Decentralized perpetual contract trading platform JOJO Exchange announced that it has implemented the zero-knowledge (ZK) proven funding rates utilizing ZK smart Coprocessor technology provided by Brevis. This strategic move aims to bolster price stability, promote market balance, and improve liquidity, thereby benefiting all stakeholders within the perpetual contract ecosystem.
Calculating funding rates can be resource-intensive and centralized, which raises concerns about security and compliance. However, Brevis’s ZK-proof technology provides a decentralized, cost-effective, and secure solution. It enables smart contracts to access blockchain states, transactions, and events trustlessly, significantly reducing the computational costs and time required for generating proofs, even as the volume of data increases.
Using Brevis’ SDK, JOJO Exchange will generate ZK proofs derived from on-chain perpetual trading and spot price oracle data to compute funding rates precisely. These proofs subsequently undergo on-chain verification and are utilized to adjust funding rates for JOJO users. This method ensures transparent and secure calculation and verification of funding rates while preserving user privacy.
Brevis provides ZK technology that dramatically reduces computational expenses. This technology allows smart contracts to securely access blockchain states, transactions, and events from any time frame, relying solely on the blockchain itself without the need for additional trust. Moreover, it can handle data of any size and decreases the expenses and time needed to generate proofs.
1/Brevis and @jojo_exchange are taking a giant leap towards decentralization by implementing zk-proof for funding rates!This innovation promises enhanced price stability, market balance, and liquidity within the perpetual contract ecosystem.https://t.co/Qd28TOYCx2
— Brevis (@brevis_zk) May 29, 2024
JOJO Partners With Galaxy Exchange To Enhance Swapping And Bridging, Unveils 1000x Trading
JOJO has developed the Smart Contract Order (SCO) to establish a hybrid liquidity mode that incorporates various liquidity strategies. Currently, JOJO operates an order book that combines off-chain matching with on-chain settlement using SCO. This method ensures quick and effective trade execution while mitigating the centralized risk of data manipulation. Other notable features of JOJO include low fees, support for multi-collateral and cross-margin trading, and the availability of subaccounts.
Recently, JOJO has entered into a strategic collaboration with Galaxy Exchange, aiming to improve users’ swapping and bridging experiences. Additionally, JOJO has introduced 1000x trading, allowing users to adjust Take Profit (TP) and Stop Loss (SL) positions at their convenience with a one-click closing function. The project also intends to introduce the flexible earn feature in the coming months.
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