk effectively.

Post-Implementation Evaluation

Upon the addition of new assets to Horizon Futures, an evaluation will be conducted to assess the market’s performance and impact. Key metrics such as trading volume, user activity, and market stability will be analyzed to inform future decisions and strategy adjustments. The aim is to continue to add more markets to Horizon Protocol while maintaining an active risk management strategy.

Feedback & Questions

If you have any suggestions, concerns, or inquiries regarding this proposal, please don’t hesitate to reach out. Your feedback is valuable in ensuring the success and continuous improvement of Horizon Futures.

Horizon Protocol is a decentralized derivatives trading and liquidity protocol providing decentralized access to the real-world economy through synthetic assets. Through Horizon Protocol, users can access swaps and perpetual futures of RWA (real-world assets), including fiat currencies (i.e., USD, EUR, JPY), and commodities (i.e., gold, silver).

By leveraging a peer-to-pool model, Horizon Protocol offers DeFi traders low fees, deep liquidity, and zero slippage when trading borderless synthetic assets. Our focus on seamless UI/UX and educational content empowers our community to harness the full potential of DeFi derivatives.

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