News Report Technology
May 29, 2024

JOJO Exchange Partners With Brevis To Implement ZK-Proofs For Funding Rates

In Brief

JOJO Exchange has implemented the zero-knowledge proven funding rates using zero-knowledge smart coprocessor technology provided by Brevis.

JOJO Exchange Partners With Brevis To Implement ZK-Proofs For Funding Rates

Decentralized perpetual contract trading platform JOJO Exchange announced that it has implemented the zero-knowledge (ZK) proven funding rates utilizing ZK smart Coprocessor technology provided by Brevis. This strategic move aims to bolster price stability, promote market balance, and improve liquidity, thereby benefiting all stakeholders within the perpetual contract ecosystem.

Calculating funding rates can be resource-intensive and centralized, which raises concerns about security and compliance. However, Brevis’s ZK-proof technology provides a decentralized, cost-effective, and secure solution. It enables smart contracts to access blockchain states, transactions, and events trustlessly, significantly reducing the computational costs and time required for generating proofs, even as the volume of data increases.

Using Brevis’ SDK, JOJO Exchange will generate ZK proofs derived from on-chain perpetual trading and spot price oracle data to compute funding rates precisely. These proofs subsequently undergo on-chain verification and are utilized to adjust funding rates for JOJO users. This method ensures transparent and secure calculation and verification of funding rates while preserving user privacy.

Brevis provides ZK technology that dramatically reduces computational expenses. This technology allows smart contracts to securely access blockchain states, transactions, and events from any time frame, relying solely on the blockchain itself without the need for additional trust. Moreover, it can handle data of any size and decreases the expenses and time needed to generate proofs.

JOJO Partners With Galaxy Exchange To Enhance Swapping And Bridging, Unveils 1000x Trading

JOJO has developed the Smart Contract Order (SCO) to establish a hybrid liquidity mode that incorporates various liquidity strategies. Currently, JOJO operates an order book that combines off-chain matching with on-chain settlement using SCO. This method ensures quick and effective trade execution while mitigating the centralized risk of data manipulation.  Other notable features of JOJO include low fees, support for multi-collateral and cross-margin trading, and the availability of subaccounts.

Recently, JOJO has entered into a strategic collaboration with Galaxy Exchange, aiming to improve users’ swapping and bridging experiences. Additionally, JOJO has introduced 1000x trading, allowing users to adjust Take Profit (TP) and Stop Loss (SL) positions at their convenience with a one-click closing function. The project also intends to introduce the flexible earn feature in the coming months.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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