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List and Delist

List​

Listing a trading pair means that users can open or close positions on this trading pair in the JOJO Exchange. The listing process requires the synchronization of the contract and backend to complete.

At the contract level, the isRegistered needs to be modified to activate the market. At the back end level, the matching engine needs to start. If users find that isRegistered is true at the contract level, it does not mean that the pair can be traded; the backend engine machine may not be ready. The condition of pairs being tradable is that the backend and contract level must be prepared simultaneously. Users can find all tradable currency pairs by this API: https://api.base-mainnet.jojo.exchange/v1/exchangeInfo.

/// @notice risk params of a perpetual market
struct RiskParams {
    /*
        When users withdraw funds, their margin must be equal or
        greater than the exposure * initialMarginRatio.
    */
    uint256 initialMarginRatio;
    /*
        Liquidation will happen when
        netValue < exposure * liquidationThreshold
        The lower liquidationThreshold, the higher leverage.
        This value is also known as "maintenance margin ratio".
        1E18 based decimal.
    */
    uint256 liquidationThreshold;
    /*
        The discount rate for the liquidation.
        markPrice * (1 - liquidationPriceOff) when liquidate long position
        markPrice * (1 + liquidationPriceOff) when liquidate short position
        1e18 based decimal.
    */
    uint256 liquidationPriceOff;
    // The insurance fee rate charged from liquidation.
    // 1E18 based decimal.
    uint256 insuranceFeeRate;
    // price source of mark price
    address markPriceSource;
    // perpetual market name
    string name;
    // if the market is activited
    bool isRegistered;
}

Delist​

In a centralized exchange, users are required to liquidate their positions when the trading pair is delisted. For JOJO, delisting is not a liquidation process. It neither closes trading nor prohibits opening and closing of positions.

When delist, JOJO Exchange will replace the oracle to make the mark price a fixed value. From this moment onward, the perpetual price will no longer be anchored to the spot price. There is no profit for buying orders higher than the mark price and selling orders lower than the mark price. The market is no longer changing, and anyone can close his position at any time with the liquidity provided by JOJO.

Stages​

There will be two stages for delist.

In the announcement stage, there is no change in the contract and the backend, and users can trade freely without restrictions. The platform will inform users that the contract will be delisted shortly. The calculation method of the final fixed price will be posted. Usually, it will be the arithmetic average of the index price of the previous 1 hour.

Execution stage: The JOJO team will set the mark price to a fixed price and stop funding rate updates.