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What Is Qilin Protocol (QI)?
Qilin Protocol is a decentralized risk-optimizing protocol for asset derivatives trading on Ethereum. Qilin supports customizable composable derivative contracts based on any asset and risk-adjust contract pricing based on LP risk. By using Chainlink's oracle, Qilin enables an ETH/USDC perpetual contract market based on peer-to-pool liquidity, as opposed to the traditional order book model. Furthermore, Qilin uses Uniswap V2, Uniswap V3, and Sushiswap time-weighted asset prices as price oracles to support permissionless perpetual market launches.
Users on Qilin Protocol will trade in an order book market with a liquidity pool of a designated asset. The liquidity pool provides the margin for long and short contracts and acts as the counterparty for users' trades. Trade settlement will depend on the pool's denomination: if a liquidity pool is denominated in a stablecoin asset, trades are settled in stablecoin; if the pool is denominated in a cryptocurrency, trades are settled in that currency.
Finally, Qilin Protocol is completely permissionless, meaning that participants are free to open new contract positions, provide liquidity, or create new liquidity pools. This DEX model contrasts the CEX model, in which a single party has complete discretion over the formation of new markets.