Pika Protocol

PIKA Price

About Pika Protocol (PIKA)

Pika Protocol is a decentralized perpetuals swap exchange built on the Optimism Layer 2 network.

• Supports trading of cryptocurrency and forex assets with up to 200x leverage.
• Designed for low fees and minimal slippage by utilizing Ethereum scaling technology.
• The protocol is currently in a retirement phase following a community decision to wind down the PIKA token.

What Is Pika Protocol

Pika Protocol is a decentralized exchange (DEX) specializing in perpetual swaps, which are derivative contracts that allow traders to speculate on asset prices without an expiration date. It operates on the Optimism network, a Layer 2 scaling solution for Ethereum, to provide a trading experience that mimics centralized exchanges while maintaining decentralization.

The protocol enables users to trade a variety of assets, including major cryptocurrencies and foreign exchange (forex) pairs. Value in the system is managed through a liquidity provider model where users can deposit assets to earn a portion of the protocol service fees. However, as of late 2023, the project announced a plan to retire the PIKA token, allowing holders to redeem their tokens for remaining treasury funds.

What Makes Pika Protocol Unique

• High Leverage Capabilities: Traders can access up to 200x leverage on select pairs, which is significantly higher than many other decentralized derivative platforms.
• Diverse Asset Support: Unlike many DEXs that focus solely on crypto-assets, Pika includes forex pairs, broadening the scope for decentralized finance (DeFi) participants.
• Optimism Integration: By building on Optimism, the protocol offers near-instant transaction finality and significantly lower costs compared to Ethereum's main network.
• User-Centric Design: The platform allows for direct trading from a user's wallet, removing the need for intermediary deposits or account creation.

What Can You Use Pika Protocol for?

• Leveraged Trading: Users can open long or short positions on various crypto and forex markets to hedge risk or speculate on price movements.
• Liquidity Provision: Participants can add liquidity to the protocol's vaults to support trading activity and receive a share of the generated revenue.
• Token Redemption: Current holders of the PIKA token can use the official redemption mechanism to exchange their holdings for a share of the protocol's remaining treasury.

How Does Pika Protocol Work?

Pika Protocol operates using a liquidity-backed model that allows for deep liquidity and low slippage. It uses an oracle-based pricing system, integrating with providers like Chainlink and Pyth to ensure accurate and real-time market data.

When a trade is executed, the protocol calculates the required margin and applies protocol service fees. These fees are used to compensate liquidity providers and maintain the platform's infrastructure. Because it is built on a Layer 2 network, the underlying computation happens off-chain before being batched and settled on the Ethereum mainnet, which reduces congestion and costs.

Team Info and Investors

The development of Pika Protocol was led by a team focused on decentralized derivatives. While specific individual founder names are not extensively detailed in public documentation, the project has established partnerships with key ecosystem players including Optimism, Chainlink, and The Graph. The protocol was initially backed by funds raised during its token generation event (TGE), which are now being returned to token holders as part of the project's retirement strategy.

Where can you buy Pika Protocol?

PIKA tokens can be traded on decentralized exchanges. The most popular exchange to buy and trade Pika Protocol is Uniswap V3 (Optimism), where the most active trading pair PIKA/WETH has a trading volume of $6.50 in the last 24 hours.

What is the daily trading volume of Pika Protocol (PIKA)?

The trading volume of Pika Protocol (PIKA) is $6.47 in the last 24 hours, representing a 0.00% increase from one day ago and signalling a recent rise in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.

What is the highest and lowest price for Pika Protocol (PIKA)?

Pika Protocol (PIKA) reached an all-time high of $1.26 and an all-time low of $0.003426. It’s now trading -65.30% below that peak and 12,653.10% above its lowest price.

What is the market cap of Pika Protocol (PIKA)?

Market capitalization of Pika Protocol (PIKA) is $8,300,382 and is ranked #- on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of PIKA tokens (19 Million tokens are tradable on the market today).

What is the fully diluted valuation of Pika Protocol (PIKA)?

The fully diluted valuation (FDV) of Pika Protocol (PIKA) is $43,686,221. This is a statistical representation of the maximum market cap, assuming the maximum number of 100 Million PIKA tokens are in circulation today. Depending on how the emission schedule of PIKA tokens are designed, it might take multiple years before FDV is realized.

How does the price performance of Pika Protocol compare against its peers?

With a price increase of 0.00% in the last 7 days, Pika Protocol (PIKA) is underperforming the global cryptocurrency market which is up 3.90%, while underperforming when compared to similar Decentralized Finance (DeFi) cryptocurrencies which are up 9.40%.