Ariel Finance | Introducing Perpetuals on Aurora

Winding down on Terra 💔

Last few weeks have been turbulent for Ariel Finance due to factors beyond our control. We were all set to launch on the Terra Classic testnet when it all came crashing down for Terra. Our decision to build on it was propelled by the availability of money legos such as $UST, Anchor, Mirror etc. In light of recent events, we’ll have to wind down our development and operations on Terra. We thank the Terra community for showering us with great love and support throughout the process. 🤟

New Home 🏠

The show must go on. After evaluating all possible alternative chains, we have zeroed in on Aurora as our base.

Aurora provides Ethereum development experience, with layer-2-like speed and scalability, thanks to the sharding mechanism of Near. It provides high throughput with minimal transaction fee which is a pre-requisite for the kind of product we’re building. On top of this, traders will enjoy a 10% yield with Decentral Bank. All this means that we retain most of our features while enjoying superior technology. Aurora/Near also has a vibrant community which is essential to any ecosystem’s success. We cannot wait to contribute to Aurora’s success.

We’d like to take a moment to thank Near Foundation/Proximity Labs for trusting our project’s vision and extending an ecosystem grant. This grant would allow us to recruit more devs to take us to product-market fit faster.

A quick recap of what is Ariel Finance🌠

Ariel is a decentralized derivatives exchange. Our primary offering is perpetual futures contract for leverage trading. People would be able to take a leveraged long or short position while being fully in control of their own funds.

We know how eagerly you’ve been waiting to leverage trade $NEAR and $AURORA in a decentralized way. With Ariel, you’ll be able to do that with ease.

While the vision remains the same; building the best derivative platform ever; there are updates in terms of the perpetual swap product mechanism.

Recent events have highlighted the flaws of the current vAMM models. Few prominent protocols couldn’t absorb the shock and had to shut down their operations. Going by Murphy’s Law “ Anything that can go wrong will go wrong “, we don’t wish to leave anything to chance. Hence, we’re pivoting to a model where liquidity is all real, LPs make money, arbitrageurs make money and the traders benefit from high leverage with a resilient exchange model. We knew you’ll be excited! More on the technicals would be published soon.

Timelines ⌛

We’re working around the clock to bring perpetuals on Aurora and we’ve set a very ambitious timeline for ourselves. Were planning to be live on the Aurora testnet in Q3–2022.

At Ariel, we wish to have as many integrations and collaborations as possible in the Near/Aurora ecosystem to unlock the power of the ecosystem’s collective expertise. And we welcome any protocol building on Aurora that wants to collab with us.

Going back to the grind! 🔨

Stay tuned for more updates on the protocol. Follow and support us on Twitter and Discord

🐦Twitter- https://twitter.com/arielprotocol

🎮Discord- https://discord.gg/zwRj3wTzrN