MULTI/DEX on the Internet Computer is operating smoothly as rising ICP prices trigger short liquidations, according to Dominic Williams, founder of DFINITY.
Williams said 5% penalties from liquidated positions are being directed to the platform’s Insurance Fund, allowing liquidity providers (LPs) to earn yield from the fund.
Screenshots shared from multidx.ai show ICP/ICPUSD perpetuals trading at $3.05, up 13.7%. The liquidation heat map indicates around $6.5 million in leveraged notional at risk, while the Insurance Fund is shown with a $431,000 buffer and no uncovered bad debt or netted liquidations.
MULTI/DEX uses peer-to-peer settlement rather than relying on a traditional order book. This approach is intended to allow trades to settle directly between participants without affecting the order book.
The platform is now preparing for major upgrades as it moves towards production on the Internet Computer. Williams said further development is planned ahead of the production phase, although the update did not provide a specific launch date or details of the upcoming upgrades.
The figures shown on the platform reflect conditions at the time of the screenshots and can change as market prices, leverage and liquidation activity move.
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