Turbos Finance - The First Perpetual Powerhouse and DEX Aggregator on Sui
Looking for a one-stop-shop for DeFi? Check out Turbos Finance - the first perpetual powerhouse and DEX aggregator on Sui.
1. Introduction
Turbos Finance is the first decentralized perpetual exchange building on Sui, providing users with a safe and efficient trading platform & improving the asset liquidity in Sui ecosystem.
There are two causes for Turbos to be built into the Sui:
- Firstly, Sui is a layer 1 blockchain that enables more secure smart contracts, lower transaction fees, and faster transaction effects than others.
- Also, it can support a wider range of web3 application development and can accommodate more users.
2. Main features
Perpetual trading & Token swapping
Turbos Finance is a decentralized perpetual trading platform that offers long or short trades on crypto assets with up to 30 times leverage. Users can set the leverage multiple and choose to go long or short, with fees of 0.1% for opening and closing positions. Borrowing fees are also charged hourly based on the accessed assets divided by the total assets in the pool.
The platform also offers deposit management, stop-profit and stop-loss settings, and automatic liquidation if the user's collateral falls below 1%. Additionally, Turbos provides a zero-slippage swap service with a 0.3% commission fee and users must pay blockchain network fees for opening, closing, or editing orders.
TLP liquidity provision
TLP is a unique fund pool in the crypto market that allows users to mint and redeem different crypto assets using TLP tokens. It provides a platform for perpetual contract and swap trading while also providing rewards for TLP holders. The platform automatically adjusts the weight of assets in the pool based on traders' positions to balance the interests of TLP holders. TLP holders are liquidity providers of the platform and benefit from the dividends of its development. Overall, TLP offers a convenient and flexible way for users to manage their crypto assets and participate in the growth of the platform.
3. Tokenomics
Turbos Finance project will issue its own token. Currently, the project is in the process of Devnet.
4. Benefits & Risks
Benefits
By using Turbos Finance, users will experience the following benefits:
- Fast and Easy-to-use platform: no registration, no hassle, lightning speed
- Zero slippage swap, save costs
- Reduce liquidation risk
- Non-custodial: full control of your assets
Risks
No smart contract or blockchain application can guarantee with 100% certainty that they are free from vulnerability risk, so stay cautious when interacting with any smart contract. The platform will reduce risks through more tests, security audits, bug rewards, etc. However, there is always a risk of vulnerabilities in smart contract code.
5. Economic system
Turbos Finance is a unique decentralized perpetual exchange that is built on a community-driven model. As a part of the revenue distribution policy, 90% of the profits will be allocated to the users who support the development of the Turbos protocol. This rewards users for their contribution to the growth and success of the platform.
In addition, 10% of the profits will be deposited into the reserve vault, which will be utilized for the developer and operational expenses. The Turbos token serves as a governance token and also enables token holders to receive a share of the protocol revenue.
A part of the protocol revenue is also distributed to liquidity providers, which strengthens the bond between the platform and the providers. The revenue distribution model of Turbos is designed to promote fairness and transparency in the distribution of profits while supporting the development and growth of the platform.
6. Partners & Backers
- Wallet: @suiet_wallet , @martian_wallet, @EthosWalletXYZ, @SpacecyWallet, @buzztheapp.
- Media Partnership: @SuiNewsDaily, @SuiInsights, @SuiWorldHQ, @SuiCorner, @SuiWatcher, @SuiEcoNews.
- NFT: @Somisxyz, @Clutchy_io.
- Launchpad: @BeLaunch_, @meadowlaunch.
- Others: @switchboardxyz, @SuiNSdapp, @MoveBit_, @axelarcore, @PythNetwork, @SupraOracles, @kuna_labs, @MoveBit_.
7. Roadmap
Phase I: Q4 2022
- Complete the development of Move smart contract (Internal devnet)
- Launch Perpetual contract on the Sui devnet
Phase II: Q1 2023
- Launch zero-slippage swap on the Sui devnet
- Launch Sui testnet for public test
Phase III: Follow Sui's Mainnet in 2023
- Launch Sui mainnet, offering users perpetual protocol and zero-slippage trading services
- Launch ecosystem functions like staking, governance, reward distribution
8. Wallets Support
Turbos Finance supports 5 top-notch Web3 wallets for secure access to dApp, AMM architecture, and derivatives trading.
- Sui Wallet
- Suiet Wallet
- Martian Wallet
- Ethos Wallet
- Spacecy
9. Official links
- Website: www.turbos.finance
- Twitter: https://twitter.com/Turbos_finance
- Medium: https://medium.com/@turbos
- Github: https://github.com/turbos-finance
- Telegram: https://t.me/TurbosFinance
- Discord: https://discord.com/invite/UvWsx9vPGQ
10. Summary
Overall, Turbos is the first decentralized perpetual contract and zero-slippage exchange built on Sui, offering customers a safe and efficient trading platform with cheap fees while also contributing to the Sui ecosystem's asset liquidity.
Users can employ turbos to conduct spot trading and zero-slippage perpetual contract trades. Unified multi-asset liquidity pool TLP serves as the trading platform. Faster trading efficiency reduced fees and decreased liquidation risk are all features of a decentralized perpetual exchange powered by Sui (Turbos). Turbos is a community-driven project, with 90% of earnings going to token holders and TLP liquidity providers.
Besides Turbos Finance, there are many DeFi Protocols on Sui Blockchain such as ABEL Finance and Araya finance. You can refer all the DeFi Protocols we mentioned to get the best knowledget about Sui Blockchain.
Be sure to check out Suipiens' website and social media channels to stay up-to-date on all things about Sui Blockchain!