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MEEM Perpetual Futures

The MEEM Perp is a perpetual futures contract based on an index composed of 5 meme tokens: DOGE, PEPE, FLOKI, SHIB, and ETH. Each token in the index is equally weighted, with a weight of 20%.

Construction​

The closing prices of each token on 07/02/2024 were recorded as the mark prices. The index price is calculated using the following formula:

    MEEM Index Price = 0.2 * (Current DOGE Price / DOGE Mark Price) + 0.2 * (Current SHIB Price / SHIB Mark Price) + 0.2 * (Current PEPE Price / PEPE Mark Price) + 0.2 * (Current FLOKI Price / FLOKI Mark Price) + 0.2 * (Current ETH Price / ETH Mark Price)

Architecture​

MEEM Architecture
  • The MEEM Index is powered by Chainlink low latency data stream feeds.
  • Cryptex bots fetch prices from multiple Chainlink data stream feeds every second.
  • Prices are then aggregated into a single price using the above formula.
  • Prices are checked for outliers and written to a database if the checks pass.
  • The data is signed by a EOA owned by Cryptex before writing to database.
  • The Perennial bots request feed data and then write the prices onchain.