🎪SamarQand

The Eternal Market

SamarQand is a lending and margin trading platform, and the first app to be built on Warp Drive directly. It provides the foundation for all credit activity on Exofi and works as a key component of the Flux Capacitor (Derivatives & Futures). It's a fully permissionless, isolated risk market with elastic interest rates and supports all the cutting edge features, especially in terms of orders (Full TWAP support, margin leveraged orders by way of the phaser canon, an advanced liquidation engine, etc.). It offers a flexible and open oracle framework, to allow any token to be listed. This setup solves a couple of issues, other markets or setups have had, particularly in the decentralized space: Implied by the isolated markets, this isolation is the key to unlocking independence and stability - Historically other DeFi-specific money markets like Compound or AAVE, have unified pools and therefore share the risk across all listed assets. The crash of one asset has giant ripple effects across the whole system and can draw down the full grid a substantial amount with it. On paper, this asymmetry facilitates a user-friendly application, as the premise is basically “Any collateral in, any leverage out” but any high-risk asset can introduce risk to all other markets, potentially collapsing the entire protocol. Additionally, because of its aforementioned nature, the choice of assets available is quite narrow and reserved only to the largest and most liquid ones (like Bitcoin, Ethereum, etc.), to reduce the likelihood to a minimum - That measure, while understandable given the dynamics, makes it again prohibitive to the general public and poses an outright block to full neutrality and decentralization. Precisely for those reasons we introduce isolated markets, as it solves those key things: Keeping risk within only affected markets/pairs, allowing the permissionless initiation of any market/pairing and powering advanced features like activating leverage with one click. Specifically the last mentioned feature of leverage opens up a host of new cross use cases. In other, standard direct lending and borrowing money markets, the process is quite cumbersome, as the user would have to borrow on one platform to lend on another and repeat. Because SamarQand is structured in pairs (not only like swap pairs but specifically reminiscent of trading pairs on a centralized exchange), lending and borrowing within the same market is fully composable, thereby enabling instantaneous leverage, without the user ever leaving the platform or making other amends.