NFTPerp Shuts Down V1, Gears Up for V2 Launch

NFTPerp Shuts Down V1, Gears Up for V2 Launch

NFT Perp is discontinuing its v1 private beta after managing 280,000 ETH in trade volume and is preparing to launch its v2 exchange.

The Deets

  • The V1 private beta contracts are paused effectively immediately
  • User margin (WETH) is refunded
  • The decision to discontinue V1 is due to scalability issues and accrued bad debt
  • The team is now fully focusing on the upcoming launch of the V2 exchange

The Bulk

Having accumulated a trading volume of 280,000ETH (equivalent to around $518 million USD) in its V1 private beta, NFTPerp has decided to sunset this version. The decision comes after the team found that the V1 vAMM model wasn't scalable and that some internal errors led to accruing bad debt. In the interest of fairness and avoiding a rush to exit that would leave the last trader with a loss, the contracts have been paused effectively immediately.

Meanwhile, users with negative unrealized Profit and Loss (PnL) will have their losses waived and receive their full margin back. Those with positive unrealized PnL will get their margin back plus a share of 1,500,000 $VNFTP tokens proportional to their unrealized PnL. These amounts have alreday been returned to user wallets according to a note from the team. 

The entire NFT Perp team is now pivoting towards launching their V2 exchange, which they see as the future of the protocol.

📊 By The Numbers

NFT Perp garnered had staggering 280,000 ETH, or roughly $518 million USD, traded in its V1 private beta.

ğŸŽ¤ Founder's Feedback

We have prioritized returning all user margin to prevent losses and maintain fairness. We're focused on improving the platform with the upcoming launch of V2.NFT Perp

🔜 What's Next?

Keep an eye out for NFTPerp's detailed end-of-V1 article expected to be released in the coming weeks. This article will provide further insights into the issues faced, stats of the protocol, and rationale behind their decisions.

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