JOJO.Exchange Recap

Hello Satoshi Club community! Happy Monday everyone! It's great to have you here today. Let's get the AMA session with JOJO.Exchange!

@JO_Jaqen is our guest today! Welcome to Satoshi Club!

Hello everyone and welcome to a new exciting AMA session

Hello there! My name is Jaqen and I'm thrilled to be here with you all tonight!

We are happy to have you here today! how's going?

Nice to meet you Jaqen

Pretty good, thanks for asking.

NIce to meet you Andrés!

So, i think it's time to start our AMA session!

We will start it from introduction part

Jaqen, could you please tell us about your role at JOJO.Exchange and what is your project about?

Sure Mary. I am the Marketing Lead of JOJO. So for tonight I want to share something exciting with you - the JOJO Exchange, or JOJO for short. JOJO is a decentralized perpetual contract trading platform that uses an off-chain matching and on-chain settlement order book model. We balances liquidity and composability, providing professional traders with a smooth, fast, low-cost trading experience and hedging capabilities for other DeFi protocols. ??

What are the main services you offer into the exchange?

Sounds promising! How young is your project? Who is working on JOJO? How big is your team?

JOJO has a team of 20 members from Binance, Coinbase, Huobi, and other DEXs. Our team was formed in March 2022, and we launched on zkSync Era in July, and more recently on Arbitrum One.

Wow, very recent, it's incredible to see how important have you become in short time

Big and experienced team and nice choice of L2

What about main services???

Thanks! I'm really appreciate that. We are a perpdex. JOJO is an orderbook decentralized perpetual contract trading platform.

It's interesting, was your DEX first of its tipe on zkSync?

yep.

Congratulations! You're pioneers!

Great job, one of the most used trading types currently

Besides, JOJO is not a GMX fork, nor a dydx fork. Let's assume that there can be a perpetual contract trading platform that has all the advantages. Then there won't be so many perpdex on various Layer2 chains, and each project is trying to solve problems that other projects have not solved. As of now, we can see that there are only 31 PerpDex on Arbitrum alone.

Yes, perpetual contracts are one of the important infrastructure of DeFi.

I wonder that i missed your DEX, because i like zkSync and Arbitrium and use it often ?? i was one of the first users on Dydx and really want to see your improvements!

Well, thanks a lot for the interesting introduction about the project, ready to answer some community questions to learn more about the project?

WOW! Sending my repect to perpdex's OG user.

Oh yeah, let's go.

Q1 from Telegram User @Cheriemike I know JOJO Exchange isn’t the first decentralized perpetual contract trading platform but can you tell us the various ways in which JOJO is unique when compared to other perpetual contract trading platforms? Can you give us a step-by-step guide as to how one can trade perpetual contracts on trade on JOJO Exchange? Does JOJO provide price feeds to the perpetual contract trading protocols that are optimized to provide accurate and timely price data, and prevents irregular changes in liquidation prices? Please explain thanks

Thank @Cheriemike for raising your questions, given that there are multiple questions here, in order to answer your questions more clearly, I will split them into three parts. 1. JOJO provides liquidity without requiring spot reserves and can open risk exposure to any asset with a single token. Additionally, JOJO has unique features such as Sub-Accounts and Multi-asset Collateral System and is preparing to add more strategic trading features. 2. Regarding how to place an order on JOJO, we already have a detailed trading guide, and please refer to: https://about.jojo.exchange/jojo/product-guides/how-to-trade-on-jojo-a-step-by-step-tutorial. 3. Yes, we choose Chainlink and Uniswap V3 to provide quotes and a self-build emergency oracle as a backup in case the third-party oracle fails. JOJO has adopted Chainlink and Uniswap V3 as the current oracle structure for Arbitrum One, along with JOJO's self-built oracle (also the emergency oracle on Arbitrum) to serve zkSync degens, as Chainlink does not yet support zkSync Era.

Does it mean that when Chainlink will support zkSync you will use it? Or you will use your self-built oracle?

Yes, if Chainlink will support zkSync Era in the future, we will switch our primary oracle to Chainlink. We all know that Chainlink is a well-known third-party oracle, and using Chainlink will make our users more confortable. At that time, JOJO's self-built oracle will serve as a backup.

Gotcha! Great move!

Thank you for your answers! Ready for the second question?

?? Let's keep going!

Q2 from Telegram User @MudaraSilva Greetings JOJO Team! On your app, you have stated that there will be a rebate of 30% for inviting friends. Although many exchanges offer referral commissions, 30% is a considerably high percentage. Is this 30% calculated from the deposits they make? Or else, do you consider the trading volume? Do we get this 30% from every deposit/every trade of a referral? Some exchanges offer a bonus when users register from a referral link. Do you have that kind of practice? To be eligible for this rebate, are their any conditions such as KYC requirements for both parties? Please elaborate more on rules and regulations regarding this offer. Thank you.

Thanks @MudaraSilva for the questions. Still, I will split them into several parts. 1. The 30% rebate is the commission given to the inviter from the invitee's transaction fee after the dynamic gas fee (offset) has been deducted. The inviter will receive a rebate of the invitee's transaction fee for every transaction made on JOJO. For more information on JOJO's transaction fees and offset mechanism, please visit https://about.jojo.exchange/jojo/trade/fees. 2. Yes, JOJO also rewards the invitee. On JOJO, the inviter can set a certain rebate percentage to be given to the invitee. For details: https://about.jojo.exchange/jojo/trade/referral-program 3. There is no KYC needed for obtaining rebates through a referral on JOJO, and JOJO will never ask our users for any personal info in any way!

Hmm, i have several wallets, will i broke the rules if i will use my referral link for my second wallet for example???

Great answer. Now, one of the most important things for an emerging exchange is to guarantee liquidity, which strategies have you planned to preserve the liquidity of JOJO Exchange?

Yes it's could be, but does that mean discounting on the fees? We will be introducing more favorable tiered fees in the future. This will be more cost-effective than referral arbitrage.

Waiting for news from JOJO

Amazing, different ways to earn money

??

As JOJO is a perpetual trading platform of order book type, we have hired a professional market maker to provide liquidity. Our market maker hedging their positions at Binance. In the future, we may contain more professional market makers to provide liquid liquidity and more on-trend trading pairs for JOJO.

Cool! thank you for your answers! Ready for the next question?

Thanks for the explanation!

??

Q3 from Telegram User @ElisonLB1 As a decentralized exchange that prioritizes security and decentralization, Jojo Exchange’s composability feature plays a crucial role in achieving these goals. Can you explain how composability works, and how it reinforces the security and decentralization of the platform? What measures are taken to secure the order book data and other information, and how does composability help to distribute control and power among users? What are the implications of this for the future of DeFi? How does the composability integrates with the security of the platform?

Thanks @ElisonLB1! Let me give you some examples of JOJO's composable features. First, JOJO provides a sub-account model for trading users, which enhances JOJO's composability with other protocols. Specifically, other protocols can develop their on-chain trading strategies based on JOJO to help users manage assets (such as setting up a hedge account on JOJO). Moreover, all sub-account trading records are recorded on the chain, and all transactions are public, transparent, and traceable. Secondly, in JOJO's multi-asset collateral function, users can combine collateral and perpetual contract trading to increase the utilization of funds. This part can allow users to engage in spot-future arbitrage.

Interesting features, it's admirable the efforts of JOJO's team

Next question is knocking the door, ready to go???

Yep!

Q4 from Telegram User @DK177 Hello JOJO Team! I am curious to know more about your stable coin, $JUSD? Is there a special reason to create an own stable coin or did you just follow the trend? We all know about the $UST crash and there were plenty of rumours regarding $USDT and $BUSD too. What are your plans to avoid similar situations related to $JUSD? Is $JUSD confined to JOJO Exchange or will it be available on other exchanges too? Please explain the unique features of $JUSD compared to existing stable coins.

Good question here! @DK177 There going to be a long answer.

Take your time

1. This allows users to open positions using non-stablecoins and other JOJO-certified assets, by depositing collateral and borrowing JUSD with 0 interest (we don’t charge any interest here). Usually, if you want to open a position on a perpetual contract platform, you can only choose a few stablecoins to trade with. If you only have BTC, ETH, UNI, or other valuable assets, you can only mortgage your assets on lending platforms to borrow stablecoins with high-interest rates. JOJO has streamlined the outdated lending steps, waived the borrowing fee, and integrated the entire lending process into JOJO's trading system. 2. JUSD adopts an over-collateralization model. To ensure the stability of JOJO's trading system and enable JOJO to continue to provide uninterrupted trading services to other users, the collateral of users whose postion risk has reached a critical value will be liquidated. For more info about JOJO's liquidation mechanism, please visit https://about.jojo.exchange/jojo/trade/liquidation. And JUSD does not need to be anchored to USD. Info about what is JUSD: https://about.jojo.exchange/jojo/product-guides/understanding-jusd

Great, detailed answer! I see that you have guides almost on all important topics!

@JO_Jaqen 5th question is incoming! Ready for it?

Yes, because Perp is a derivative product with a relatively complex mechanism, we have tried to cover all possible questions. ??

So, that makes JUSD a secure stablecoin to consider instead their competitors

Sure, let's go.

Thank you, you did a great job

Let's proceed ??

Q5 from Telegram User @CryptoCaroline I loved the idea of the multi-asset collateral system offered by JOJO, where any asset can be deposited as collateral for interest-free loans, can you explain how this system works and how it helps unlock full capital efficiency without paying high lending fees?

Well, not excatly. JUSD cannot replace existing stablecoins like USDC, USDT or DAI. And JOJO will always settle in USDC. We only hope to provide our users with 0-interest borrowing, avoiding the high interest rates of lending platforms.

Oh got it, thanks for clarify it

Thanks @CryptoCaroline ! I will spilt your question into 3?? parts. 1. JUSD is a stablecoin developed by the JOJO system to support multi-collateralization. This feature allows users to use other non-stablecoin assets (BTC, ETH, etc.) as a margin for trading. JUSD works like DAI and users can mint JUSD by staking other ERC20 tokens as collateral. 2. You can think of JUSD as a trading certificate issued by JOJO. The main purpose of issuing JUSD is to provide users who have really good prices of BTC, ETH, and other valuable non-stablecoin assets a certificate to trade on JOJO. The 0-interest trading certificate allows them to maximize their holdings while capturing market opportunities. 3. For more info about JUSD: https://about.jojo.exchange/jojo/product-guides/understanding-jusd

Awesome! Thank you for you answer! Ready for the 6th and last question from this part of our AMA?

Let's check the guide, Satoshiclubbers ??

@JO_Jaqen ??

Jaqen: It seems Satoshi CLUB have a lot of pros here.?? The last time I answered such professional questions was during the audit contest on Sherlock.??

Sorry, bot deleted this message. ??

Ahaha ??

@JO_Jaqen I'm completely agree, we have expert investigators haha

Thanks for that, just want to express my respects here.

??

Thank you ??

My pleasure.

Q6 from Telegram User @Dannycruz11 Greetings JoJo exchange community and welcome to satoshi fam Well as I was doing more research on JoJo exchange I learnt that you are currently holding a bug bounty program for hackers and developers and I beleive this is a great opportunity for devs to show off their skills well how can we participate and earn incentives from this bounty program and should one be a developer to participate in this bounty program or is the activity only limited to Devs and hackers only. Kindly in a nutshell tell us more about this bounty program and how we can engage in it to earn incentives Thank You for this bounty program initiative and hoping to understand more about it ????

@JO_Jaqen time for the last question of this part of the AMA. Take your time, please ??

Speak of the devil lmao?? Thanks @Dannycruz11 ! A warm welcome from JOJO to all the whitehats and contract engineers who wish to participate!?????? 1. JOJO on Immunefi: Our bug bounty on Immunefi has been live since 16 Dec 2022. We have received a total of 53 bug reports from the whitehats on Immunefi, and we have paid out a bounty of $97,500. https://immunefi.com/bounty/jojo/ 2. JOJO on HackenProof: Our HackenProof bug bounty program started on 3 January 2023. We received 56 bug bounty reports from HackenProof and paid out a bounty for 2. https://hackenproof.com/programs?title=jojo 3. In addition, JOJO held an audit contest on Sherlock in April, with a total reward of 78,200 USDC. The contest had 303 whitehats participants! https://audits.sherlock.xyz/contests/70

Wow, security is pain point in our industry! I see you take it seriously!

It was incredible first part of JOJO AMA?? but we still have second part with tones of questions!

@JO_Jaqen can we open the gates for live questions?

Yes, since the bear market began, we have seen too many incidents. We must be more careful in protecting users and JOJO's assets! ??

We are happy to know that safety is your priority.

yes pls.

Great job, community is the pilar of an important project

As crypto users we appreciate this ??

Let's go

@JO_please choose 10 questions and answer them 😄

Hello Sir Jojo exchange. I’m compelled to ask, are you referencing the anime Jojo’s Bizarre Adventures as your main theme of the trading project? If yes, why that particular anime?

The name JOJO Exchange is inspired by the popular manga 'Jojo's Bizarre Adventure,' we firmly believe that the battles, adventures, courage, and spirit of partnership depicted in the series are relevant and exhilarating in the world of cryptocurrencies. Decentralized perpetual contracts are a daring initiative that many of our project partners are already familiar with, and we are determined to provide a secure environment for everyone to engage in perpetual contract transactions.

I am most interested in JOJO's "PAPER TRADING" feature.I noticed that JOJO has initiated a "Paper Trading" feature, so will your paper trades have limited time to use or users can use it for a long time to gain more market insight? And is this Paper Trading for beginners too or long time traders? Please explain

no limited time at all. It could be for any kinds of users who want to give it a try at JOJO without trading with real money.

When can we expect JOJO to launch on mainnet? What trading pairs and features will be available at launch? How soon after will you enable borrowing/lending and other advanced capabilities?

We have already launched on zkSync Era and Arbitrum One. kindly check here: https://app.jojo.exchange/trade And for the trading pairs and features, for now we have BTC/USDC and ETH/USDC. And our market maker is currently fine-tuning the liquidity of the ARB/USDC. We plan to let the JOJO community decide on the trading pairs that will be listed.💃🕺 For the features. There are 4 key Features we’d like to share with: Perpetual Contract: Provides liquidity that does not depend on spot assets and can use a single token to open risk exposure to any asset. Mixed Order Book Model: JOJO uses a mixed order book model that matches off-chain and settles on-chain. It not only has the characteristics of high liquidity, low slippage, and low transaction costs of traditional order book models but also retains strong composability. Any smart contract can hold positions on JOJO and use it as the lowest-cost on-chain hedging channel, making the order book model no longer a liquidity island but the infrastructure for on-chain hedging. Multi-asset Collateral System: JOJO is a USDC-based trading model that supports trading using WETH as collateral. It can be extended to collateralize other ERC20 tokens, LST (Liquidity Staking Tokens) assets, or even NFTs. Sub-Accounts: A more versatile position management model that can accommodate more institutional users. Sub-accounts allow users to divide their positions into different groups, such as different strategies or risk levels, to track a position’s performance better. In addition, you can also give sub-accounts to others for custody, where they will only have trading permissions and not withdrawal rights. This will significantly unleash the potential of trading companies, enabling them to manage customer funds on JOJO in a trustless way. app.jojo.exchange (https://app.jojo.exchange/trade)

Why did you build JOJO.Exchange, What was your motivation to start this project and did you encounter any difficulties?What is different about JOJO.Exchange project to attract investors' attention?

With FTX’s shutdown and Binance’s regulatory pressure, more and more users are migrating to DEXs. DeFi is snowballing, and Swap and Lending Protocols have become the cornerstone of DeFi. The basic education of the pioneers is complete. At this point, more advanced and complex users’ trading demands have nowhere to go: 1. Where can I get a higher leverage? 2. Where can I hedge risks? 3. Where can I find better liquidity? Our team is dedicated to creating a perpetual contracts trading platform with enhanced features and a seamless trading experience. We firmly believe that DeFi is the way, but there is still a long way to go in bridging the gap between DEX and CEX.🦾

I could see that your Twitter account has only 4K followers, and it's been on the market for more than a year, so could you tell us why so few? Could it be that they have not carried out enough marketing campaign? Or are you waiting for the bull season to start your marketing?

Buying followers on Twitter is an easy thing to do, and we simply do not want to do it. As a trader and a marketer, I also review new projects' Twitter accounts. Instead of focusing on the number of followers, I pay more attention to each tweet's average likes/comments/retweets. These indicators represent the level of attention a new project receives. Additionally, JOJO officially announced the launch of zkSync Era in July 2023, meaning we have gone through a long time of building and polishing our product.

What is "RISK ISOLATION" ? TELL US ABOUT THAT 😉

'One ring to rule them all'! One main account to manage all your subaccounts. 😎 PnL for all sub-accounts under the JOJO main account is settled separately, meaning the liquidation risk between sub-accounts is isolated from each other. More info about subaccount: https://about.jojo.exchange/jojo/product-guides/understanding-sub-account

Can you give a detailed explanation of how JOJO's collaboration with Arbitram brings tangible benefits to traders? Specifically, I am interested in understanding the subtle mechanisms that contribute to increased transaction speeds, significant reductions in transaction fees, and an overall increase in the efficiency of trading operations?

oh yes, the feature you said we called it mix or hybird order book model, the on-chain confirmation and off-chain order matching. You can understand in this way: - On-chain confirmation = Strong assets security - Off-chain matching = Faster and cheaper order matching method. If on-chain order matching is used, it involves the transaction packaging and processing method of layer 2 chains (such as the sequencer). Generally speaking, this will be very slow and consume a lot of gas.

hello My question Can you explain JOJO Exchange’s tiered trading fee structure, including the concepts of maker and taker fees, as well as the role of the offset in covering gas fees for on-chain confirmations? Additionally, could you clarify how the minimum opening amount has been reduced and when users are required to pay gas fees for transactions below a certain threshold?”

JOJO apply a tiered trading fee model. The rates for maker and taker orders are as bellow: Maker: Base fee 0.02% + Offset Taker: Base fee 0.07% + Offset It is calculate like this: Offset=max(0,[GasLimit∗GasPrice∗0.000000001∗ETH ′sIndexPrice/abs(CreditChange) −TakerBaseFeeRate∗(1−ReferralRate) −MakerBaseFeeRate∗(1−ReferralRate)]/2) To guarantee the security of users' funds and the validity of data in JOJO, every transaction on the platform is promptly confirmed on-chain with 0 gas fee. In simpler terms, JOJO will handle the gas fee for the on-chain confirmation on the user's behalf. However, if the user's order amount is too small, JOJO cannot cover the gas fee cost of the on-chain confirmation. To address this, JOJO has implemented a tiered trading fee model, which includes an offset to cover the gas fee for on-chain confirmation and reduce the minimum opening amount for users. Consequently, JOJO's minimum opening amount has been reduced from 1500 USDC to 100 USDC, which is sufficient to cover the on-chain confirmation cost.

How many referrals does a user have to make to get rewards? Are referral rewards paid in stable or tokens and do I need to do any work to redeem the reward or will it be automatically credited to my account?

yes it could be paid by USDC, and you need to pay very little amount of gas fee to redeem the rebate. For more details pls check here: https://about.jojo.exchange/jojo/trade/referral-program

Thank you @JO_ for this fantastic AMA session 🙏 it was a pleasure to have such professional project and you as a guest speaker today!🚀

I‘m out of energy😂

We are full of useful information 😄 Thank you once again, we wil lbe happy to see you here with updates! Good luck with JOJO.Exchange👏