Qilin August 2022 Recap

3 min readSep 13, 2022


In this post, we will introduce the mixed-currency pool(v2.1) and the current progress of the Qilin team along with showing trading data of Qilin Protocol.



Qilin v2.1 is a new mixed currency pool trading mode designed by our development team, which mainly solves the problem of sharing liquidity between trading pairs, and can support trading without liquidity providers.

There are two modes in Qilin v2.1: Omni-Liquidity Mode and Self-Liquidity Mode. The trading modes and PnL calculation methods of the two are different, but positions can be migrated between the two modes.

The following is a detailed description of these two modes.

Omni-Liquidity Mode

In this mode, multiple trading pairs can share a liquidity pool, and the tokens of the trading pairs can be different from the pool token.

Meanwhile, the system can split the risk of liquidity providers through the token isolation mechanism. Liquidity providers will only earn trade fees, and their assets will not fluctuate due to profits or losses of traders. The traders’ profit and loss are mainly provided by the depth of external trading pairs.

Self-Liquidity Mode

In this mode, there are no liquidity providers, and the long and short positions are counterparts to each other, so the trading needs of traders can be met in the absence of liquidity.

The general trading principle is that the predicted position in the right direction will earn the tokens of the position predicted in the wrong direction, but if there is no counterparty, the position will not generate profit or from price fluctuations.

You can find more information about Self-Liquidity Mode here:



  • At present, we have completed the discussion of the trading mechanism and token mechanism of Omni-Liquidity Mode and Self-Liquidity Mode, and designed a new set of mathematical models
  • Development of smart contracts has been completed
  • Back-end and front-end development: the current vision has been confirmed, which is in progress
  • The testing plan of Omni-Liquidity Mode has been sorted out



  • Since we have independently designed a new dual-currency pool derivatives trading model, the verification of the model is still in progress
  • The initial version of the contract has been developed and is being verified with the mathematical model
  • We will continue to optimize the model based on the feedback from validation and testing

Other Developments

Data micro-server refactoring

In order to better support the subsequent versions of Qilin, our development team has made generalizations and transformations to the existing back-end service framework.

  1. Abstract the existing services into a common back-end service framework to better support new businesses in future
  2. Standard containerized deployment of all services and management
  3. Abstract the price service into a microservice group to provide general support

Sub-graph refactoring

We have made a series of optimizations to the subgraph of Qilin v2.0, and completely canceled the middleware. All front-end data is directly provided by subgraphs.





Decentralized risk-optimizing protocol for derivatives trading.