Pika Protocol is Officially Launched on Optimism Mainnet
We are very excited to share that Pika Protocol is officially launched on Optimism mainnet! You can trade various assets with up to 50x leverage with deep liquidity: https://app.pikaprotocol.com/
The Last Two Months of Guarded Launch
Pika was launched last year late November in the guarded mode. Even with the capped margin for each position and the capped vault liquidity, there are near 6000 trades. Notably, the vault earned over $90k from the $200k deposits, up 46.3% since launch, with approximately 277% APY. The profit primarily comes from the trading fees, liquidation reward and the loss from the traders. Even if we do not consider the traders loss, the average APY is over 100% from the fee reward.
How is the New Official Version Different?
- The code has completed the auditing from PeckShied, allowing us to remove all the previous restrictions of the platform. Now sky is the limit. Since it’s a new release, we also want to roll out gradually to make sure no bugs are found in the frontend. The margin is limited to $50k for each position and the vault is capped at $300k at the launch, which will gradually increase over the weeks. The plan is to remove all the limit within a month.
- The vault fund lock time reduced from 7 days to 1 day. The fund can be withdrawn as long as the vault utilization is not close to 100%. If the vault is fully utilized, you need to wait for someone to close the position before the withdraw is allowed.
- Fee rewards can be collected separately apart from deposits. You can choose either to withdraw the rewards or reinvest them into the vault to earn more rewards.
- The fee sharing for future Pika tokens are built into the smart contract. Before the token is launched, 70% of fees are distributed to vault, and 30% is for protocol revenue. After Pika token is launched, 50% of fees will be distributed to vault, 30% to Pika stakers and 20% to the protocol.
The Migration from Old Version
Since Pika contracts are unstoppable and not upgradable, the migration from old version to new version needs to happen manually. If you have positions and liquidity in the old version, you are encouraged to close and remove the liquidity gradually, and starts trading on https://app.pikaprotocol.com/. The old version will keep running at https://old.pikaprotocol.com/ until all the users are migrated.