## Kwenta
### Trading
- On Optimism with transaction delay up to 15 seconds
- Spot trading is routed through 1-inch, i.e. DEXs agregator, and Synthetix liquidity pools, so Kwenta doens't have its own pool.
- Future trading is offered as sUSD margined
- Liquidation is triggered by keeper bots, who also charge users gas fee. Here a dynamic gas fee pricing is used.
- The dynamic gas fee parameters are set by governance
- Placing a certain volume of future trades in Kwenta will grant users reward in Kwenta token. This reward can also be amplified by the amount of staked Kwenta and paid out in the end of each epoch
- Kwenta also offers option trading in cooperation with Lyra protocol, which uses a simple form of Black-Scholes to determine option price.
### Staking
- From v2 introduced automated compounding
- One can stake KWENTA to get:
- voting power
- inflationary reward
- Has a quite complicated DAO structure
- Most important SC modules:
- SynthSwap
- MarginAccountFactory
- MarginBaseSettings
- SupplySchedule
- RewardEscrow
- StakingRewards
- vKwentaRedeemer
- Multiple Merkle Distributor
### Tokenomics
- Initial supply 313,373, in 4 years 1,009,409.43
- The token distribution in 4 years:
30% - Synthetix Stakers (Complete)
5% - Early Synth Traders (Complete)
5% - Investment
25% - Community Growth Fund
15% - Core Contributors
20% - Kwenta Treasury

### Frontend
- Frontend is open-sourced with MIT license
- Backend is close-sourced
## GMX
### Liquidity provision
- Liquidity is provided into one multiasset pool.
- Roughly 50% in stble coin and 50% in bluechip assets.
- Liquidity provider can deposit any asset under the index to mint GLPs based on the following formula (total worth of assets in index including profits and losses of open positions) / (GLP supply).
- The total worth of assets is determined by a Chainlink oracle with price sources from CEXs.
- GLPs can be burned to redeem any underlying asset.
- There are minting and burning fees based on how further away from the predetermined [weights](https://app.gmx.io/#/dashboard) each asset is.
- Holders of GLPs earn Escrowed GMX rewards and 70% of platform fees.
- Escrowed GMX is a staking program

### Trading
- Spot trading between assets in the pool. There is a fee based on the current and desired weights of assets in the pool.
- Leverage trading up to 30x, where the liquidation can be triggered by anyone but currently mostly by GMX's own keepers.
- Zero slippage by using external oracle, but there is still trading fee based on token weights of the pool.
- Holders of GMX has reduced or zero trading fee.
- There is protocol cap, because the price oracle can be manipulated and has been the case in the past for large trades, especially for AVA where some of its liquidity pairs are still thin on CEXs https://twitter.com/crypto_condom/status/1571457077218017280
- Lack of trading pairs.
- There is a tier based referral program.

## Perpetual Protocol
## Integral Protocol