🟢Introduction to Core

What is Core?

Core Markets operates as an intent-based derivatives platform, utilizing the Blast Layer 2 infrastructure. Our decision to utilize Blast stems from its capability to provide the lowest funding rates for on-chain perpetuals. Specifically, we utilize the native yield of USDB (auto-rebases) to subsidize funding rates for both traders and solvers within Core.

Moreover, as recipients of 'Honorable Mention' in the Big Bang Competition, we've secured a developer allocation for a $BLAST points airdrop scheduled for redemption in June 2024. The entirety (100%) of our allocated points and any Blast Gold accrued will be distributed to the users of Core Markets.

Core provides deep liquidity across more than 270+ trading pairs, allowing for leverages of up to 60x. This achievement is made possible through strategic partnerships with SYMMIO for backend trade settlements and IntentX for front-end order matching and coordination. Notably, our platform stands out due to our structured products and distinctive user interface.

Core Intents

The concept of intent-based trading, despite its growing popularity within DeFi, remains elusive to many. Originating from SYMMIO, intent-based derivatives trading facilitates a symmetrical, coordinated exchange of perpetual contracts between two parties: the trader and the solver.

In practical terms, a trader expresses their 'intent to trade' via the Core front-end. This action triggers an instantaneous quote response, as real-time quotes are streamed continuously from solvers—sophisticated off-chain market makers. Should the trader agree to the trade's terms, they proceed by submitting a 'request for trade,' accompanied by the necessary trade collateral. Upon this request, a solver strategically hedges—potentially through a variety of avenues such as CEX, DEX, or OTC desks—before execution. This ensures they maintain a delta-neutral position concerning the collateral required for facilitating the trade. Coined by SYMMIO, this system can be defined as an 'Automated Market for Quotes' (AMFQ).

Key advantages of the AMFQ system include the provision of just-in-time liquidity and the capability for solvers to dynamically hedge positions in real-time. This not only fosters deep liquidity and an extensive array of trading pairs (primarily dependent on the solvers' ability to hedge the desired asset) but also eliminates the burden of excessive borrowing fees for users. Instead, users are subject to a nominal base fee of 0.06%, a solver-determined spread (constituting their profit margin), and funding rates designed to maintain market equilibrium.

For an in-depth exploration of intent-based derivatives within the decentralized perpetuals trading sphere, consider this article published by Squigs through IntentX Research.

Conclusion

Core Markets plans to emerge as a best-in-class derivatives DEX on Blast, blending advanced technology with strategic partnerships to offer a compelling trading platform. With its unique approach to intent-based derivatives trading, supported by innovative structured products and a distinct user interface, Core ensures a seamless and efficient trading experience. Our commitment to deep liquidity, low fees, and a broad spectrum of trading pairs positions Core as an essential platform for traders seeking to navigate the complexities of the crypto market with ease and confidence.