Technology

The Foxify smart contract architecture is designed to be flexible. Consisting of several key components, including the Core smart contract, and the Oracle.

The Foxify Core smart contract is the heart of the Foxify architecture, providing the core functionality for creating and managing new trades. It allows users to create new trades by defining their parameters, such as the underlying asset, the expiration date, and others.

FOXIFY has been audited by three leading WEB3 experts, Halborn, Hacken & Certik.

UX

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Oracles

Foxify Utilizes Pyth.network's market leading price feed for onchain, price settlement of options and perpetuals. Perpetuals are also subject to a further consensus validation with Chainlink. See below:

Smart Contracts & Blockchain

To create a decentralized perpetual future, Foxify will deploy a smart contract on a blockchain that is capable of executing complex financial contracts. The smart contract will be responsible for managing the perpetual future, including margin requirements, funding rates, and other parameters.

Foxify will also deploy a price oracle contract that retrieves the current price of the underlying asset from a decentralized data source, such as Pyth.network and Chainlink. The price oracle will provide a tamper-proof and decentralized source of price data to the smart contract, ensuring the perpetual future is executed based on accurate and reliable market information.

System Architecture

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Price Feeds

In order to determine prices for each pair traded, two different methodologies are utilized.

For tracking account liquidity and determining when an account should be liquidated, Oracle prices are applied.

In addition, index prices are applied in cases such as calculating the trader's current P&L or triggering StopLimit or TakeProfit pending orders. These index prices are determined as a median value from spot data obtained from various exchanges. Each exchange spot price is calculated as the median of the best-ask, best-bid, and last-traded prices for each spot pair. If the quote-asset contains a non-USD asset, the price is adjusted to the index price for the asset.

Stable Swap

Foxify will host a stable bridge, enabling traders native to all major chains, to trade on the platform with ease.