Aspecta Docs

Appearance

📈 Trade ​

Similar to Pre-Market V1, users trade BuildKeys on a Bonding Curve, which is an AMM to provide the best liquidity.

Different from Pre-Market V1, Pre-Market V2 takes a dual-key trading mechanism, enabling users to trade Long keys or trade Short keys.

1. Trade Long: Buy Future Tokens ​

Trade Long allows users to take a long position in the pre-market. By purchasing long keys from the bonding curve, users help drive the key price upward—similar to a traditional bonding curve model.

Long keys can be sold back to the bonding curve at any time, or held until TGE to receive the corresponding tokens.

2. Trade Short: Sell Future Tokens ​

Aspecta Pre-Market V2/V3 introduces short trading to the pre-market, enabling users to bet in both directions fairly.

If users believe a project’s current fully diluted valuation (FDV) is overestimated, or they will receive project tokens in the future (e.g., from IDO, ICO, or airdrop), they can open a short position and receive short keys. The short position will drive the key price down.

To claim the potential profit from this trade, users need to close this short position in the following ways:

a. Close the short position on the market

  • When the current key price is below 200% of a user's average open price, the user can close the position and receive BNB/USDT.
  • When the current key price has increased to 200% of a user's open price, the short position enters a "safe liquidation" mode. In this case, the user cannot close the short positions immediately unless the key price drops. However, users can still close your position and receive BNB/USDT after TGE by delivering tokens.

b. Deliver the tokens by settlement

✅ Liquidation Protection: Protect Short Users ​

Pre-market often suffers more price volatility, giving its highly unstable and poor-liquidity nature. This volatility exposes short position users under high risks. Users might be forcibly liquidated once the price experiences short-term changes. Even if users should be winning if they hold till TGE, they may lose all assets in the pre-market before TGE.

To protect short users, Pre-Market V2/V3 introduces a specially designed Liquidation Protection mechanism: short traders will not be forcibly liquidated, they can always close the positions and win profit by finishing asset settlement.

3. Bonding Curve ​

Aspecta Pre-Market is traded based on a bonding curve. The bonding curve is designed to be "adjustable" to fit the depth requirement for different assets. To be specific, the bonding curve depth and liquidity will be automatically adjusted according to the trading frequency and volume at different price ranges to improve trading experience and facilitate price discovery.