$2.1 million in financing was completed for Tribe3, a gamified decentralized NFT futures exchange. Among the investors who are participating are Spartan Capital, Newman Capital, Infinity Ventures Crypto, Modular Capital, Cogitent Ventures, Blockbuilders, Founderheads, Lapin Digital, Blockhype, etc.
NFT Perpetual Platform Tribe3 Announces $2.1 Million in Funding Today
Users can trade NFT-based perpetual futures contracts on the NFT Perpetual platform. The platform has developed a social networking tool to facilitate communication and collaboration among NFT users.
“We are excited to work with Tribe3 in building out one of the leading NFT derivatives trading venues. We believe NFT is still in its nascent stage of development.”
Kelvin Koh, Spartan Capital’s co-founder, partner, and chief investment officer
Using the vAMM Model
Users can trade utilizing a vAMM model because the platform creates virtual liquidity. This strategy is ideal, given how illiquid NFTs are.
A platform arbitrage between Oracle and vAMM pricing will, sadly, be the outcome of this methodology. However, the platform offers the following method to close the price gap between Oracle and vAMM: the platform will ask the Short to pay the Long and vice versa when Oracle is more expensive than vAMM (Oracle > AMM).
On the other hand, the position is liquidated by the liquidation bots when the collateral drops to less than 10%. When a position is liquidated, Tribe3‘s insurance fund receives 50% of the value as compensation, and 50% goes to the liquidation bot as a reward.
Leave a comment