Pika V4 is Launched

We are thrilled to announce that Pika v4 is launched on Optimism mainnet today!

What’s new in Pika V4?

Pika V4 is an incremental upgrade from Pika V3, providing the following improvements:

Integration with decentralized on-demand Pyth oracle to achieve trustless order settlement

In Pika v3, we used an in-house fast oracle which fetches and aggregates the prices from 3 top centralized exchanges. Though this approach has proven to be quite effective to prevent oracle frontrunning, and we use the Chainlink price as a backstop, this solution was not trustless . The integration of Pyth allows us to keep the same low-latency trading experience while achieving trustless order settlement.

Expanding to more than 40 trading pairs within 2–3 months

With the integration of the Pyth oracle, it opens the door to a lot more trading pairs, allowing us to expand to more crypto, forex and commodity pairs.

Enabling real-time price updates and integrating with advanced TradingView chart

The price and chart in Pika v3 only updates every few seconds, which is not ideal for professional traders. With the integration of Pyth’s real-time price feeds and the advanced TradingView chart, traders can now have an experience closer to centralized exchanges.

Supporting take-profit/stop-loss orders within the same transaction when opening/closing positions

Setting take-profit/stop-loss orders when opening a position is a common practice for traders. Pika v4 simplifies this experience by only requiring the user to send one transaction.

Trading Fee Reduction

The base trading fee rate for ETH and BTC pairs is now reduced from 0.08% to 0.05%. Even better, traders could get up to 50% additional discount with our trading fee discount program launching in few weeks.

Supporting both adding and withdrawing margin for active positions

Adding and withdrawing margin from a position allows traders to freely increase or decrease the leverage of a position without paying additional fees.

Supporting non-liquidatable low leverage positions

The risk of liquidation has always been a concern for risk-averse traders. Pika v4 now supports the leverage as low as 0.5x, making the positions non-liquidatable. This creates new use cases:

• Traders can open synthetic spot positions for those assets that are not available onchain
• Arbitrageurs can take profits by arbitraging funding rates between Pika and other protocols without liquidation risks

Pika Staking and esPIKA Reward Program

PIKA staking will be launching later this month, allowing stakers to earn 30% of platform revenue, and new benefits like trading fee discounts. The EsPIKA reward program will also be live at the end of this month to drive adoption to the protocol.

Launch Schedule

Today, July 5

We kick-start our journey with the beta launch of Pika v4. The contract code has been audited by PeckShield. However, we advise users to tread carefully during the initial stages.

Pika v3 is now in close-only mode. To manage your previous positions or vault balance in Pika v3, please go to this site.

July 12

Next week, we step up our game by increasing our vault capacity to $5 million, paving the way for more extensive trading operations.

July 19

One step further, the vault capacity will be raised to an impressive $10 million-plus, and we will also introduce $PIKA staking, providing a new opportunity for $PIKA holders to earn rewards.

End of July

EsPIKA rewards incentive program is launched for traders, LPs & PIKA stakers to boost adoption.

Migration from Pika V3

The Pika v3 is now in close-only mode. You can still close your positions but cannot open new positions. To manage your previous positions or migrate your vault balance to v4, please visit: https://v3.pikaprotocol.com/#/trade/

Start Using V4

To start using v4, visit: https://www.pikaprotocol.com/#/trade/

Pika v4 has been audited by Peckshield but is still in beta, please use with caution.For a more comprehensive understanding of Pika v4 and a user guide, please visit our documentation at: https://docs.pikaprotocol.com/

Today marks an important milestone for Pika, ushering in the start of our third year. We would like to extend our deepest gratitude to all who have supported Pika throughout this journey, and we encourage you to stay tuned for more updates.

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