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Version: mainnet (v0.74)

Propose new futures market

Propose a cash-settled futures market on any underlying with a settlement data source.

Propose a perpetuals market

Looking to propose a perpetuals market? See the perpetual futures tutorial.

Requirements​

You will need:

You should also share your proposal idea in the Governance forum section ↗ before submitting it to the network.

Anatomy of a market proposal​

In this section, the full proposal template has been divided into sections to provide more details on what you need to submit.

There are a number of fields required for proposing a market to ensure that it has all the necessary details and research behind it to be a well-functioning market.

The general shape is as follows:

{
 rationale: {
  title: "Add Lorem Ipsum market",
  description: "An example proposal to add Lorem Ipsum market"
 },
 terms: {
  newMarket: {
   changes: {
    // Linear slippage factor is used to cap the slippage component of maintenance margin - it is applied to the slippage volume.
    linearSlippageFactor: 0.001,
    // Decimal places used for the new futures market, sets the smallest price increment on the book. (uint64 as string)
    decimalPlaces: "5",
    // Decimal places for order sizes, sets what size the smallest order / position on the futures market can be. (int64 as string)
    positionDecimalPlaces: "5",
    // Instrument configuration
    instrument: {},
    // Optional new futures market metadata, tags.
    metadata: [],
    // PriceMonitoringParameters contains a collection of triggers to be used for a given market
    priceMonitoringParameters: [],
    // Risk model for log normal
    logNormal: {},
    // Liquidity SLA parameters
    liquiditySlaParameters: {
     // (string)
     priceRange: 0.1,
     // Specifies the minimum fraction of time LPs must spend "on the book" providing their committed liquidity. (string)
     commitmentMinTimeFraction: "0.1",
     // Specifies the number of liquidity epochs over which past performance will continue to affect rewards. (uint64 as string)
     performanceHysteresisEpochs: "10",
     // Specifies the maximum fraction of their accrued fees an LP that meets the SLA implied by market.liquidity.commitmentMinTimeFraction will lose to liquidity providers
     // that achieved a higher SLA performance than them. (string)
     slaCompetitionFactor: "0.2",
    },
    // Liquidation strategy for this market.
    liquidationStrategy: {
     // Interval, in seconds, at which the network will attempt to close its position. (int64 as string)
     disposalTimeStep: 500,
     // Fraction of the open position the market will try to close in a single attempt; range 0 through 1. (string)
     disposalFraction: "1",
     // Size of the position that the network will try to close in a single attempt. (uint64 as string)
     fullDisposalSize: "18446744073709551615",
     // Max fraction of the total volume of the orderbook, within liquidity bounds, that the network can use to close its position; range 0 through 1. (string)
     maxFractionConsumed: "1",
    },
    // Specifies how the liquidity fee for the market will be calculated.
    liquidityFeeSettings: {
     // Method used to calculate the market's liquidity fee.
     method: "METHOD_CONSTANT",
     // Constant liquidity fee used when using the constant fee method. (string)
     feeConstant: "0.00005",
    },
    // Liquidity monitoring parameters.
    liquidityMonitoringParameters: {
     // Specifies parameters related to target stake calculation.
     targetStakeParameters: {
      timeWindow: "3600",
      scalingFactor: "0.05"
     },
    },
    // Mark price configuration.
    markPriceConfiguration: {
     // Decay weight used for calculation of mark price.
     decayWeight: "1",
     // Decay power used for the calculation of mark price. (string)
     decayPower: "1",
     // Cash amount, in asset decimals, used for the calculation of the mark price from the order book. (string)
     cashAmount: "5000000",
     // Weights for each composite price data source. (array)
     sourceWeights: undefined,
     // For how long a price source is considered valid. One entry for each data source
     // such that the first is for the trade based mark price, the second is for the book based price
     // the third is for the first oracle, followed by more oracle data source staleness tolerance. (array)
     sourceStalenessTolerance: [
      "1m0s",
      "1m0s",
      "1m0s"
     ],
     // Which method is used for the calculation of the composite price for the market. (string)
     compositePriceType: "COMPOSITE_PRICE_TYPE_WEIGHTED",
     // Additional price sources to be used for internal composite price calculation. (array)
     dataSourcesSpec: [],
     // List of each price source and its corresponding binding (array)
     dataSourcesSpecBinding: []
    }
   },
   // Timestamp as Unix time in seconds when voting closes for this proposal,
   // constrained by `minClose` and `maxClose` network parameters. (int64 as string)
   closingTimestamp: 1710091024,
   // Timestamp as Unix time in seconds when proposal gets enacted if passed,
   // constrained by `minEnact` and `maxEnact` network parameters. (int64 as string)
   enactmentTimestamp: 1710177424,
  }
 }

The contents of a changes object specifies what will be different after the proposal. In this case, these are the changes that will occur on the network, in the form of a new market.

Instrument, liquidity monitoring parameters, price monitoring parameters, and data sources are all described in more detail below.

Rationale requires a title and description, which are free-text fields that describe the purpose of the proposal. Within the description, include links with more information about your proposal (such as to the IPFS content or forum post) that voters can reference to learn more about the market proposal. Formatting your rationale with markdown makes it easier to read when it's displayed.

Decimal places need to be defined for both order sizes and the market. A market cannot specify more decimal places than its settlement asset supports. The values for these fields cannot be changed, even through governance.

FieldDescriptionExample
decimalPlacesSets the smallest price increment on the book.18
positionDecimalPlacesSets the size that the smallest order / position on the market can be. Set the position decimal places such that the margin on the smallest order ends up being about 1 USD. This ensures that the market will not accept orders with very small margin minimums, protecting the network from being spammed with lots of financially insignificant orders. To figure out the ideal decimal place: Calculate the risk factor. Find the current price the asset is trading for, such as from the oracle you're using. The smallest order margin is price x 10^{-pdp} x (risk factor). Convert to USD. If this is less than 0.5, then decrease the position decimal places (pdp) accordingly. Position decimal places (pdp) can also be negative integers.3

Timestamps are required for ending the voting period, as well as enacting the market. The time between closing and enactment also defines how long an opening auction will be, which must be smaller than/equal to the difference between 🔗governance.proposal.market.maxClose: 720h and 🔗governance.proposal.market.maxEnact: 720h.

FieldDescriptionExample
closingTimestampTimestamp (Unix time in seconds) when voting closes for this proposal. If it passes the vote, liquidity can be committed from this time. The chosen time must be between 🔗24h and 🔗720h after the proposal submission time. (int64 as string)1663517914
enactmentTimestamp Timestamp (Unix time in seconds) when the market will be enacted, ready for trading. The chosen time must be between 🔗24h and 🔗720h after closingTimestamp. (int64 as string)1663604314

The lineage slippage factor is a parameter that caps the margin level in low-volume situations for cross margin trades so that traders aren't closed out unnecessarily.

Margin slippage in a low-volume scenario is calculated as slippageFromFactors = linear factor x position x price.

If there is enough volume on the book, the slippage value comes directly from the book and the slippage factor is not used.

FieldDescriptionExample
linearSlippageFactorThe linear slippage factor captures that for a bigger position there is proportionally bigger liquidity risk in a low-liquidity market.0.001

Instrument​

The instrument shape is as follows, see below for a description of each property:

{
 // Instrument name.
 name: "Oranges Daily",
 // Instrument code, human-readable shortcode used to describe the instrument.
 code: "ORANGES.24h",
 // Future product configuration
 future: {
  // Asset ID for the product's settlement asset. (string)
  settlementAsset: "8b52d4a3a4b0ffe733cddbc2b67be273816cfeb6ca4c8b339bac03ffba08e4e4",
  // Product quote name. (string)
  quoteName: "tEuro",
  // Data source spec describing the data source for settlement. (object)
  dataSourceSpecForSettlementData: {
   // DataSourceDefinitionExternal is the top level object used for all external 
   // data sources. It contains one of any of the defined `SourceType` variants. 
   external: {
    // Contains the data specification that is received from Ethereum sources.
    ethOracle: {
     // The ID of the EVM based chain which is to be used to source the oracle data. (uint64 as string)
     // The ID of the EVM based chain which is to be used to source the oracle data. 
     sourceChainId: "1",
     // Ethereum address of the contract to call.
     address: "0x1b44F3514812d835EB1BDB0acB33d3fA3351Ee43",
     // The ABI of that contract.
     abi: "[{" inputs ":[]," name ":" latestRoundData "," outputs ":[{" internalType ":" int256 "," name ":" "," type ":" int256 "}]," stateMutability ":" view "," type ":" function "}]",
     // Name of the method on the contract to call.
     method: "latestRoundData",
     /* Normalisers are used to convert the data returned from the contract method
      * into a standard format. The key of the map is the name of the property,
      * which identifies the specific piece of data to other parts of the data
      * sourcing framework, for example filters. The value is a JSONPath expression
      * for expressing where in the contract call result the required data is
      * located, for example $[0] indicates the first result. $[1].price would look
      * in the second result returned from the contract for a structure with a key
      * called 'price' and use that if it exists. */
     normalisers: [
      {
       name: "prices.ORANGES.value",
       expression: "$[0]"
      }
     ],
     // Number of confirmations required before the query is considered verified
     requiredConfirmations: 3,
     // Conditions for determining when to call the contract method.
     trigger: {
      /* Trigger for an Ethereum call based on the Ethereum block timestamp. Can be
       * one-off or repeating. */
      timeTrigger: {
       /* Repeat the call every n seconds after the initial call. If no time for
        * initial call was specified, begin repeating immediately. */
       every: 30
      }
     },
     // Filters the data returned from the contract method
     filters: [
      {
       key: {
        name: "prices.ORANGES.value",
        type: "TYPE_INTEGER",
        numberDecimalPlaces: 8
       },
       conditions: [
        {
         operator: "OPERATOR_GREATER_THAN_OR_EQUAL",
         value: "0"
        }
       ]
      }
     ]
    }
   }
  },
  // The external data source spec describing the data source of trading termination. (object)
  dataSourceSpecForTradingTermination: {},
  // DataSourceSpecToFutureBinding describes which property of the data source data is to be
  used as settlement data and which to use as the trading terminated trigger(object) dataSourceSpecBinding: {
   // Name of the property in the source data that should be used as settlement data.
   // If it is set to "prices.BTC.value", then the Future will use the value of
   // this property as settlement data. (string)
   settlementDataProperty: "prices.ORANGES.value",
   // Name of the property in the data source data that signals termination of trading. (string)
   tradingTerminationProperty: "vegaprotocol.builtin.timestamp"
  }
 }

An instrument contains the following properties:

FieldDescriptionExample
nameA string for the market name. Best practice is to include a full and fairly descriptive name for the instrument.Oranges DEC18.
code (instrument)This is a shortcode used to easily describe the instrument. The more information you add, the easier it is for people to know what the market offers.FX:BTCUSD/DEC18
futureAn object that provides details about the futures market to be proposed.
settlementAssetSettlement asset requires the ID of the asset that the market will be margined and settled in. You can get a list of supported assets by querying REST, GraphQL, or gRPC, and then selecting the asset ID.
quoteNameThe quote name is the human-readable name/abbreviation of the settlement asset. Example: In BTCUSD, USD is the quote.tEuro
dataSourceSpecForSettlementDataThis defines the data source that will be used to identify the settlement price when the market expires.prices.ORANGES.value
dataSourceSpecForTradingTerminationThe fields that define the data source used for terminating trading on the market.vegaprotocol.builtin.timestamp
dataSourceSpecBindingThe fields describe how specific information provided by the data source is used. For example, they can identify the specific name of the settlement price output, or the specific name of the trading termination property.

For easy reading, the data source filters are separated out - see Data source bindings below to see the fields for specifying data.

Data source bindings​

Data feeds from an oracle can be used to terminate trading and settle markets. See below for a full description of each field. A data source spec binding looks like this:

{
 // The external data source spec describing the data source of trading termination.
 internal {
  // Internal data source used for emitting timestamps.
  time: {
   // Conditions that the timestamps should meet in order to be considered.
   conditions: [
    {
     // Type of comparison to make on the value. (string)
     operator: "OPERATOR_GREATER_THAN_OR_EQUAL",
     // Value to be compared with by the operator. (string)
     value: "1648684800",
    }
   ]
  }
 }

Data source bindings include the following properties:

FieldDescriptionExample
pubKeysPublic key(s) that can sign and submit values for this data source0xfCEAdAFab14d46e20144F48824d0C09B1a03F2BC
filtersFilters define what data is of importance for the purposes of the type of governance proposal
keyDefines the specific type of information the data source provides that is relevant to the proposed market. Example: If a data source provides a list of prices for various markets, focus only on the specific relevant price for the market
nameSpecific name of the information that the filter provides.prices.ETH.value
typeSpecifies the data type that is emitted. For example, for the prices.ETH.value, the type is an integer, as it is output as a non-fractional numberTYPE_INTEGER
numberDecimalPlacesOptional field to specify the precision in which numerical data is emitted. Use when data is numerical18
conditionsA filter for the data. The conditions that need to be matched by the data to be considered. This is an optional set of fields. For example you could use an operator and a value to denote that a price should be greater than zero
operatorThis adds a constraint to the value, such as LESS_THAN, GREATER_THAN. For example if you wanted to ensure that the price would always be above zero, you would set the operator to ‘GREATER_THAN’ and the Value to be ‘0’GREATER_THAN
valueA number that is constrained by the operator. If providing a timestamp, use the Unix time in seconds0
sourceChainIdDescribes the chain ID of the data source. This chain must already be enabled in network parameters and supported by validators.
Submitting data

Learn how to find and submit data in the submitting data sources tutorial.

Submitting a verified settlement price​

If you want the community to vote on the verified price used to settle the market:

  • Supply your own Vega public key as the oracle signer under pubkeys
  • Set the conditions to OPERATOR_GREATER_THAN 0 and OPERATOR_LESS_THAN 0 so no price will be accepted

After the market has terminated, update the price by:

  1. Submitting an update market proposal with the verified price
  2. Sending the settlement transaction.

Liquidity monitoring​

The liquidity monitoring settings detect when the market's liquidity drops below the ideal level. See below for more details on each field.

{
 // Specifies parameters related to target stake calculation.
 targetStakeParameters: {
  timeWindow: "3600",
  scalingFactor: "0.05"
 },
}

Liquidity monitoring uses the following properties:

FieldDescriptionExample
targetStakeParametersTarget stake parameters are derived from open interest history over a time window to calculate the maximum open interest.
timeWindowDefines the length of time (in seconds) over which open interest is measured.3600
scalingFactorThe target stake scaling factor scales the estimated required liquidity (based on the market's risk model and current market data) to yield the market's target stake. The scaling factor must be a number greater than zero and finite10

Mark price configuration​

The mark price methodology can be fine-tuned per market. If left blank, the market will default to the last price method. You can read further details about the flexible mark price fields in concepts.

FieldDescriptionExamples
decayWeightControls to what extent observation time impacts the weight in the mark price calculation. 0 implies uniform weights.1
decayPowerControls how quickly the weight assigned to older observations should drop. The higher the value, the more weight is assigned to recent observations.1
cashAmountUsed in calculating the mark price from the order book, in asset decimals. Use the margin amount of the expected typical trade size, at maximum leverage.A well-known highly liquid exchange uses 200 USDT on their most popular market. If you expect your market will be equally liquid, use the equivalent amount in the market's settlement asset. If you think it's likely to be 10x less liquid, use 10x less.
sourceWeightsDetermines how much weight goes to each composite price component. The order of sources used is as follows: price by trades, price by book, oracle_1, ... oracle_n, median price. 0 means the input is always ignored.0.5, 0.5, 0 uses an average of trades as defined via the TWAP and decay, and book as defined by the cash amount.
sourceStalenessToleranceHow long a price source is considered valid. This uses one entry for each data source, such that the first is for the trade-based mark price, the second is for the order book-based price, and the third is for the first oracle, followed by any other data source staleness tolerance.1m0s
compositePriceTypeWeighted, median or last trade.Weighted: Composite price is calculated as a weighted average of the underlying mark prices. Median: Composite price is calculated as a median of the underlying mark prices. Last trade: Composite price is calculated as the last trade price.
"markPriceConfiguration": {
          "decayWeight": "1",
          "decayPower": "1",
          "cashAmount": "2000000",
          "sourceWeights": [
            "0.5",
            "0.5",
            "0"
          ],
          "sourceStalenessTolerance": [
            "1m0s",
            "1m0s",
            "1m0s"
          ],
          "compositePriceType": "COMPOSITE_PRICE_TYPE_WEIGHTED",

Price monitoring​

Price monitoring parameters are optional, and configure the acceptable price movement bounds for price monitoring. See below for more details on each field.

{
 // PriceMonitoringTrigger holds together price projection horizon τ, probability level p, and auction extension duration
 triggers: [
  {
   // Price monitoring projection horizon τ in seconds. (int64 as string)
   horizon: "43200",
   // Price monitoring probability level p. (string)
   probability: "0.9999999",
  }
 ]
}

Price monitoring uses the following properties:

FieldDescriptionExample
horizonPrice monitoring projection horizon τ in seconds (set as >0)43200
probabilityPrice monitoring probability level p (set as >0 and <1)0.9999999
auctionExtensionPrice monitoring auction extension duration (in seconds) should the price breach its theoretical level over the specified horizon at the specified probability level (set as >0)600

You can use a maximum of 5 sets of price monitoring parameters for a market.

Risk model​

Choose the individual parameters for the log-normal risk model. You should ensure the risk model parameters represent the dynamics of the underlying instrument, and that the resulting margins strike the right balance between prudence and capital efficiency.

While you cannot define exactly how much margin (or leverage) is possible, you can influence the acceptable levels of market volatility.

Read about the risk models and parameters before choosing your values.

{
 // Tau (number) 
 tau: 0.0001140771161,
 // Risk Aversion Parameter (double as number) 
 riskAversionParameter: "0.001",
 // Risk model parameters for log normal
 params: {
  // Mu param (double as number) 
  mu: 0,
  // R param (double as number) 
  r: 0.016,
  // Sigma param (double as number) 
  sigma: 0.8,
 }
}
The risk model uses the following properties:
FieldDescriptionSuggested value
tauProjection horizon measured as a year fraction used in the expected shortfall calculation to obtain the maintenance margin.

Accepted values: any strictly non-negative real number; suggested value: 0.000114077116130504 - corresponds to one hour expressed as year fraction		0.000114077116130504
riskAversionParameterProbability confidence level used in expected shortfall calculation when obtaining the maintenance margin level. First, the value at risk, defined by confidence lambda is calculated. This is the cash amount that one would need to add to the position to make the probability of the value of the position and cash going negative after time tau to be less than lambda. The margin is then the expected loss of the position given that it incurred a loss bigger than the value at risk.

Accepted values: strictly greater than 0 and strictly smaller than 1		0.00001
param: muAnnualised growth rate of the underlying asset.

Accepted values: any real number		0
param: rAnnualised growth rate of the risk-free asset, it's used for discounting of future cash flows. Use 0.0 unless otherwise required.

Accepted values: any real number		0.0
param: sigmaAnnualised historic volatility of the underlying asset.

Accepted values: any strictly non-negative real number; suggested value: asset dependent, should be derived from the historical time-series of prices.		0.8 (converts to 80%)

Liquidity SLA parameters​

The liquidity parameters set the requirements that liquidity providers on the market must meet in order to avoid being penalised and to earn fee revenue. There is also an option to change how the liquidity fee is determined.

FieldDescriptionSample value
liquiditySlaParametersParameters for minimum requirements and measurements
priceRangeSets the percentage move up and down from the mid price that LPs must be within to count towards their commitment0.1
commitmentMinTimeFractionThe minimum fraction of time that LPs must spend on the book and within the price range0.1
performanceHysteresisEpochsSets the number of epochs over which past performance will continue to affect rewards.10
slaCompetitionFactorSets the maximum fraction of their accrued fees an LP that meets the SLA will lose to liquidity providers that achieved a higher SLA performance than them.0.2
liquidityFeeSettingsOptional setting for how the liquidity fee factor is determined. See liquidity fees for more.METHOD_MARGINAL_COST (default) METHOD_CONSTANT, METHOD_WEIGHTED_AVERAGE
feeConstantFor the fee setting METHOD_CONSTANT, a constant fee factor needs to be provided.0.00005

Liquidation strategy​

Set up the liquidation strategy to minimise the impact of distressed traders on the market. These parameters can balance between minimising the market impact of disposing of distressed positions and not holding a large open volume for a long time.

FieldDescriptionSuggested value
disposalTimeStepInterval, in seconds, at which the network will attempt to close a position it's acquired from distressed traders.30
disposalFractionFraction of the open position the market will try to close in a single attempt. Range 0 through 10.1
fullDisposalSizeSize of the position that the network will try to close in a single attempt1
maxFractionConsumedMaximum fraction of the order book's total volume, within the liquidity bounds, that the network can use to close its position. Range 0 through 10.05

Submitting proposals in a batch​

If you want to submit this proposal as part of a larger batch of proposals, follow this sample structure:

{
    "batchProposalSubmission": {
        "rationale": {
            "title": "High level title",
            "description": "Description of all parts of this batch of proposals"
        },
        "terms": {
            "closingTimestamp": "123",
            "changes": [
                {
                    "enactmentTimestamp": 123,
                    "cancelTransfer": {
                        "changes": {
                            "transferId": "345"
                        }
                    }
                },
                {
                    "enactmentTimestamp": 123,
                    "cancelTransfer": {
                        "changes": {
                            "transferId": "789"
                        }
                    }
                }
            ]
        }
    }
}

Templates and submitting​

In the tabs below you'll see:

  • Annotated example describing what each field is for
  • JSON example that can be submitted with the governance dApp ↗
  • Command line examples for different operating systems that can be submitted with a Vega Wallet app.

Replace the example data with the relevant details before submitting.

{
 rationale: {
  title: "Add Lorem Ipsum market",
  description: "An example proposal to add Lorem Ipsum market"
 },
 terms: {
  newMarket: {
   changes: {
    // Linear slippage factor is used to cap the slippage component of maintenance margin - it is applied to the slippage volume.
    linearSlippageFactor: 0.001,

    // Decimal places used for the new futures market, sets the smallest price increment on the book. (uint64 as string)
    decimalPlaces: "5",

    // Decimal places for order sizes, sets what size the smallest order / position on the futures market can be. (int64 as string)
    positionDecimalPlaces: "5",

    // Instrument configuration
    instrument: {
     // Instrument name.
     name: "Oranges Daily",

     // Instrument code, human-readable shortcode used to describe the instrument.
     code: "ORANGES.24h",

     // Future product configuration
     future: {
      // Asset ID for the product's settlement asset. (string)
      settlementAsset: "8b52d4a3a4b0ffe733cddbc2b67be273816cfeb6ca4c8b339bac03ffba08e4e4",

      // Product quote name. (string)
      quoteName: "tEuro",

      // Data source spec describing the data source for settlement. (object)
      dataSourceSpecForSettlementData: {
       // DataSourceDefinitionExternal is the top level object used for all external 
       // data sources. It contains one of any of the defined `SourceType` variants. 
       external: {
        // Contains the data specification that is received from Ethereum sources.
        ethOracle: {
         // The ID of the EVM based chain which is to be used to source the oracle data. (uint64 as string)
         // The ID of the EVM based chain which is to be used to source the oracle data. 
         sourceChainId: "1",

         // Ethereum address of the contract to call.
         address: "0x1b44F3514812d835EB1BDB0acB33d3fA3351Ee43",

         // The ABI of that contract.
         abi: "[{" inputs ":[]," name ":" latestRoundData "," outputs ":[{" internalType ":" int256 "," name ":" "," type ":" int256 "}]," stateMutability ":" view "," type ":" function "}]",

         // Name of the method on the contract to call.
         method: "latestRoundData",


         /* Normalisers are used to convert the data returned from the contract method
          * into a standard format. The key of the map is the name of the property,
          * which identifies the specific piece of data to other parts of the data
          * sourcing framework, for example filters. The value is a JSONPath expression
          * for expressing where in the contract call result the required data is
          * located, for example $[0] indicates the first result. $[1].price would look
          * in the second result returned from the contract for a structure with a key
          * called 'price' and use that if it exists. */
         normalisers: [
          {
           name: "prices.ORANGES.value",
           expression: "$[0]"
          }
         ],

         // Number of confirmations required before the query is considered verified
         requiredConfirmations: 3,

         // Conditions for determining when to call the contract method.
         trigger: {
          /* Trigger for an Ethereum call based on the Ethereum block timestamp. Can be
           * one-off or repeating. */
          timeTrigger: {
           /* Repeat the call every n seconds after the initial call. If no time for
            * initial call was specified, begin repeating immediately. */
           every: 30
          }
         },

         // Filters the data returned from the contract method
         filters: [
          {
           key: {
            name: "prices.ORANGES.value",
            type: "TYPE_INTEGER",
            numberDecimalPlaces: 8
           },
           conditions: [
            {
             operator: "OPERATOR_GREATER_THAN_OR_EQUAL",
             value: "0"
            }
           ]
          }
         ]
        }
       }
      },

      // The external data source spec describing the data source of trading termination. (object)
      dataSourceSpecForTradingTermination: {
       // The external data source spec describing the data source of trading termination.
       internal {
        // Internal data source used for emitting timestamps.
        time: {
         // Conditions that the timestamps should meet in order to be considered.
         conditions: [
          {
           // Type of comparison to make on the value. (string)
           operator: "OPERATOR_GREATER_THAN_OR_EQUAL",

           // Value to be compared with by the operator. (string)
           value: "1648684800",
          }
         ]
        }
       },

       // DataSourceSpecToFutureBinding describes which property of the data source data is to be
       used as settlement data and which to use as the trading terminated trigger(object) dataSourceSpecBinding: {
        // Name of the property in the source data that should be used as settlement data.
        // If it is set to "prices.BTC.value", then the Future will use the value of
        // this property as settlement data. (string)
        settlementDataProperty: "prices.ORANGES.value",

        // Name of the property in the data source data that signals termination of trading. (string)
        tradingTerminationProperty: "vegaprotocol.builtin.timestamp"
       }
      },

      // Optional new futures market metadata, tags.
      metadata: [
       "enactment:2024-03-11T17:17:04Z",
       "settlement:2024-03-10T17:17:04Z",
       "source:docs.vega.xyz"
      ],

      // PriceMonitoringParameters contains a collection of triggers to be used for a given market
      priceMonitoringParameters: {
       // PriceMonitoringTrigger holds together price projection horizon τ, probability level p, and auction extension duration
       triggers: [
        {
         // Price monitoring projection horizon τ in seconds. (int64 as string)
         horizon: "43200",

         // Price monitoring probability level p. (string)
         probability: "0.9999999",
        }
       ]
      },

      // Risk model for log normal
      logNormal: {
       // Tau parameter of the risk model, projection horizon measured as a year fraction used in the expected shortfall
       calculation to obtain the maintenance margin,
       must be a strictly non - negative real number.(number) tau: 0.0001140771161,

       // Risk Aversion Parameter. (double as number)
       riskAversionParameter: "0.00001",

       // Risk model parameters for log normal
       params: {
        // Mu parameter, annualised growth rate of the underlying asset. (double as number)
        mu: 0,

        // R parameter, annualised growth rate of the risk-free asset, used for discounting of future cash flows, can be any real number. (double as number)
        r: 0.016,

        // Sigma parameter, annualised volatility of the underlying asset, must be a strictly non-negative real number. (double as number)
        sigma: 0.15,
       }
      },

      // Liquidity SLA parameters
      liquiditySlaParameters: {
       // (string)
       priceRange: 0.1,

       // Specifies the minimum fraction of time LPs must spend "on the book" providing their committed liquidity. (string)
       commitmentMinTimeFraction: "0.1",

       // Specifies the number of liquidity epochs over which past performance will continue to affect rewards. (uint64 as string)
       performanceHysteresisEpochs: "10",

       // Specifies the maximum fraction of their accrued fees an LP that meets the SLA implied by market.liquidity.commitmentMinTimeFraction will lose to liquidity providers
       // that achieved a higher SLA performance than them. (string)
       slaCompetitionFactor: "0.2",
      },

      // Liquidation strategy for this market.
      liquidationStrategy: {
       // Interval, in seconds, at which the network will attempt to close its position. (int64 as string)
       disposalTimeStep: 500,

       // Fraction of the open position the market will try to close in a single attempt; range 0 through 1. (string)
       disposalFraction: "1",

       // Size of the position that the network will try to close in a single attempt. (uint64 as string)
       fullDisposalSize: "18446744073709551615",

       // Max fraction of the total volume of the orderbook, within liquidity bounds, that the network can use to close its position; range 0 through 1. (string)
       maxFractionConsumed: "1",
      },

      // Specifies how the liquidity fee for the market will be calculated.
      liquidityFeeSettings: {
       // Method used to calculate the market's liquidity fee.
       method: "METHOD_CONSTANT",

       // Constant liquidity fee used when using the constant fee method. (string)
       feeConstant: "0.00005",
      },

      // Liquidity monitoring parameters.
      liquidityMonitoringParameters: {
       // Specifies parameters related to target stake calculation.
       targetStakeParameters: {
        timeWindow: "3600",
        scalingFactor: "0.05"
       },
      },

      // Mark price configuration.
      markPriceConfiguration: {
       // Decay weight used for calculation of mark price.
       decayWeight: "1",

       // Decay power used for the calculation of mark price. (string)
       decayPower: "1",

       // Cash amount, in asset decimals, used for the calculation of the mark price from the order book. (string)
       cashAmount: "5000000",

       // Weights for each composite price data source. (array)
       sourceWeights: undefined,

       // For how long a price source is considered valid. One entry for each data source
       // such that the first is for the trade based mark price, the second is for the book based price
       // the third is for the first oracle, followed by more oracle data source staleness tolerance. (array)
       sourceStalenessTolerance: [
        "1m0s",
        "1m0s",
        "1m0s"
       ],

       // Which method is used for the calculation of the composite price for the market. (string)
       compositePriceType: "COMPOSITE_PRICE_TYPE_WEIGHTED",

       // Additional price sources to be used for internal composite price calculation. (array)
       dataSourcesSpec: [],

       // List of each price source and its corresponding binding (array)
       dataSourcesSpecBinding: []
      }
     },

     // Timestamp as Unix time in seconds when voting closes for this proposal,
     // constrained by `minClose` and `maxClose` network parameters. (int64 as string)
     closingTimestamp: 1710091024,

     // Timestamp as Unix time in seconds when proposal gets enacted if passed,
     // constrained by `minEnact` and `maxEnact` network parameters. (int64 as string)
     enactmentTimestamp: 1710177424,
    }
   }

Voting​

All proposals are voted on by the community.

Building support is down to you. Share your proposal in the Governance section ↗ on the Vega community forum. You may also wish to share on Discord ↗.

A vote can be submitted with a transaction on the command line, or by using the governance dApp.

To vote, community members need, at a minimum, the larger of 🔗1 token, or 🔗1 token associated with their Vega key.

Your proposal will need participation of 🔗1% and a majority of 🔗66%, so having community support is essential.

Proposers who invite feedback, engage with comments, and make revisions to meet the needs of the community are more likely to be successful.

Learn more about voting on the governance concepts page.

Enactment​

If successful, the proposal will be enacted at the time you specify in the enactmentTimestamp field, or as soon as the opening auction has successfully concluded, whichever is later.