We’ve been working closely with JOJO following our initial partnership announcement earlier this year and are excited to finally announce the mainnet launch of JOJO’s ZK-proof-powered funding rates for perpetual futures trading on Base mainnet! This marks the second Brevis ZK Coprocessor-powered feature to go live on mainnet and will drive deeper decentralization and efficiency within JOJO’s perpetual contract trading platform.
Funding rates are a key mechanism in perpetual contracts, keeping the price of the contract in line with the underlying asset’s spot price. Ensuring these rates are calculated securely and efficiently is vital for any perpetual DEX. With the introduction of Brevis’s ZK Coprocessor technology, JOJO can now decentralize this traditionally complex and resource-intensive process, reducing costs, improving efficiency, and most importantly, eliminating the need for centralized intermediaries.
Through zero-knowledge proofs powered by Brevis, JOJO is able to generate on-chain verified funding rates based on real-time perpetual trading and spot-price oracle data. This not only strengthens the transparency and security of the platform but also upholds privacy standards, ensuring that sensitive data remains protected while being validated.
How It Works: A Seamless User Experience
For users of JOJO’s perpetual exchange, this new feature delivers a streamlined and transparent experience when interacting with these funding rates. The process is simple:
- Real-Time Data Integration: The system automatically tracks on-chain perpetual trading data and retrieves up-to-date spot-price oracle information.
- ZK Proof Generation: Using Brevis’s ZK Coprocessor, a zero-knowledge proof is generated to verify the accuracy of funding rate calculations without exposing any sensitive user data.
- On-Chain Verification: The ZK proof is then submitted on-chain for verification, ensuring that the funding rate is decentralized, transparent, and trustworthy.
- Rate Adjustment: Once the proof is validated, the funding rate is updated accordingly on the JOJO platform, ensuring that all users benefit from accurate, real-time data in a fully decentralized manner.
This process occurs seamlessly in the backend, empowering users with a highly efficient and secure system without any need for interaction beyond their typical trading activities.
What Does This Mean for the DeFi Community?
For traders and liquidity providers, this new feature offers several significant benefits:
- Improved Efficiency: The Brevis ZK Coprocessor drastically reduces the computational costs associated with funding rate calculations, making it more efficient for decentralized platforms to handle large volumes of transactions.
- Enhanced Security: By decentralizing the funding rate calculation process, this feature removes potential vulnerabilities associated with centralized systems, offering greater peace of mind to all users.
- Increased Liquidity and Market Balance: A more efficient, decentralized approach to funding rates will attract more traders and liquidity providers, driving liquidity and ensuring a more balanced and active market.
Looking Ahead
The collaboration between Brevis and JOJO has been integral to the successful development and deployment of this new feature. According Jotaro, the Growth Lead at JOJO Exchange:
“Working with Brevis has been a highly collaborative and rewarding experience. Their ZK Coprocessor technology aligned with our vision of an efficient and scalable decentralized platform but also exceeded our expectations in terms of performance and ease of integration. Brevis provided excellent support throughout the development process, offering real-time technical assistance that ensured a smooth onboarding experience. With this new feature, our users will benefit from enhanced security, transparency, and operational efficiency—key pillars of our mission to redefine decentralized trading.”
JOJO’s future vision involves fully harnessing Brevis’s cutting-edge ZK-proof technology to tackle the growing complexities of heterogeneous liquidity. As JOJO expands its liquidity pools across various markets and asset types, the ability to accurately account for transactions from these diverse sources will be crucial. Brevis’s ZK-proof system will play a pivotal role in ensuring precise, verifiable tracking of liquidity, maintaining transparency, and safeguarding performance even as JOJO’s liquidity offerings become more sophisticated and varied.
By leveraging Brevis technology, JOJO will continue to build a DeFi platform capable of handling the dynamic demands of modern liquidity markets while staying true to its commitment to security and decentralization. We’re excited about the future and look forward to bringing more innovations to the DeFi space as we expand our collaboration.
About JOJO
Jojo Exchange is a decentralized perpetual trading platform on Base, designed to offer traders up to 1000x leverage with zero slippage and low fees. The platform supports over 20 trading pairs and various collateral types, allowing users to manage their trades flexibly. Jojo Exchange also offers fast and secure withdrawals through its Flexible Earn product. With a focus on innovation and user experience, Jojo Exchange is committed to delivering cutting-edge tools for both new and seasoned traders in the decentralized finance space.
About Brevis
Brevis is a smart ZK Coprocessor that empowers smart contracts to read the full historical on-chain data from any chain and run customizable computations in a completely trust-free way.
Brevis can trustlessly read the states, transactions, and receipts of any time frame. It efficiently runs computations on data of any size: as the data to be proved increases in size, Brevis significantly reduces the per-unit cost and time for proof generation. Additionally, Brevis seamlessly verifies Zero-Knowledge (ZK) proofs on any blockchain, providing a unified and trustless user experience for dApps. Brevis empowers data-rich use cases, including data-driven DeFi, user-segment optimized live-ops features, zkBridges, zkDID, and smart-contract native risk control, all executed in a trustless manner across multiple chains.
Dive Deeper into Brevis:
🌐Website | 🗨️Telegram | 🐦X | 🎮Demo | 📘SDK Docs
Interested in building with Brevis? Reach out to us to explore ideas!
Brevis Network© 2023 