ktx_docs_20240322.txt

Introduction
KTX.Finance offers leveraged trading opportunities on major trading pairs, providing users with the ability to trade assets such as BTC, ETH, BNB, and MNT with up to 100x leverage.
Hatched in the aftermath of FTX’s collapse in 2022, KTX.Finance went live in June 2023 with the aim of democratizing perpetuals trading for the masses.
KTX.Finance is a decentralized perpetual trading protocol that is live across multiple blockchain network including Mantle, BNB Chain and Arbitrum.

Mission & Vision
KTX is driven to democratize perpetuals trading for the masses without sacrificing quality, speed and security.
Traders in traditional financial markets and centralized exchanges are at the mercy of opaque technological stacks and market makers. This results in heightened counterparty risk, increased regulatory requirements and a single point of failure.
This underscores the need for a decentralized, fast and trustless trading platform. 

Team & Investors
KTX.Finance is incubated by ByteTrade Lab.
ByteTrade Lab, headquartered in Singapore, raised 50 million USD Series A financing in June 2022 from investors such as Susquehanna International Group (SIG) Asia Venture Capital Fund, INCE Capital, BAI Capital, Sky9 Capital, BlueRun, and PCG. They are committed to creating a decentralized Internet that gives individuals ownership and control over their financial and daily Internet data.
KTX.Finance Seed Round Announcement
In the midst of the bear market, we raised a $4 million USD seed round financing led by Hashed. 
Other participants in the round include: AlphaLab Capital, CRIT Ventures, 100&100 Ventures, Trinito Corporation / Morpheus, GSG Asset, KuCoin Ventures and Sky9 Capital.

Protocol Roadmap
Brief History & Product Roadmap
Hatched in the aftermath of FTX’s collapse in 2022, KTX.Finance went live in June 2023 with the aim of democratizing perpetuals trading for the masses.
Some significant milestones for the protocol are listed below:
2Q2023
USD 4mn Seed Round Financing
Launch on BNB Chain
3Q2023
Mantle Grants Recipient
Launch on Mantle Network
Cumulative Trading Volume USD 500mn
4Q2023
Broke USD 1 bn in Cumulative Trading Volume
USD 1mn in Cumulative Trading Fees
1Q2024
Broke USD 2 bn in Cumulative Trading Volume
Launch on Arbitrum Network
Renewed Reward Campaigns / Referral Programme
2Q2024
Gamified Trading Experience
TradingView Upgrade
Special Community Events
Telegram Price Alert Bots
You can view the live statistics of KTX.Finance here: https://stats.ktx.finance/

Fundamental Knowledge
This section aims to provide educate new users and serve as a reference to returning users of KTX.Finance.

Trading Engine
Liquidity Provision | Margin Trading | Spot Swaps

Providing Liquidity
The KTX.Finance Liquidity Pool ("KLP") is an integral part of the protocol that enables trade execution and settlement.

KTX.Finance Liquidity Pool Introduction
It is important to understand KLP's role in the protocol before describing the trading process.
KLP is an index consisting of 50% stablecoins and 50% digital assets. The allocation of assets varies depending on the network on which the protocol is active.
You can view live composite of the KLP Pool here: https://app.ktx.finance/earn?type=klp
To compensate depositors, KTX allocates majority of the protocol fees to depositors along with other benefits (more details here)
Learn how to deposit liquidity into KLP here https://docs.ktx.finance/tutorials/providing-liquidity

Market Making with KLP
Depositors of KLP provide liquidity and acts as a market maker for perpetuals trading / spot swaps on KTX.Finance. As the counterparty to trades, the different sides of the pool caters to different directions of trading.

Long Trades: On KTX.Finance, long trades, such as long BTC positions, are physically settled. Trade settlement occurs in the respective trading pair. Profits or losses from long positions are realized in the underlying asset itself.
Parameters:
Entry Price: $10,000
Collateral: 1 BTC
Leverage: 50x
Reserved Amount: 50 BTC
Upon execution of this trade, 50 BTC will be reserved from KLP. 
The following scenarios illustrate potential outcomes:
Exit Price = $10,100 (+1% price movement)
Profit Calculation: 1% * 50x = 50%
Result: The trader profits 50%, and 0.5 BTC from the Reserved Amount is paid out to the trader.
Exit Price = $9,900 (-1% price movement)
Loss Calculation: -1% * 50x = -50%
Result: The trader incurs a 50% loss, and 0.5 BTC will be added to the KLP pool.

Short Trades: In contrast, short trades on KTX.Finance are cash settled. This implies that the settlement for short positions is in USDT.
Parameters:
Entry Price: $10,000
Collateral: 1,000 USDT
Leverage: 50x
Reserved Amount: 50,000 USDT
Upon execution of this trade, 50,000 USDT will be reserved from KLP. 
The following scenarios illustrate potential outcomes:
Exit Price = $9,900 (-1% price movement)
Profit Calculation: 1% * 50x = 50%
Result: The trader profits 50%, and 500 USDT from the Reserved Amount is paid out to the trader.
Exit Price = $10,100 (+1% price movement)
Loss Calculation: -1% * 50x = -50%
Result: The trader incurs a 50% loss, and 500 USDT will be added to the KLP pool.

Risks & Mitigations
1. Asset Price Changes
LPs within the KLP pool are exposed to price movements in the underlying assets due to the pool's design. 
The value of LPs' holdings are sensitive to fluctuations in the prices of the pool's assets, reflecting the inherent volatility in the cryptocurrency market. A decline in the prices of the underlying assets may result in a negative impact on LPs' holdings.
LPs inherently possess long exposure to the assets within the KLP pool by depositing into it. To mitigate and manage their exposure to asset price changes, LPs can short the relevant assets in their respective weightages within the pool. Creating a delta-neutral environment helps LPs balance their portfolio, offsetting the impact of price fluctuations in the underlying assets.
KTX is working with several institutional trading houses and protocols to provide LPs with strategies to achieve market neutral returns.

2. LPs Exposure to Trading Skew
As KLP assumes the role of the counterparty to trades on KTX, the pool's performance is inversely linked to the success of trading activity.
In strongly trending markets (bull/bear), where there may be a notable Open Interest (OI) skew, traders might  unilaterally enter either long or short positions, especially in markets with a strong trend (e.g., a bull market where most traders prefer long positions).
You can view the live OI composite here: https://stats.ktx.finance/
LPs can adopt a strategy that mirrors traders' trades. By doing so, LPs position themselves to profit in a similar manner to traders. This approach effectively hedges LPs against adverse Trader PnL movements. The risk management strategy creates a payment structure for LPs characterized by low risk and high return potential. This aligns with LPs' objectives to optimize returns while managing exposure to market dynamics.
Sophisticated hedging strategies for LPs are coming soon...

Margin Trading
KTX.Finance offers leveraged trading opportunities on major trading pairs, providing traders with the ability to trade assets such as BTC, ETH, BNB, and MNT with up to 100x leverage.
Before you open a position...
There are some parameters that you must be familiar with before opening a position, namely:
Collateral Management
Leverage
Trading Pairs
Types of Orders
Trading Settlement
Open Interest Limitations
Liquidations
Collateral Management
The collateral management system on KTX.Finance is tied to the direction of the trader's positions.
For long trades, collateral is denominated in the respective trading pair's native currency. As an example, collateral for long ETH / USDT trades is denominated in ETH.
Users still enjoy the flexibility to open long trades even if they do not possess the specific assets in their wallet.
For example:
A user only has USDT in his wallet and would like to long ETH. By using USDT as collateral, a swap router is employed to automatically convert the user's USDT holdings into the required asset (ETH, in this case) before initiating the trade.
Conversely, collateral for all short trades are denominated in stablecoins irrespective of trading pair. Collateral for short positions are all denominated in stablecoins and settled in USDT.

Leverage
Leverage is the use of borrowed capital to create larger positions in a certain trading pair. Traders trading with 10x leverage are able to open a position of $10,000 with only $1,000 in collateral.
Leverage is enabled by lending out assets in the KLP pool. Hence, traders have to pay a Borrowing Fee when conducting margin trades.
The maximum leverage allowed on KTX.Finance is 100x.
PositionLeverage = PositionSize / PositionCollateral
The position collateral will be affected by both asset price movements and borrowing fees. In the event of adverse price movements, the traders leverage on the position will increase beyond the initially used leverage.
This could potentially result in a liquidation.

Trading Pairs
Trading pairs on KTX.Finance varies depending on the network on which the protocol is active.
For example, on the Mantle network, the KLP pool comprises 50% USDT and 50% BTC/ETH/MNT. Conversely, on BNB Chain, the KLP allocation is 50% USDT and 50% BTC/ETH/BNB.
Consequently, the trading pairs supported on both networks are different.
Mantle Network
BTC / USDT
ETH / USDT
MNT / USDT
BNB Chain
BTC / USDT
ETH / USDT
BNB / USDT
Arbitrum
BTC / USDT
ETH / USDT
ARB / USDT
SOL / USDT
LINK / USDT
The available trading pairs are shown on the trade page of every network.
KTX.Finance Trading Pairs on the Mantle Network

Trading Direction & Settlement
Traders can open trades in two directions on KTX.Finance.
Long Trades that speculate on asset prices increasing through your trading time frame.
Short Trades that speculate on asset prices decreasing through your trading time frame.
As mentioned in Providing Liquidity#market-making-with-klp:
Long Trades: On KTX.Finance, long trades, such as long BTC positions, are physically settled. This means that the settlement occurs in the respective asset, for example, BTC.
Parameters:
Entry Price: $10,000
Collateral: 1 BTC
Leverage: 50x
Reserved Amount: 50 BTC
Upon execution of this trade, 50 BTC will be reserved from KLP. 
The following scenarios illustrate potential outcomes:
Exit Price = $10,100 (+1% price movement)
Profit Calculation: 1% * 50x = 50%
Result: The trader profits 50%, and 0.5 BTC from the Reserved Amount is paid out to the trader.
Exit Price = $9,900 (-1% price movement)
Loss Calculation: -1% * 50x = -50%
Result: The trader incurs a 50% loss, and 0.5 BTC will be added to the KLP pool.
Short Trades: In contrast, short trades on KTX.Finance are cash settled. This implies that the settlement for short positions is in USDT.

Parameters:
Entry Price: $10,000
Collateral: 1,000 USDT
Leverage: 50x
Reserved Amount: 50,000 USDT
Upon execution of this trade, 50,000 USDT will be reserved from KLP. 
The following scenarios illustrate potential outcomes:
Exit Price = $9,900 (-1% price movement)
Profit Calculation: 1% * 50x = 50%
Result: The trader profits 50%, and 500 USDT from the Reserved Amount is paid out to the trader.
Exit Price = $10,100 (+1% price movement)
Loss Calculation: -1% * 50x = -50%
Result: The trader incurs a 50% loss, and 500 USDT will be added to the KLP pool.
Types of Orders
On the trade page(https://app.ktx.finance/trade), users can choose to execute 2 different kinds of orders on KTX.Finance with each fulfilling different functions.

Market Orders
A market order is an order to long or short an asset at the market's current best available price.
Limit Orders
A limit order on KTX.Finance is an order to long or short an asset at a pre-determined price. 
However, it's important to note that the execution of limit orders is not guaranteed, and several conditions may prevent their execution.
The mark price, derived from an aggregate of exchange prices, did not reach the specified price set in the limit order.
Even if the mark price is reached, there may not be sufficient liquidity in the market to execute the order at the desired price
Executing the order would result in a position that exceeds the current maximum leverage allowed by the platform.
Complex Orders
Complex orders allow users to open a position and set take profits / stop losses (limit orders) in one click. This can be toggled by selecting / keying in your desired exit parameters on the trade page.
KTX Complex Orders
Note that Complex Orders are not available on BNB Chain.

Open Interest Limitations
Open interest is the total size of outstanding perpetual positions for an asset that have not been settled i.e. the total size of open trades.
Current open interest and open interest limits can be observed here: https://app.ktx.finance/trade
Given the settlement mechanism of the KLP pool, traders are free of counterparty risk (i.e. all trades are 100% covered and traders will always be paid out in the event of a windfall).
However, the maximum OI is limited by the protocol's total value locked.
Long OI is limited by the amount of assets staked within the KLP pool.
Short OI is limited by the amount of stablecoins staked within the KLP pool.

Liquidations
A liquidation process is triggered if the asset prices move adversely against the user. In this process, the liquidation contract will automatically close (liquidate) the user's position to prevent further losses. 
Users pay a Liquidation Feewhen a liquidation is triggered.
A liquidation is triggered when:
PositionCollateral / PositionSize < 0.0067 OR 0.67%
PositionLeverage > 150x
PositionLeverage = PositionSize / PositionCollateral
PositionCollateral = Collateral - Losses - Borrowing Fee - Closing Position Fee
PositionSize = PositionCollateral * PositionLeverage
Liquidation Prices are calculated as such:
Longs: Liquidation Price = AvgPrice / ( 1  - 0.0067 + 1/RemainingLeverage)
Shorts: Liquidation Price = AvgPrice / ( 1  + 0.0067 - 1/RemainingLeverage)
RemainingCollateral = Collateral - Borrowing Fee - ClosingPositionFee
1/RemainingLeverage = RemainingCollateral/PositionSize
The diagrams below illustrate the detailed liquidation logic and the calculation of the liquidation price.
Borrowing fees will cause liquidation prices to change over time. Hence, it is important to monitor your liquidation price.

Spot Swaps
Apart from borrowing KLP assets for margin trading, traders can also use the liquidity to exchange one asset for another within the $KLP pool.
One distinguishing feature of KTX.Finance is the ability for traders to conduct spot swaps without experiencing slippage, setting it apart from other Automated Market Makers (AMMs).
Unlike conventional AMMs, the weightages of assets in the KLP do not influence or determine the assets' prices.
You can find out more about KLP asset pricing here
By swapping on KTX.Finance, users pay a Swap Fee (0.20% - 0.80%). The fee paid depends on how asset balances change after the swap.
For example:
KLP Asset Balance	Action	Effect on Asset in $KLP Pool	Swap Fee
Overweight ETH
Underweight USDT
Swap USDT for ETH
ETH Balance Increases
Higher
Overweight ETH
Underweight USDT
Swap ETH for USDT
USDT Balance Increases
Lower

Protocol Fees
Margin Trading Fees | Swap Fees | KLP Minting & Burning Fees
Margin Trading Fees
A margin trade typically consists of several fees:
Position Fees (Opening / Closing)
Borrowing Fees
When a liquidation event occurs, a liquidation fee is charged.
Position Fee
Users pay a position fee when opening / closing a trade.
Position fees follow a linear function ranging between 0.02% and 0.10%. Position fees are designed to encourage traders to think of more trade ideas whenever possible.
Traders can trade assets with lower utilization for lower fees.
Traders can view Position Fees in two venues:
Bottom Right of Trade Page
Order Confirmation Panel
Position Fees
Utilization is calculated as Asset Open Interest / Asset AUM.
Borrowing Fee
The Borrowing Fee is the fee that is paid to the KLP pool at the start of every hour, over the trader’s holding period.
Hourly Borrowing Fee (%) = 
(Borrowed Amount of Individual Asset / Total Amount of individual asset in KLP Pool) * 0.005%
Live Borrowing Fees can be viewed from two venues:
Bottom Right of Trade Page: https://app.ktx.finance/trade
KTX Stats Page: https://stats.ktx.finance/mantle)
KLP Borrowing Rate Annualized
KTX Trade Page Position Tab
Liquidation Fee
Liquidation Fee: 2 USDT

A liquidation process is triggered if the asset prices move adversely against the user. In this process, the liquidation contract will automatically close (liquidate) the user's position to prevent further losses.
Calculation of liquidation price is shown here.
Handling of Fees and Remaining collateral:
If the user's current collateral, minus the closing fees and liquidation fees, results in a value less than zero, the user will not be returned any collateral.
Conversely, if the user's current collateral, after deducting closing fees and liquidation fees, remains greater than zero, the user will be returned the surplus collateral.

Swap Fee
Swap fees range from 0.20% to 0.80% depending on the trade size. 
The fee paid depends on how asset balances change after the swap.
KLP Asset Balance	Action	Effect on Asset in $KLP Pool	Swap Fee
Overweight ETH
Underweight USDT
Swap USDT for ETH
ETH Balance Increases
Higher
Overweight ETH
Underweight USDT
Swap ETH for USDT
USDT Balance Increases
Lower

KLP Minting & Burning Fees
Becoming a Liquidity Provider...
Depositors pay a fee when depositing / withdrawing from the KLP pool. KLP Minting & Burning Fees range from 0.0% to 0.85%.
Depositors engaging in the minting of KLP tokens on KTX.Finance are subject to a dynamic fee structure, influenced by the supply and demand dynamics within the KLP pool. 
KLP Pool	Action	Effect on Asset in $KLP Pool	Mint/Burn Fee
Overweight $ETH
Mint KLP with ETH
ETH increases
Higher
Underweight $ETH
Mint KLP with ETH
ETH increases
Lower
The inverse relationship is true for the burning of KLP.
You can view live composite of the KLP Pool here: https://app.ktx.finance/earn?type=klp
The dynamic fee structure is strategically designed to incentivize users to maintain a balanced pool. Lower fees for actions that enhance asset balance encourage users to contribute positively to the pool's equilibrium.
New depositors can deposit into KLP here.
KTX Earn Page
Users can save on fees by depositing into KLP with underweighted assets.

Protocol Revenue Structure
Trade Flows
There are 3 main groups of participants in the protocol:
Traders: Contributing Trading Volume & Fees
Liquidity Providers: Fulfilling trades by providing liquidity
KTC Stakers: Stakeholders and users of the protocol
Unit Economics

Tokenomics
KTX.Finance operates on a dual-token model.
Summary
Token	Max. Supply	Description
KTC
100 mn
Governance & Utility Token
30% of protocol trading fees paid out in BNB and ETH on BNB Chain and Mantle respectively.
esKTC Rewards
Multiplier Points
KLP
Unlimited
Proof-of-liquidity
70% of protocol trading fees paid out in BNB and ETH on BNB Chain and Mantle respectively.
esKTC Rewards
KTC
Introduction
KTC, standing for KTX.Finance Community Tokens, serves as the governance and utility token for the protocol. 
KTC stakers are eligible for:
30% of protocol trading fees paid out in BNB and ETH on BNB Chain and Mantle respectively.
esKTC Rewards
Multiplier Points
Token Distribution
Token Distribution	Percentage	No. of KTC	Description
esKTC Rewards
30%
30,000,000
Described here
Ecosystem & User Incentives
40%
40,000,000
Campaign Incentives
Ecosystem Partner Incentives
Team
20%
20,000,000
-
Investors
10%
10,000,000
-
Circulating token distribution tracker coming soon...
Purchasing KTC
KTC are trading on the following markets: https://app.ktx.finance/buy\_ktc
Network	Markets
Arbitrum
Uniswap
Mantle
FusionX
Merchant Moe
BNB Chain
PancakeSwap
Contract Addresses
Arbitrum: 0x487f6baB6DEC7815dcd7Dfa2C44a8a17bd3dEd27
Mantle Network: 0x779f4E5fB773E17Bc8E809F4ef1aBb140861159a
BNB Chain: 0x545356d4d69d8cD1213Ee7e339867574738751CA

KLP
KLP is a liquidity receipt for depositors in the KLP Pool. Depositors receive 70% of protocol trading fees paid out in BNB and ETH on BNB Chain and Mantle respectively.
Introduction
KLP is an index consisting of 50% stablecoins (USDT) and 50% digital assets (BTC/ETH/BNB/MNT). The allocation of assets varies depending on the network on which the protocol is active.
KLP also functions like an open-ended index fund tracking its composite assets. Depositors are free to mint KLP tokens to participate in liquidity at anytime. Depositors receive 70% of protocol trading fees paid out in BNB and ETH on BNB Chain and Mantle/Arbitrum respectively.
KLP Price is calculated as Total Value of Assets / Total Supply of KLP, making it a function of asset price fluctuation and Trader Profit & Losses.
KTX Earn Page
Find out more about how KLP works here
Depositing into KLP
New depositors can deposit into KLP here: https://app.ktx.finance/earn?type=klp
Step-by-step instructions for depositing into KLP can be found here.
KTX Earn Page
Users can save on fees by depositing into KLP with underweighted assets.
KTX Earn Page: https://app.ktx.finance/earn?type=klp

esKTC
esKTC tokens share similarities with KTC tokens but cannot be sold until they undergo a gradual conversion to actual KTC tokens.
Introduction
esKTC tokens share similarities with KTC tokens, representing the utility within the KTX.Finance(http://ktx.finance/) ecosystem. The key distinction lies in the conversion process. esKTC tokens cannot be sold until they undergo a gradual conversion to actual KTC tokens.
The conversion of esKTC to KTC tokens occurs linearly over a one-year period.The linear unlocking mechanism is implemented to ensure a controlled and measured distribution of KTC tokens, aligning objectives and governance considerations.
esKTC accounts for 30% of KTC total supply.

Use Cases
Users can use their esKTC on the Staking Rewards(https://app.ktx.finance/earn?type=ktc) page.
Staking
Staking esKTC enables users to earn the same rewards as those staking KTC tokens. Staking esKTC allows users to compound their rewards over time, creating a dynamic and potentially lucrative incentive for participants.
KTX Earn Page
Vesting
esKTC is vested every second linearly over a period of one year to actual KTC tokens. To vest esKTC into KTC tokens, the paired tokens that were used to earn the esKTC rewards need to be staked with the esKTC.
KTX Earn Page
📝 Example:
In the scenario where a user owns 100 $KTC and earns 10 $esKTC over one month. To convert the 10 $esKTC into 10 $KTC tokens, 100 $KTC tokens need to be staked with the 10 $esKTC.
Note that this is an example and the actual ratio depends on the average staked amount and rewards earned for your account.
Claiming Converted KTC
At any point during the vesting period, participants have the ability to claim the portion of esKTC tokens that has been converted into KTC tokens. This feature provides liquidity and flexibility for users.

Unstaking & Sale Limitations
esKTC tokens and their paired tokens reserved for vesting cannot be unstaked or sold until the vesting period concludes.
Withdrawal Process
To remove tokens from the Vesting Vault, users can utilize the "Withdraw" button on the Earn page. This action will withdraw all tokens and pause the vesting conversion. 
Partial withdrawals are not supported. The withdrawal process removes all tokens from the Vesting Vault, and users should plan their withdrawals accordingly.

Emissions
Reward rates will be evaluated each month and may be subjected to changes.
Multiplier Points
Multiplier Points serve as a unique reward mechanism on KTX.Finance, tailored to provide long-term holders with benefits without contributing to inflation.
Introduction
When staking KTC tokens, users receive Multiplier Points every second at a fixed Annual Percentage Rate (APR) of 50%. 
Each Multiplier Point earns the same amount of ETH/BNB rewards as a regular KTC token. This equivalency ensures that long-term holders utilizing Multiplier Points can earn a proportionate share of fee rewards over time.
If a user stakes 1000 KTC tokens for one year, they would receive 500 Multiplier Points at the fixed APR of 50%.
The Boost Percentage displayed on the Earn page represents the extra reward amount you will receive due to the Multiplier Points you have earned from staking KTC and esKTC.

KTX Earn Page
The “Boost Percentage” is calculated from the ratio of Multiplier Points to your total amount of staked $KTC:
Boost Percentage = 100 * (Multiplier Points) / (Staked $KTC + Staked $esKTC)
It's important to note that the Boost Percentage only applies to the ETH/BNB rewards earned from staking KTC and esKTC, not to the rewards earned from staking Multiplier Points themselves. 
Staking Multiplier Points
Multiplier Points are automatically staked to earn fee rewards, offering users an additional avenue for increasing their returns. The "Compound" button on the Earn page facilitates this staking process.
KTX Earn Page
Burning Multiplier Points
For Multiplier Points to be in effeect, users must ensure that their $KTC and $esKTC tokens are staked. When unstaking KTC or esKTC tokens, the proportional amount of Multiplier Points is burned. This means that users must be careful when unstaking their tokens and should only do so when they are ready to convert them into $KTC tokens or withdraw them from the Vesting Vault.
📝 Example:
In the scenario where 1000 KTC is staked and 200 Multiplier Points have been earned so far, then unstaking 500 KTC would burn 100 Multiplier Points.
The burn will apply to the total amount of Multiplier Points which includes both staked and unstaked Multiplier Points.

Incentive Programs
Rewards Page
The Rewards Page is where you can participate in fun and rewarding campaigns by accumulating points from protocol activity.
The page will contain information on current campaigns and historical campaigns that you previously participated in.
KTX Rewards Page
KTX Rewards Page
The team will gradually be adding more mini games to the page.

$KTC Staking Fee Rebates
Staking KTC earns you fee rebates and $KTC staking yield
Introduction
KTC Staking Rewards
Your VIP Level is determined by the amount of KTC staked.
Tier	KTC Requirement	Trading Fee Rebates	Trading Fee Discounts
VIP 1
200<KTC<1,000
2.5%
2.5%
VIP 2
1,000<KTC<10,000
5%
2.5%
VIP 3
KTC > 10,000
20%
10%
Rebates will be calculated based on the lowest amount of KTC staked within a week.
Rebate Distribution
Rebates will be distributed on a weekly basis and users can check their reward in the KTC Staking Rebate Log.
Rebates will be retrospective. For example, rebates for week 1 will be distributed in week 2.

Referral & Affliate Programmes
You can now generate a unique omni-chain referral code across ALL chains
A much simpler and way more attractive referral mechanism is derived and all users will start on the same referral tier and enjoy these benefits:
“Referrers earn 10% of the referred users’ fees and referred users receive a 5% trading discount.”
How to generate your own unique Referral Code
1) Generate your unique referral code
2) Share your referral code with your trader friends
3) Invited user activates your referral link
4) Reward distribution between inviters and invitees
You can easily access your “Reward History” of your “Referral Rebates” and “Trader Rebates” here

Anti-Sybil Mechanisms
To mitigate the risks of inorganic referrals and promote genuine user growth, we have implemented some anti-sybil mechanisms. To generate your unique referral link, you need to achieve either one of these criteria:
Cumulative Trading Volume of at least $10,000
OR
Staked at least 100 KTC tokens
We also have an ongoing “$KTC Staking Fee Rebates” program.
We will also launch an invite-only “Affiliate Program” with a substantial cut to fees referred to top performers of “Referral Mania” soon. 

Technical Material
RPC URLs
KTX.Finance is a decentralized perpetuals protocol, the querying of data and submission of transactions to a public network has to be done through an RPC URL.
RPC URLs might not always be responsive and might lead to slow transaction execution. 
To continue using KTX during these times, users can use a backup URL in the network settings of your wallet.
A list of RPC URLs and respective statuses can be found on Chainlist:
Arbitrum
BNB Chain
Mantle

Contract Addresses
List of KTX.Finance contract addresses.
Mantle Contract Addresses
KlpManager: "0x3C4DE8fB37055500BB3D18eAE8dD0DffF527090e"
KTC: "0x779f4E5fB773E17Bc8E809F4ef1aBb140861159a"
Vault: "0x2e488D7ED78171793FA91fAd5352Be423A50Dae1"
PositionRouter: "0x8a7F1C607306f52ED07F9A705b54869159d1bd7c"
PositionManager: "0x9831Aa46Badb308f8E87a7e3ab080Adfd4f677a0"
Router: "0xEa02deeb067AcEC119095845d780665883dC4583"
OrderBook: "0x661D88E548214f5606a0491f03b072FD0F471E7C"
RewardRouter: "0x207D39314707001Ae36f12335dD8b1F65cD688CA"
ReferralStorage: "0xbf0D05e5A3D34A428D02c07abE3dE0a2aA2D4937"
KtxVester: "0x2E4f63C3ffDF457ff210a29EF10CE3b12c132f0c"
ComplexOrderRouter: "0x6154dce92267af35C733dBa5D20E36Ee3F8eD3d8"

Arbitrum Contract Addresses
KlpManager: "0xfF0255c564F810a5108F00be199600cF520507Ca"
KTC: "0x487f6baB6DEC7815dcd7Dfa2C44a8a17bd3dEd27"
Vault: "0xc657A1440d266dD21ec3c299A8B9098065f663Bb"
PositionRouter: "0x6eb440680c55D21dF0e195a474E9e14095A35A5E"
PositionManager: "0x44412A1f574D931D7B5855CB626Fc809A0426d0b"
Router: "0x9f1b9116128f0ae393C6A51fF0CEFD000d3e1A60"
OrderBook: "0x3826387B22c8e62891486872C4aabf120BCd99D4"
RewardRouter: "0x9d4c701A5D06a1cd73853ebd3F8d4b32C153bD9A"
ReferralStorage: "0xdda7BB775fB98cb50345bd7771ae9a5c8A8Db575"
KtxVester: "0x04F3Da526671b596b10Ab4A74437d8637d899BF1"
ComplexOrderRouter: "0xf399f6d0a6151E77B0f0E9FBbFeb56A21e535e05"

BNB Chain Contract Addresses
KlpManager: "0xfE824703DF7E6F9A71e8d44c78ba24Ded1F631F30" 
KTC: "0x545356d4d69d8cD1213Ee7e339867574738751CA" 
Vault: "0xd98b46C6c4D3DBc6a9Cc965F385BDDDf7a660856" 
PositionRouter: "0x02a4D4438FDCd0A5fa60044b966E49c75Df2C538" 
PositionManager: "0xCe5dd2d857C4D02674379C7849c6D4C0F4b88b2f" 
Router: "0xc35E2Ed19c00073B06f9A77B3425bB2B191BF571” 
OrderBook: "0xF1373604e951048b0bbfF16b337Eda83cc682B6E" 
RewardRouter: "0x7d752c7b7Cc8F522Ec236b3B528cE7201bB17a70" 
ReferralStorage: "0xfD5B1E1FD193bc6cA0cd2A29F6E50Cc63cF8B8E2" 
KtxVester: "0x8cEeb6c4243E4e3835024cB4e169C26278b1B974"

Price Oracles
A price oracle is any tool used to view price information about a given asset. 
The PriceFeed contract accepts submissions from the price feed keeper. This keeper calculates prices using the median price of Binance, Gate.io, Kucoin, OKX, Bybit, Coinbase and a few other CEXs. There are two types of keepers:
Price feed keeper: submits prices routinely for swaps
Position keeper: submits prices when executing a position
These two keepers ensure users a real-time price when they create a position or execute a swap.
To enhance the protocol's protection against incorrect pricing, a third-party oracle (Chainlink/Pyth/API3/…) serves as a Secondary PriceFeed.
The protocol uses the price from the PriceFeed if it is within a configured percentage of the corresponding Secondary PriceFeed. If the price exceeds this threshold then a spread would be created between the keeper price and the secondary price, this threshold is based on the historical max deviation of the third-party oracle price from the median price of reference exchanges.
Prices from the keeper also have an expiry of five minutes, if the last price has been submitted more than five minutes ago, the secondary price will be used instead.
Aside from the keeper nodes, watcher nodes are also ran to verify that the prices submitted by the keepers have not been tampered with. Watcher nodes continually compute the median price and compare this with the prices submitted by keepers, if the prices submitted by a keeper does not match the computed median price, then the watcher sends a transaction to enforce a spread between the keeper price and the secondary price.
PriceFeed contracts on different networks:
Mantle - 0x391536D06480e554cFA60F9E2Be0f3BbE5A377CA
Arbitrum - 0x2e5dC67A12cdcF80124e0D2ba01b7A9F04De04C6
BNB Chain - 0xDe131C73602Df41Decb30E8b1ad16205af048579

ABI Interaction
Here you can find information on how to interact with our contracts directly

Introduction
KTX.Finance operates as a decentralised perpetual exchange, where all functions are publicly accessible through corresponding RPCs. This guide provides insights on how to interact directly with the smart contracts responsible for executing trading functions on KTX.Finance.
Opening a Trade – Market and Limit Orders (Arbitrum / Mantle)

Open a position and/or set limit orders within the same transaction.
Find ABI of ComplexOrderRouter.sol on corresponding chains:
Arbitrum: https://arbiscan.io/address/0xf399f6d0a6151e77b0f0e9fbbfeb56a21e535e05#code
Mantle: https://explorer.mantle.xyz/address/0x6154dce92267af35C733dBa5D20E36Ee3F8eD3d8/contracts?contract-tab=code#address-tabs

Call createComplexOrder with following parameters:
_path(address[]):
[collateralToken] or [tokenIn, collateralToken] if a swap is needed
without swap:
for long orders, collateral token must be the same as index token
for short orders, collateral token must be stable token
e.g.
long BTC with BTC as collateral, _path = ["BTC address"]
long ETH with ETH as collateral, _path = ["ETH address"]
short BTC with USDT as collateral, _path = ["USDT address"]
with swap:
tokenIn will be swapped into collateralToken before creates position. This is not recommended as swap fee applies
required field
_amountIn(uint256):
collateral token amount
always fill in amount of token as in collateral token, e.g.
if _path = ["ETH address"], 3*10/18 means 3 ETH
if _path = ["USDT address", "ETH address"], 3*10^6 means 3 USDT because USDT has 6 decimals
required field
_minOut(uint256):
swap minimum out
0 if no swap required
required field
_isLong(bool):
true: long order
false: short order
required field
_referralCode(bytes32):
depreciated, fill in 0x0000000000000000000000000000000000000000000000000000000000000000
required field
_sizeDelta(uint256[]):
_sizeDelta[0]: position size
_sizeDelta[1]:
decrease position size when take profit happens
normally _sizeDelta[1] = _sizeDelta[0], because you may want to close the entire position when take profit happens
0 if you do not want to create take profit order
_sizeDelta[2]:
decrease position size when stop loss happens
normally _sizeDelta[2] = _sizeDelta[0], because you may want to close the entire position when stop loss happens
0 if you do not want to create stop loss order
leverage = _sizeDelta[0]/_amountIn, and please keep leverage at 2 - 100 to avoid unexpected liquidation.
e.g.
[6**10^18, 0, 0]* for ETH means you simply want to open a position with size = 3ETH
[610^18, 610^18, 6*10^18] for ETH means you want to open a position with size = 3ETH and fully close it when take profit or stop loss order happens.

_price(uint256[]):
_price[0]: acceptable price for position increase
30 decimal precision (1*10^30 means price at $1)
price is changing every moment and we use this price as your acceptable price, normally you can calculate this price using: current_mark_price * (1 - acceptable_slippage) for long order and current_mark_price * (1 + acceptable_slippage) for short order. KTX by default uses 0.3% as acceptable_slippage on our website.
_price[1]:
trigger price for take profit order
for long order, take profit price must be greater than _price[0]
for short order, take profit price must be smaller than _price[0]
0 if you do not want to create take profit order
_price[2]:
trigger price for stop loss order
for long order, stop loss price must be smaller than _price[0]
for short order, stop loss price must be greater than _price[0]
0 if you do not want to create stop loss order

_token(address[]):
_token[0]:
index token
_token[1]:
take-back token when take profit happens
_token[2]:
take-back token when stop loss happens
normally _token[0] = _token[1] = _token[2] to avoid swap fees
e.g.["ETH address", "ETH address", "ETH address"] for creating long ETH position
_executionFee(uint256[]):

_executionFee[0]:
10^17 for mantle, 2*10^14 for arbitrum
_executionFee[1]:
for take profit order
10^17 for mantle, 2*10^14 for arbitrum
0 if you do not want to create take profit order
_executionFee[2]:
for stop loss order
10^17 for mantle, 2*10^14 for arbitrum
0 if you do not want to create stop loss order
value: value of this transaction
if order contains both take profit and stop loss order:
310^17 for mantle, 610^14 for arbitrum
if order contains one of take profit or stop loss order:
210^17 for mantle, 410^14 for arbitrum
if order has no take profit or stop loss order:
10^17 for mantle, 2*10^14 for arbitrum
After this transaction is sent a keeper will execute the request, the request will either be executed or cancelled
If the position cannot be increased for reasons such as the _acceptablePrice not being fulfillable then the value will be refunded to user

Closing / Decreasing a Position
Find ABI of PositionRouter.sol on corresponding chains:
Arbitrum
Mantle
Call PositionRouter.createDecreasePosition with parameters:
_path(address[]):
[collateralToken] or [collateralToken, tokenOut] if a swap is needed
_indexToken:
the index token of the position
_collateralDelta:
the amount of collateral in USD value to withdraw
_sizeDelta:
the USD value of the change in position size
_isLong:
whether the position is a long or short
_receiver:
the address to receive the withdrawn tokens
_acceptablePrice:
the USD value of the min (for longs) or max (for shorts) index price acceptable when executing the request
_minOut:
the min output token amount
set to 0 if no swap is required
_executionFee:
10^17 for mantle, 2*10^14 for arbitrum
_withdrawETH:
only applicable if WETH will be withdrawn, the WETH will be unwrapped to ETH if this is set to true
_callbackTarget:
an optional callback contract, this contract will be called on request execution or cancellation
After this transaction is sent a keeper will execute the request, the request will either be executed or cancelled
If the position cannot be decreased for reasons such as the _acceptablePrice not being fulfillable then the request will be cancelled and there will be no change to the position

Finding your Open Trades
Fetch open trades through subgraph query.
Request URL:
Arbitrum: https://arbisubgraph.ktx.systems/subgraphs/name/ktx
Mantle: https://mantlesubgraph.ktx.finance/subgraphs/name/ktx)
Request body:
Copy
query MyQuery {
activePositions(
orderBy: timestamp
orderDirection: desc
where: {status: "active", account: "your_address_in_lower_case"}
) {
		account
		
		collateral
		
		collateralToken
		
		isLong
		
		size
		
		timestamp
		
		indexToken
		
		averagePrice
	
	}
}

Finding your Limit Orders
Fetch open limit orders through subgraph query.
Request URL:
Arbitrum
Mantle
Request body:
Copy
query MyQuery {
orders(
where: {status: open, account: "your_address_in_lower_case"}
orderBy: createdTimestamp
orderDirection: desc
) {
		account
		
		status
		
		type
		
		triggerPrice
		
		triggerAboveThreshold
		
		size
		
		isLong
		
		indexToken
		
		index
		
		id
		
		createdTimestamp
		
		}
}

Swap
Find ABI of Router.sol on corresponding chains:
Arbitrum: https://arbiscan.io/address/0x9f1b9116128f0ae393C6A51fF0CEFD000d3e1A60#code
Mantle: https://explorer.mantle.xyz/address/0xEa02deeb067AcEC119095845d780665883dC4583/contracts#address-tabs
To execute a swap:
Approve the Router contract for the token and amount you would like to swap
Call Router.swap with parameters:
_path: [tokenIn, tokenOut]
_amountIn: amount of tokenIn to swap
_minOut: minimum expected output amount
_receiver: address of the receiver of tokenOut
The function will revert if the amount of tokenOut sent to the receiver is less than _minOut
To get swap amounts before execution:
Call Reader.getMaxAmountIn with parameters:
_vault: address of the vault
_tokenIn: address of token that will be given
_tokenOut: address of token to be received
The max amount of tokenIn that can be swapped will be returned
Call Reader.getAmountOut with parameters:
_vault: address of the vault
_tokenIn: address of token that will be given
_tokenOut: address of token to be received
_amountIn: amount of tokenIn to swap
Two values will be returned, the first is the amount out after fees, and the second is the fee amount
The fee amount will be in terms of tokenOut

Security Audits
KTX.Finance has been audited by MetaTrust, and the audit report can be found below.
1MB
MetaScan_Report_KTX_Finance.pdf
We will be conducting additional audits with other organizations in the future. This page will be regularly updated with new information.

Tutorials
Setting up your Wallet
KTX is compatible with a variety of leading wallet providers. Select any of the wallets listed below to start using KTX and explore the vast possibilities of Web3:
* [Metamask](https://metamask.io/)
* [WalletConnect](https://walletconnect.com/)
* [OKX Wallet](https://www.okx.com/cn)
* [Bitget Wallet](https://web3.bitget.com/en/wallet-download)
* [Bybit Wallet](https://www.bybit.com/en/web3)
You can also consider using a hardware wallet for added security.
If you are facing RPC Issues when trading, can find more info here.

Margin Trading
Trading Directions
On KTX.Finance, users have the option to open leveraged positions on an asset through the execution of either a 'Long' or 'Short' trade.
Long position
When executing a 'Long' position, users speculate that the future price of the asset will exceed the current price.
Short position
Conversely, when executing a 'Short' position, users speculate that the future price of the asset will be below the current price.
Trade with leverage on KTX.Finance here: https://app.ktx.finance/trade

Opening A Position
New users have to "Enable Leverage"  and "Approve Collateral" when they trade on KTX.Finance.
After completing the previous step,  Click on "Long" or "Short" depending on which side you would like to open a leverage position on. 
Example: 
Traders initiate the process by selecting the "Long" button, indicating their intent to open a leveraged long position. 
Traders input the amount of collateral they wish to use and specify the desired leverage multiple. For instance, if a trader decides to utilize 100 MNT worth 68.68 USD, they can then determine the leverage multiple.
Based on the entered collateral and chosen leverage, the platform calculates the size of the long position. In the provided example, a long position of size 1689.17 USD is achievable with the specified collateral and leverage.
And you can see more details in the Order Summary below. The Entry Price is $2490.60 and the Liquidation Price is $2406.01.  More details about fees can be found in Margin Trading Fees.
While trades on KTX.Finance aim to avoid price impacts, the inherent nature of blockchain transactions introduces the possibility of price movements during the confirmation phase. The confirmation time on the blockchain can vary based on network conditions, leading to potential discrepancies between the initially submitted trade details and the final confirmation.
Slippage is the difference between the expected price of the trade and the execution price. The default slippage is set at 0.3%,  and you can tick the box "Allow up to 1% slippage" to change the slippage to 1%.

Managing Positions
Open positions can be view under the "Positions Tab". 
Users can take various actions to manage their position:
Deposit: allows you to deposit additional collateral to reduce your leverage, click on the "Pencil Icon"
Withdraw: allows you to withdraw existing collateral to increase your leverage, click on "Pencil Icon"
Close: allows you to partially or completely close a trade
Leverage for a position is displayed as (position size) / (position collateral).  You can see the remaining leverage of your positions in the Position tab
Note that when choosing a token as collateral, a swap fee will be incurred if a different collateral asset than that required was chosen. This is to prevent deposits from being used as a zero fee swap. This does not apply to shorts. Withdrawing of collateral from longs and shorts do not have this fee as well.

Closing a Position
You can close a position partially or completely in the Close Positions of Position Tab. The amount for the order can be entered in the close position order column.
You can choose to close your position at a limit price or at a market price.
For long positions, profits are paid in the asset you are longing, e.g. if you long ETH you would get your profits as ETH.
For short positions, profits will be paid out in BUSD that you used to open the position.

Liquidations
The Liquidation Price is showing in your Position tab. If the token's price crosses this point then the position will be automatically closed and liquidation will happen.
Due to the borrowing fee your liquidation price will change over time, especially if you use a leverage that is more than 10x and have the position open for more than a few days, so it is important to monitor your liquidation price.
If there is any collateral remaining after deducting losses and fees, then the corresponding amount would be returned to your account.
More info can be seen on the Liquidation Fee and Liquidation Price.

Types of Orders
Order Types
Definition
Execution
Execution Price
Market Order
An order to buy or sell as quickly as possible at at the best available market price
The order will be executed immediately
Mark Price
Limit Order
An order to buy or sell with a restriction on the maximum price paid or the minimum price to be received
When the mark price reaches the order price, the order will be executed
Order Price
Take Profit Order
Type of limit order specifies the that specifies the exact price at which to close out an open position for a profit
When the Mark Price reaches the trigger price, the Take Profit order will be executed
Trigger Price

Stop Loss Order
An order to limit trader’s loss or lock in a profit on an existing position by closing out a position if the price reaches specific level
When the Mark Price reaches the trigger price, the Stop Loss Order will be executed
Trigger Price
Stop-Loss / Take-Profit Orders
You can also set stop-loss and take-profit orders by clicking on the "Close" button and selecting the "Trigger" tab.After creating a trigger order, it will appear in your position's row as well as under the "Orders" tab, you can edit it the order and change the trigger price if needed.If you close a position manually, the associated trigger orders will remain open, you would need to cancel them manually if you do not want the order to be active when opening future positions.Note that orders are not guaranteed to execute, this can occur in a few situations including but not exclusive to:
The mark price which is an aggregate of exchange prices did not reach the specified price
The specified price was reached but not long enough for it to be executed
No keeper picked up the order for execution
Additionally, trigger orders are market orders and are not guaranteed to execute at the trigger price.

Providing Liquidity
KLP is the liquidity token of the protocol. By purchasing KLP, which means minting KLP in the liquidity pool, you become a liquidity provider. While selling KLP results in burning, or reducing, the total supply of KLP tokens. The amount of KLP you want to buy or sell can be entered on the Buy/Sell $KLP page, and the transaction will be executed based on the current market price and liquidity available.
Rewards for Liquidity Providers:
Trading Fee Distribution: LPs are rewarded with 70% of the protocol's trading fees, distributed in $BNB and $ETH.
esKTC: It seems LPs might also receive rewards in another form of token or asset, referred to as esKTC, though the details of this are not specified.
More info can be seen on the Providing Liquidity.

Staking Tutorials
You can stake tokens and view your rewards at the Staking & Rewards page
Stake KLP:
After buying KLP, KLP tokens will be automatically staked and rewards will be distributed proportionately. Staking KLP, will entitle you to receive platform fees distributed in ETH / BNB and earn esKTC Rewards.
Stake KTC:
Before staking KTC, please make sure you have purchased KTC. You may purchase KTC here.
Then you can stake KTC in your wallet at the Staking & Rewards page, click "Stake"
When you are staking KTC, you can receive esKTC, ETH / BNB and Multiplier Points every second at respective annual percentage rates (APR).
Stake $esKTC:
you can stake esKTC in your wallet at the Staking & Rewards page, click "Stake". The rewards for staking esKTC is same as staking $KTC.

Compound vs Claim：
Compound
Compounding allows you to automatically stake your pending Multiplier Points and $esKTC rewards, which then increases the amount of rewards you receive. 
It's a quick way to stake the  $KTC and $esKTC rewards and claim the $ETH rewards into your wallet
Claim
Claiming will transfer the pending $esKTC rewards and $ETH/$BNB rewards to your wallet.
The fees distributed are based on the number after deducting referral rewards and the network costs of keepers, keeper costs are usually around 1% of the total fees.
More info be seen on the Tokenomics. 

Vesting Tutorials
esKTC is vested every second linearly over a period of one year to actual KTC tokens. To vest esKTC into KTC tokens, the paired tokens (KTC/KLP) that were used to earn the esKTC rewards need to be staked with the esKTC.
First, you need to unstake the esKTC you earned from staking, at the esKTC Vesting page.
Then, choose KTC Vesting Vault/KLP Vesting Vault to vest your $esKTC, press "Deposit"
Enter the amount you want to vest, it also shows you the the amount of $KTC or $KLP tokens you need to keep staking at "Reserve Amount"
After you finish the input, click "Deposit" to open the wallet. After confirming the action in your wallet, your $esKTC will be vested.
More info can be found on the esKTC page.

Bridge Tutorials
If you want to engage in cross-chain transactions, you must transfer your assets via a cross-chain bridge. You can find it in Ecosystem.
Click here To bridge KTC.
Click here To bridge Assets.
And you can check the bridging history in the links. and status of your deposit, withdrawal or migration transactions on Mainnet.
Bridge KTC:
Choose the chains you want to transfer. The first time you bridge KTC, you need to Approve it. Then can enter the amount of KTC you want to bridge, and click Transfer.
Bridge Assets:
Choose the chains and assets you want to transfer. Then can enter the amount of token you want to transfer, and it will show your the amount of token you'll receive.

Miscellaneous
Links & Social Media
    * Trading Application: https://app.ktx.finance/trade
    * Telegram: https://t.me/KTX\_officials
    * Discord: https://discord.gg/zwWnGEUWUy
    * Twitter: https://mobile.twitter.com/KTX\_finance
    * Medium Articles: https://medium.com/@ktxfinance
Github: https://github.com/KTX-finance/KTX-core

Ecosystem
Ecosystem Partner	Partnership	Links
Mantle Network
Grant Recipient
-
BNB Chain
Gas Grant Recipient
-
FusionX
Purchase KTC on Mantle Network
Link
Merchant Moe
Purchase KTC on Mantle Network
Link
PancakeSwap
Purchase KTC on BNB Chain
Link
Defillama
General Information
https://defillama.com/protocol/ktx.finance
CoinMarketCap
KTC Information
https://coinmarketcap.com/currencies/ktx-finance/
CoinGecko
KTC Information
https://www.coingecko.com/en/coins/ktx-finance
DexScreener
KTC Price Information
https://dexscreener.com/mantle/0x9f9577b6e6d841888408ffa063f1db47ac17854a
ChainLink
Price Oracle
-
Pyth
Price Oracle
-
API3
Price Oracle
-
Brand Assets
The following help 3rd-party apps and integrations to use KTX.Finance's brand and assets correctly and consistently.
Please find all the relevant brand assets here.

Terms and Conditions
Last modified: 18 January, 2024
Welcome to KTX.Finance ("we," "us," or "our"), the informational resource for KTX Protocol, as defined below.
KTX.Finance provides information and resources about the fundamentals of the decentralized non-custodial protocol called the KTX.Finance Protocol (the "KTX.Finance Protocol," "Protocol," or "KTX.Finance DApp"). KTX.Finance is not an available access point to the KTX Protocol.
These Terms and Conditions and any other documents incorporated herein by reference (collectively, these "Terms") to you or the company or other legal entity you represent ("you" or "your") explains the terms and conditions by which you may access KTX.Finance ("the Site") and KTX.Finance/dashboard ("the Interface"). Please do not use the Site or Interface if you disagree with any of these Terms.

1. USE OF THE SITE AND THE INTERFACE
The KTX.Finance site is for informational purposes only.
KTX.Finance is not part of any transaction on the blockchain networks underlying the KTX Protocol; we do not have possession, custody, or control over any crypto assets appearing on the Interface; and we do not have possession, custody, or control over any user's funds. Further, we do not store, send, or receive any crypto assets. You understand that when you interact with any KTX Protocol smart contracts, you always retain control over your crypto assets. We do not have access to your private keys.
1.1. As a condition to accessing or using the Site or Interface, you represent and warrant to KTX.Finance the following:
1.1.1. If you are an individual person, then you are of legal age in the jurisdiction in which you reside, and you have the legal capacity to enter into these Terms and be bound by them;
1.1.2. If you are an entity, then you must have the legal authority to accept these Terms on that entity's behalf, in which case "you" (except as used in this paragraph) will mean that entity;
1.1.3. You are not a U.S. Person;
1.1.4. You are not a resident, national, or agent of any country to which the United States, the United Kingdom, or the European Union embargoes goods or imposes similar sanctions (collectively, "Restricted Territories");

1.1.5. You are not subject to economic or trade sanctions administered or enforced by any governmental authority; or otherwise, you are not a member of any sanctions list or equivalent maintained by the United States government, the United Kingdom government, the European Union, or the United Nations, including without limitation the U.S. Office of Foreign Asset Control Specifically Designated Nationals and Blocked Person List (collectively, "Sanctions Lists Persons");
1.1.6. You do intend to transact with any Restricted Person or Sanctions List Person;
1.1.7. You do not, and will not, use VPN software or any other privacy or anonymization tools or techniques, or other means, to circumvent, or attempt to circumvent, any restrictions that apply; and
1.1.8. Your access is not (a) prohibited by and does not otherwise violate or assist you in violating any domestic or foreign law, rule, statute, regulation, by-law, order, protocol, code, decree, letter, or another directive, requirement, guidance, or guideline, published or in force that applies to or is otherwise intended to govern or regulate any person, property, transaction, activity, event or other matter, including any rule, letter, order, judgment, directive or other requirements, guidance, or guideline issued by any domestic or foreign federal, provincial or state, municipal, local or other governmental, regulatory, judicial or administrative authority having jurisdiction over KTX.Finance or you as otherwise duly enacted, enforceable by law, the common law or equity (collectively, "Applicable Laws"); or (b) contribute to or facilitate any illegal activity.

1.2. As a condition to accessing or using the Site or the Interface, you acknowledge, understand, and agree to the following:
1.2.1. From time to time, the Site or the Interface may be inaccessible or inoperable for any reason, including, but not limited to: (a) equipment malfunctions; (b) periodic maintenance procedures or repairs that KTX.Finance or any of its suppliers or contractors may undertake from time to time; (c) causes beyond KTX.Finance's control or that KTX.Finance could not reasonably foresee; (d) disruptions and temporary or permanent unavailability of underlying blockchain infrastructure; or (e) unavailability of third-party service providers or external partners for any reason;
1.2.2. We reserve the right to disable or modify access to the Site at any time in the event of any breach of these Terms, including, without limitation, if we reasonably believe any of your representations and warranties may be untrue or inaccurate, and we will not be liable to you for any losses or damages you may suffer as a result of or in connection with the Site or the Interface being inaccessible to you at any time or for any reason;
1.2.3. The Interface may evolve, which means third parties may apply changes, replace, or discontinue (temporarily or permanently) the access at any time in their sole discretion;

1.2.4. The pricing information provided on the Site or the Interface does not represent an offer, a solicitation of an offer, or any advice regarding, or recommendation to enter into, a transaction with KTX.Finance;
1.2.5. KTX.Finance does not act as a broker or advisor for you;
1.2.6. You are solely responsible for your use of the Site or the Interface, including all of your transfers of digital assets;
1.2.7. To the fullest not prohibited by Applicable Law, we owe no fiduciary duties or liabilities to you or any other party, and that to the extent any such duties or liabilities may exist at law or in equity, you hereby irrevocably disclaim, waive, and eliminate those duties and liabilities;
1.2.8. You are solely responsible for reporting and paying any taxes applicable to your use of the Interface; and
1.2.9. We have no control over, or liability for, the delivery, quality, safety, legality, or any other aspect of any digital assets that you may transfer to or from a third party, and we are not responsible for ensuring that an entity with whom you transact completes the transaction or is authorized to do so. If you experience a problem with any transactions in digital assets using the Site or the Interface, you bear the entire risk.

2. FEES
You are required to pay all fees for transactions involving certain blockchain networks. These fees may include gas costs and all other fees reflected on the Interface at your use, including trading-related fees. KTX.Finance does not receive fees for any blockchain transactions or using the Site or the Interface.
3. NO PROFESSIONAL ADVICE OR FIDUCIARY DUTIES
Nothing herein constitutes legal, financial, business, or tax advice, and you are strongly advised to consult an advisor(s) before engaging in any activity in connection herewith. All information provided by the Site is for informational purposes only and should not be construed as professional advice. You should not take, or refrain from taking, any action based on any information contained on the Site or any other information that we make available at any time, including, without limitation, blog posts, articles, links to third-party content, discord content, news feeds, tutorials, tweets, and videos. The Terms are not intended to, and do not, create or impose any fiduciary duties on us.

4. PROPRIETARY RIGHT
4.1. KTX.Finance own all rights, names, logos, and other marks used on the Site and the Interface, including, without limitation, any copyrights in and to any content, code, data, or other materials that you may access or use on or through the Site or the Interface; however, the code for the KTX Protocol and the Interface (KTX.Finance/dashboard) deployed on IPFS is open-sourced. Except as expressly set forth herein, your use of or access to the Site or the Interface does not grant you any ownership or other rights therein.
4.2. KTX.Finance may use and share your comments, bug reports, ideas, or other feedback that you may provide, including suggestions about how we might improve. You agree that KTX.Finance is free to use or not use any feedback we receive from you as we see fit, including copying and sharing such feedback with third parties, without any obligation to you.

5. MODIFICATION, SUSPENSION, AND TERMINATION
5.1. KTX.Finance reserve the right, at our sole discretion, from time to time and with or without prior notice to you, to modify, suspend or disable (temporarily or permanently) the Site or our subdomain to the Interface, in whole or in part, for any reason whatsoever, including, without limitation. Upon termination of your access, your right to use the Site or the Interface from our subdomain will immediately cease. However, it would still be accessible via a third party since we do not host or own its code. KTX.Finance will not be liable for any losses suffered by you resulting from any modification to the Site or the Interface or from any modification, suspension, or termination, for any reason, of your access to all or any portion of the Site or the Interface.
5.2. KTX.Finance may revise these Terms from time to time. We will notify you by updating the date at the top of the Terms and maintaining a current version. The most current version of the Terms will always be at https://KTX.finance/#/terms-and-conditions. All modifications will be effective when they are posted. By continuing to access or use the Site or the Interface after those revisions become effective, you agree to be bound by the revised Terms.

6. RISKS
6.1. The use of technology related to blockchain, smart contracts, and cryptocurrencies, among others, entails a risk that by accessing transactions, you are assuming. KTX.Finance does not own or control any underlying software through which blockchain networks are formed. The software underlying blockchain networks are open-source so anyone can use, copy, modify, and distribute it. By using the Interface, you acknowledge and agree:
6.1.1. That KTX.Finance is not responsible for the operation of the open-source software and networks underlying the Interface;
6.1.2. That there exists no guarantee of the functionality, security, or availability of that software and networks; and
6.1.3. That the underlying networks are subject to sudden changes in operating rules, such as those commonly referred to as "forks," which may materially affect the Interface. You are responsible for securing your private key(s). We do not have access to your private key(s); losing control of your private key(s) will permanently and irreversibly deny you access to any blockchain-based network. Neither KTX.Finance nor any other person or entity will be able to retrieve or protect your digital assets. If your private key(s) are lost, you will not be able to transfer your digital assets to any blockchain address or wallet. If this occurs, you will not be able to realize any value or utility from the digital assets you may hold.

6.2. KTX.Finance is not responsible for the content of any third party, including, but not limited to, information, materials, products, or services that KTX.Finance does not own or control. In addition, third parties may offer promotions related to your access and use of the Interface. KTX.Finance does not endorse or assume any responsibility for such resources or promotions. Suppose you access any such resources or participate in any such promotions. In that case, you do so at your own risk and understand that these Terms do not apply to your dealings or relationships with any third parties. You expressly relieve KTX.Finance of all liability arising from using such resources or participating in such promotions.
6.3. Transactions entered in connection with the Interface are irreversible and final, and there are no refunds. You acknowledge and agree that you will access and use the Interface at your own risk.
6.5. We must comply with Applicable Law, which may require us to, upon request by government agencies, take certain actions or provide information that may not be in your best interests.
6.6. You hereby assume and agree that KTX.Finance will have no responsibility or liability for the risks in Section 9. You hereby irrevocably waive, release and discharge all claims, whether known or unknown to you, against KTX.Finance, its affiliates, and their respective shareholders, members, directors, officers, employees, agents, representatives, suppliers, and contractors related to any of the risks set forth in this Section 6.

7. PROHIBITED USES
7.1 You agree not to engage in the prohibited uses set forth below. The specific activities set forth below are representative but not exhaustive. By using the Site or the Interface, you confirm that you will not do any of the following:
7.1.1. Promote or facilitate illegal activities, including but not limited to money laundering, terrorist financing, tax evasion, buying or selling illegal drugs, contraband, counterfeit goods, or illegal weapons;
7.1.2. Engage in transactions involving items that infringe or violate any copyright, trademark, right of publicity, privacy, or any other proprietary right of KTX.Finance;
7.1.3. Engage in improper or abusive trading practices, including but not limited to (a) any fraudulent act or scheme to defraud, deceive, trick, or mislead; (b) trading ahead of another user of the Site or the Interface or front-running; (c) fraudulent trading; (d) accommodation trading; (e) fictitious transactions; (f) pre-arranged or non-competitive transactions; or (g) cornering;

7.1.4. Uploading or transmitting viruses, worms, Trojan horses, time bombs, cancelbots, spiders, malware, or any other type of malicious code that will or may be used in any way that will affect the functionality or operation of the Site or the Interface;
7.1.5. Use the Site or Interface in any way that is, in our sole discretion, libellous, defamatory, profane, obscene, pornographic, sexually explicit, indecent, lewd, vulgar, suggestive, harassing, stalking, hateful, threatening, offensive, discriminatory, bigoted, abusive, inflammatory, fraudulent, deceptive, or otherwise objectionable or likely or intended to incite, threaten, facilitate, promote, or encourage hate, racial intolerance, or violent acts against others;
7.1.6. Harass, abuse, or harm another person or entity, including KTX.Finance's collaborator and service providers;
7.1.7. Impersonate another user of the Site or the Interface or otherwise misrepresent yourself; or
7.1.8. Engage or attempt to engage or encourage, induce or assist any third party, or yourself attempt, to engage in any of the activities prohibited under this Section 4 or any other provision of these Terms.

8. DISCLOSURES; DISCLAIMERS
KTX.Finance is an informational site for the KTX Protocol. KTX.Finance does not operate an exchange platform or offer trade execution or clearing services and has no oversight, involvement, or control concerning your transactions using the Interface. All transactions between users of the Interface are executed peer-to-peer directly between the users' blockchain addresses through a third-party developed open-source smart contract.
You are responsible for complying with all Applicable Laws that govern your Perpetual Contracts. As a result of restrictions under the Commodity Exchange Act and the regulations promulgated thereunder by the U.S. Commodity Futures Trading Commission ("CFTC"), no U.S. Person may enter Perpetual Contracts using the Interface.
You understand that KTX.Finance is not registered or licensed by any regulatory agency or authority. No such agency or authority has reviewed or approved the use of the Site or the Interface.
You agree that the Site and the Interface are provided on an "AS IS" and "AS AVAILABLE" basis. KTX.Finance makes no guarantees of any kind or connection with the Site or the Interface.

9. LIMITATION OF LIABILITY
In no event shall KTX.Finance, its affiliates, its suppliers and contractors, and its affiliates', suppliers' and contractors' respective stockholders, members, directors, officers, managers, employees, attorneys, agents, representatives, suppliers, and contractors shall be liable for any direct, indirect, incidental, special, punitive, consequential or similar damages or liabilities whatsoever (including, without limitation, damages for loss of fiat, assets, data, information, revenue, opportunities, use, goodwill, profits or other business or financial benefit) arising out of or in connection with the Site or the Interface, or other item provided by or on behalf of KTX.Finance, whether under contract, tort (including negligence), civil liability, statute, strict liability, breach of warranties, or under any other theory of liability, and whether or not we have been advised of, knew of or should have known of the possibility of such damages and notwithstanding any failure of the essential purpose of these Terms or any limited remedy hereunder nor is KTX.Finance in any way responsible for the execution or settlement of transactions between users of the Interface.

10. INDEMNIFICATION
You will defend, indemnify, and hold harmless KTX.Finance, its affiliates, members, member, managers, employees, attorneys, representatives, suppliers, and contractors from any claim, demand, lawsuit, action, proceeding, investigation, liability, damage, loss, cost or expense, including without limitation reasonable attorneys' fees, arising out of or relating to (a) your use of or conduct in connection with the Site or the Interface (b) your violation of these Terms; or (c) your misuse of the Site or the Interface, or any smart contract and/or script related thereto; (d) your violation of any laws, rules, regulations, codes, statutes, ordinances, or orders of any governmental or quasi-governmental authorities; (e) your violation of the rights of any third party, including any intellectual property right, publicity, confidentiality, property, or privacy right; (f) your use of a third-party product, service, and/or website; or (g) any misrepresentation made by you. We reserve the right to assume, at your expense, the exclusive defense, and control of any matter subject to indemnification by you. You agree to cooperate with our defense of any claim. You will not, in any event, settle any claim without.

11. DISPUTE RESOLUTION & ARBITRATION
KTX.finance will use its best efforts to resolve potential disputes through informal, good faith negotiations. If a potential dispute arises, you must contact us by sending a written notice of your claim ("Notice") to KTX.Finance on any of our official channels. The notice must (a) describe the nature and basis of the claim and (b) set forth the specific relief sought. Our notice to you will be similar in form to that described above. If you and KTX.Finance cannot reach an agreement to resolve the claim within sixty (60) days of your email, then you and KTX.Finance agree to resolve the potential dispute according to the process set forth below.
Any claim or controversy arising out of or relating to the Site, the Interface, or these Terms, or any other acts or omissions for which you may contend that we are liable, including (but not limited to) any claim or controversy as to arbitrability ("Dispute"), shall be finally and exclusively settled by arbitration under the Corte Civil y Mercantil de Arbitraje (CIMA). You understand that you are required to resolve all Disputes by binding arbitration. The arbitration shall be confidential before a single arbitrator, who shall be selected pursuant to the CIMA rules. The arbitration will be held in Madrid, Spain, unless you and we both agree to hold it elsewhere. Unless we agree otherwise, the arbitrator may not consolidate your claims with those of any other party. Any judgment on the award rendered by the arbitrator may be entered in any court of competent jurisdiction.
Any claim arising out of or related to these Terms or the Site or the Interface must be filed within one year after such claim arose; otherwise, the claim is permanently barred, which means that you and KTX.Finance will not have the right to assert the claim.

12. GOVERNING LAW
The interpretation and enforcement of these Terms, and any dispute related to these Terms, the Site, or the Interface, will be governed by and construed and enforced under the laws of the Bahamas, as applicable.

13. GENERAL INFORMATION
13.1. Any right or remedy of KTX.Finance set forth in these Terms is in addition to, and not in lieu of, any other right or remedy whether described in these Terms, under Applicable Law, at law, or in equity. The failure or delay of KTX.Finance in exercising any right, power, or privilege under these Terms shall not operate as a waiver thereof.
13.2. The following sections of these Terms will survive any termination of your access to the Site or the Interface, regardless of the reasons for its expiration or termination, in addition to any other provision which by law or by its nature should survive: Sections 3 through 12.
13.3. The invalidity or unenforceability of any of these Terms shall not affect the validity or enforceability of any other of these Terms, all of which shall remain in full force and effect.
13.4. KTX.Finance will have no responsibility or liability for any failure or delay in performance of the Site or the Interface, or any loss or damage that you may incur, due to any circumstance or event beyond our control, including without limitation any flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labour dispute, accident, any law, order regulation, direction, action or request of the government, communications, power failure, or equipment or software malfunction.

13.5. You may not assign or transfer any right to use the Site, the Interface, or any of your rights or obligations under these Terms, without our express prior written consent, including by operation of law or in connection with any change of control. We may assign or transfer any or all of our rights or obligations under these Terms, in whole or part, without notice or obtaining your consent or approval.
13.6. These Terms contain the entire agreement between you and KTX.Finance and supersede all prior and contemporaneous understandings between the parties regarding the Interface and the Site or the Interface.
13.7. In the event of any conflict between these Terms and any other agreement you may have with us, these Terms will control unless the other agreement specifically identifies these Terms and declares that the other agreement supersedes these Terms.
13.8. You agree that, except as otherwise expressly provided in these Terms, there shall be no third-party beneficiaries to the Terms other than the Indemnified Parties.

CONTACT INFORMATION
If you have any questions about these Terms, the Site, or the Interface, please get in touch with KTX.Finance on any of our official channels.
 
FAQ
This is a compilation of Frequently Asked Questions (FAQs) from trading communities and usrs.
What is KTX.Finance and what are the main selling points for traders? 
KTX.Finance is a decentralized derivatives protocol that enables the trading of perpetual contracts with leverage of up to 100x. Perpetual contracts are unique in that they do not have an expiration date, allowing traders to hold leveraged positions for longer durations. These contracts provide the flexibility to exit trades at the desired time, as long as the trader maintains a sufficient margin.
KTX.Finance can offer traders the following advantages:
A. Complete custody of your assets and mitigate custodian risk By utilizing KTX.Finance, your assets are securely stored in your non-custodian wallet, and all transactions are transparently signed on-chain, ensuring full control of the assets you own. Unlike most centralized exchanges (CEXes), our platform does not hold or have custody over your assets. This offers peace of mind, especially in light of recent issues with CEXes such as FTX and Genesis, where customer funds and assets were frozen. To learn more about how to trade securely on KTX.Finance, please visit this link
B. High leverage trading with perpetual contracts KTX.Through perpetual contracts, finance enables traders to leverage their positions by up to 100x. This feature is particularly beneficial for traders looking to maximize the advantages of leverage. Our sustainable multi-asset pool mechanism ensures liquidity from our liquidity providers.
C. Trade and earn high real yield simultaneously As a perpetual DEX, KTX.Finance caters to traders as one of the three key stakeholders, alongside liquidity providers who stake their $KLP tokens to provide deep liquidity and facilitate high-leverage trading. To incentivize liquidity providers, the protocol allocates 70% of the generated fees to pay a competitive real yield. Currently, the yield paid out in wBNB to KLP stakers is 144%, with a real yield of 26%.
D. Smooth and user-friendly CEX-like trading experience KTX.Finance offers a seamless trading platform with a smooth and intuitive user interface. Advanced traders can benefit from incorporated trading view charts and trading tools. At the same time, complex order functionalities allow for efficient order execution and the ability to set take-profit and stop-loss levels with just one click.

How credible is KTX.Finance and why should I trust it? 
KTX.Finance is proud to be incubated by ByteTrade Lab, a Singapore-based Web 3.0 incubator that provides crucial support in technology expertise, product definition, business planning, and go-to-market strategies. This partnership enhances our credibility and ensures the delivery of a robust and reliable platform.
KTX.Finance has also successfully raised US$ 4 million in Seed Round Funding in July 2023 led by Hashed. Other renowned crypto investors include Alpha Lab. CRIT Ventures, Trinito, GSR Ventures, Kucoin Ventures, Sky9 Capital and Morpheus.

What Oracle do you use? How do you manage any Oracle-related risks?
KTX is a price taker. We have built a custom oracle that calculates the median price of assets from 7 different CEXs. It is unlikely for Oracle manipulation to happen due to the size of the assets within the KLP pool (BTC, ETH, BNB) and the distributed dataset across 7 CEXs.

What is KTX.Finance and KLP?
KTX.Finance is a decentralized derivatives protocol that allows you to trade perpetual with up to 100x leverage. Perpetual contracts allow users to hold on to their leveraged positions for longer duration without expiring. Perpetual contracts or futures do not have a settlement period so traders can hold a trade for as long as they want, as long as they have enough margin to keep it open. This gives them the flexibility to exit their trades at the right time.
The decentralized exchange liquidity pool model is backed by $KLP. It uses a multi-asset liquidity model which is a pool of tokens that liquidity providers pooled together, earning fees from KTX and profit and losses of traders. $KLP is marketed as an index token that farms because essentially you are holding a basket of tokens and earning fees from KTX.Finance. The weighting of each token within $KLP is constantly re-balancing.
$KLP is a hybrid multi-asset pool with 50% $BUSD on one side and 50% assets on the other (comprising $BTC.B, $WETH and $BNB). Hence, based on the minting/burning fees of $KLP, LPs can choose to deposit either $BUSD, assets OR both. Through our token design, $KTC stakes will accrue 30% of protocol transaction fees in the form of $BNB while $KLP will accrue 70%.
This LP model together with our Feeder oracle (providing real-time, aggregated prices over 6 exchanges — Binance, Bitfinex, OKX, Kucoin, Kraken, and Coinbase) allows for perpetual trading with low cost and zero price impact.

How can $KTC and $KLP tokens be earned and consumed? 
Users can only obtain $KTC via 2 means. Users can purchase $KTC from the $KTC/$USDT pool on PancakeSwap. There is no burn mechanism for $KTC, however, holders of $KTX can stake their tokens for $esKTC and Multiplier Points. $KLP tokens can only be minted/burned through the KTX.Finance Dapp. The $KLP token only serves as a liquidity receipt for LPs.

What are the key roadblocks or challenges that may prevent the project from succeeding? 
We believe that a key roadblock to the success of KTX.Finance would be the bearish macro environment that the crypto industry is facing. Across all CEXs and DEXs alike, trading volume has gone down drastically.
However, we believe that a good product will eventually be adopted. We remain confident in our ability to ship user friendly products that have product-to-market fit. Additionally, most users trade on CEXs for the leveraged exposure that comes along with it. KTX will be launched on the BNB Chain. With the narrative of self-custody, having an outlet for on-chain leveraged trading on BNB Chain would help with building the ecosystem. BNB Chain has a wide user base with a long contingent of retail users who having utilized Binance are making their first forays into self-sovereign ownership of assets. The chain has consistently been in the top three of transactions, unique wallets, and Total Value Locked, providing a clear addressable market. BNB Chain is also home to protocols like Venus (lending markets), Beefy (autocompounder), key Oracle partner Chainlink and most uniquely Binance-peg asset-backed tokens in addition to large supplies of other bridged tokens. KTX can have a mutually beneficial partnership within the BNB Chain and Mantle Network ecosystem.
What do you think will drive demand and value for your token? We believe there will be several demand & value drivers for $KTC.
A. There is a lack of on-chain derivatives trading platforms on BNB Chain and Mantle Network. With the support of BNB Chain, Mantle Network and other leading investors, KTX.Finance will have a significant headstart. KTX.Finance is the first perp DEX on Mantle Network.
B. KTX.Finance has a well-thought-out pipeline of “defi lego blocks” that we believe users will enjoy. By using KTX.Finance as a fundamental layer, more and more features would keep users within the ecosystem.

What can “Boost Percentage” be used for? 
The “Boost Percentage” is the numerical result of “Multiplier Points” , a feature to reward long-term holders of $KTX.
When $KTC holders stake their $KTC, they receive multiplier points at a fixed rate of 50% APR. Each multipler point will earn the same amount of $BNB rewards as a regular $KTX token. The APR boost that $KTC holder receives will be calculated using the “boost percentage”. The Boost Percentage is shown on Slide 8 within the KTX Deck.
Have you engaged any third parties to conduct a code design and security audit? If so, please share the reports/documentation. 
MetaTrust

Why GMX-like design and not GNS-like? 
While we acknowledge the flexibilities the GNS model, we chose not to adopt that model for several reasons:
A. Higher Risk of the pool being drained
Since everything is denominated in $DAI / Cash-Settled, traders that make a windfall have a higher chance of draining a higher % of the pool when they profit. GNS prevented this by capping the winning % on each trade at 900%. However, we did not want to implement such a feature.
B. Oracle Manipulation
Given that GNS had the flexibility to list exotic assets - the reliability of these assets in terms of liquidity depth and CEX price reliability is still yet to be tested.
C. Single Stablecoin Risk
This risk only came to light due to the $USDC saga. The $USDC saga posed a big risk to $DAI and could have potentially brought GNS to its knees.
Such a big dependency on a single asset was a risk that our team wasn’t ready to take.