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boltOverview

BasePerp is a low-friction perpetuals protocol built around oracle execution and a unified stablecoin vault that acts as the on-chain counterparty. The focus is fair fills, predictable LP economics, and clean integrations for builders.

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1.1 Core Mechanics

BasePerp minimizes trading drag while keeping liquidity risk measurable and transparent.

  • Oracle execution with deviationGuard. Orders fill at a primary price feed and are validated by an independent deviationGuard; if the guard fails, the transaction reverts.

  • Unified liquidity in a stablecoin vault. A single counterparty vault concentrates depth and simplifies risk management; fee flows are transparent.

  • Zero Fixed Commissions (ZFC). No fixed open/close or funding by default; a profitFeeRate applies only when a position is closed in profit.

  • Risk engine via CHR. A Collateral Health Ratio governs leverage and liquidation; successful liquidators receive a liquidatorBounty.

  • Open-interest balancing. Counter-side incentives with a capped counterSkewCap nudge positions toward equilibrium.

  • Vault buffer controls. A live buffer metric drives dynamic withdrawal tiers to mitigate run risk under stress.

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1.2 How It Works

For end users, the protocol behaves like a focused exchange with clear flows.

Trader journey. Deposit margin → place order (protected by deviationGuard) → manage SL/TP → close. Under ZFC, fees apply only to realized profits plus a minimal keeper fee.

LP journey. Deposit stablecoin → receive share tokens of the vault → earn a share of protocol fees; optional hedging policies aim to reduce net delta exposure.

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1.3 Current Status & Use of Proceeds

BasePerp is in active development; parameters and timelines are drafts subject to audit and testnet results. Presale proceeds fund engineering, independent audits, monitoring, testnet operations, and launch readiness. No presale funds are distributed as profit.

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1.4 Security & Safeguards

Security spans code, process, and on-chain economics.

  • Audits & bounty. Multiple independent audits precede v1; a standing bug bounty encourages responsible disclosure.

  • Timelocks. Parameter and upgrade changes execute with public notice periods.

  • Security Module. A rules-based backstop may use a staked protocol token (if activated) with a capped securitySlashCap for defined shortfall events.

NextProblem & Vision

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