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Frequently asked questions about JOJO
There are two types of collaterals in JOJO: USDC and JUSD
USDC is a US dollar hard-pegged stablecoin, issued by Circle and Coinbase, while JUSD is a stablecoin developed by JOJO system to support multi-collateralization. This features allows users to use other non-stable coin assets (BTC, ETH, etc.) as margin for trading. JUSD works like DAI and users can mint JUSD by staking other ERC20 tokens as collateral. Both can be used as collateral for loans on JOJO.
JOJO is a USDⓈ-Margined Futures trading platform where all trades are settled in USDC. USDC is used as collateral for opening positions. For example, a user's initial margin is the minimum amount of collateral required to open a position on JOJO.
Here at JOJO, we are now offering up to 10x for certain perpetual contracts.
This means that you can potentially increase your profits by up to 10 times, but it also means that your losses can be amplified as well. It is important to use leverage responsibly and to always have a risk management strategy in place to protect your investments.
The Initial Margin Ratio is indeed calculated as 1/leverage * 100%. As a user increase the leverage, he is effectively reducing the amount of margin required to open a position which means the Initial Margin Ratio will be lower.
JOJO does not charge any deposit fee or withdraw fee for any cryptocurrency, but there will be a transfer fee on the blockchain.
Overall, JOJO aims to provide a seamless and cost-effective user experience, and the absence of deposit and withdrawal fees is just one of the many ways the platform achieves this.
In this article, we’ll cover the topic of funds safety and discuss the pros and cons of perpetual contracts in decentralized platforms and centralized exchanges involved in using JOJO.
When it comes to investment or trading, fund safety, and security are always the primary concerns. At JOJO, we take the security of your funds seriously. Here are four reasons why your funds are safe at JOJO:
1. Partner with Immunefi, Sherlock, and HackenProof for Bug Bounty Programs.
We have partnered with Immunefi, Sherlock, and HackenProof to run bug bounty programs, which will reward people who find and report any security vulnerabilities in our code. This helps to catch potential problems before they can be exploited by malicious actors and ensures that our platform is always secure.
2. JOJO's code is open-sourced and transparent in Gitbook.
Our code is publicly available on our Gitbook page, so you can see exactly what we're doing to keep your funds safe. This transparency ensures that we're always held accountable, and it also helps to build trust with our users.
3. JOJO asset custody
At JOJO, assets are securely custodied on the blockchain. This ensures complete transparency and traceability, helping to protect against fraudulent activity and default risks associated with centralized platforms.
With JOJO, you can confidently know that your funds are safe and secure.
4. JOJO has been approved by Certik and SlowMist.
JOJO's code has been audited by two of the most reputable names in the blockchain security industry: Certik and SlowMist. This ensures that our code is free of vulnerabilities and that your funds are safe from hackers and other malicious actors.
Decentralized perpetual contract platforms have gained traction in the past few years and have emerged as a viable alternative to CEXs. Decentralized platforms offer a host of advantages when compared to CEXs.
- Decentralization: One of the most significant advantages of decentralized perpetual contract platforms is that they operate on a decentralized network. This means that the platform is managed by a network of users, and there is no central authority that can control the platform's operations. At JOJO, users will be able to remain in full control of their funds at all times. There are no central intermediaries that hold your private keys. Users funds are secured by smart contracts at all times when they are trading on JOJO.
- Fairness of Order Books: Decentralized perpetual contract platforms use smart contracts to manage trade rules and validate transactions, providing a level playing field for all market participants. JOJO uses smart contracts that can't be modified by any central authority, which eliminates the risk of manipulation by any single entity. This guarantees a fair and equal market for both buyers and sellers, with no party having an unfair advantage. Smart contracts are also highly efficient, automatically executing trades as soon as the set criteria are met. This means that traders can be confident in the fairness of the transacted prices, and that their orders will be filled accurately.
- Transparency of Asset Custody: Decentralized perpetual contract platforms use the blockchain to keep a transparent record of all transactions, which makes it easy to track assets and ensure that the custody of the assets is transparent. At JOJO, all orders are confirmed on the blockchain, ensuring that every transaction is made visible, tamper-proof, and traceable- making it easy to track a user's funds.
In conclusion, JOJO offers significant advantages over CEXs by providing a fair market and transparent asset custody. By operating with smart contracts that execute orders automatically and recording transactions on the blockchain, traders can be confident in the integrity of their trades and the security of their assets. As the blockchain industry continues to grow, decentralized perpetual contract platforms like JOJO may become the preferred choice for traders looking to reap the benefits of fair and transparent trading.
JOJO's initial Perpetual Account Risk Notifications and Loan Account Risk Notifications alarm was set to 70%. As long as the risk of your Perpetual Account Risk and Loan Account Risk exceeds 70%, the system will send you a warning email every once in a while to remind you to pay attention to changes in risk.
If you wish to adjust the risk warning ratio, click on the upper right corner of the Mainccount - User center - set 'Perpetual Account Risk Notifications' and 'Loan Account Risk Notifications' risk reminder ratio to the preferred proportion.