You may have seen us at the SF DeFi Hackathon, or caught us on the Chorus One podcast. Or perhaps you’ve already checked out our site, or tried our testnet. If that’s you, thanks for your prior interest!
If this is your first touch with this Cosmos-SDK project, here’s a quick introduction:
Microtick is a decentralized short-term options marketplace. (By short-term durations, we’re talking timeframes like 5 minutes, 10 minutes, and 1 hour). It’s similar to what Binance recently launched, but is a.) trust-minimized, and b.) will have multiple market makers competing with one another. This allows for novel hedging and speculating possibilities – as well as intriguing possibilities for savvy Market Makers.
In Microtick, we’ve decoupled price discovery from the underlying. For example, in a market for ATOM’s price, the underlying is not ATOM – it’s MTDAI (a pegged version of ERC-20 DAI). The same is true for any market that we spin up; the asset may vary, but the underlying (what traders and market makers win or lose with each trade) is always MTDAI. This means that hypothetically, Microtick markets can exist for just about any real-world condition that can be expressed as a price.
This result of this decentralized price discovery is a “consensus price” that can be distributed via IBC as a trust-minimized oracle feed. It’s free of charge for anyone who wants to use that data, since that cost is borne by market participants. DApp developers or users can also use the options marketplace to hedge that price feed, if they so choose.
Microtick has been under development as a ShapeShift R&D project for over a year. (Its fundamental technology extends way back to the pre-Satoshi days). Over the past several months, Microtick has also existed as a testnet on its own Cosmos zone.
Now we’re entering an exciting and crucial new phase where the chain will be going live, with real funds at stake. The purpose of this phase is to test the chain’s game-theoretical assumptions in a production environment. Initially, we’ll keep it relatively simple: just one or two markets, and a limited validator set. Following several months of a successful first phase, we plan on rolling out the project to a much wider base of users.
WHAT WE NEED FROM VALIDATORS:
At stage of this launch, we’re looking for validators to help secure our chain. Validators will receive Microtick’s native staking token (TICK), and be rewarded in MTDAI (proportional to their TICK holdings).
If you’re interested in validating on this zone, please answer the brief questions on this form, and we’ll get back to you quickly.
If you’d like more information about Microtick, please view this presentation.
Or, please jump in our Telegram channel with any questions.
See you in the Cosmos,
Mark Jackson Microtick Founder & R&D Team Lead @ ShapeShift
Kent Barton Head of R&D @ ShapeShift & Co-founder, Microtick