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Product Forms & Roadmap

Catswap ships in capability stages, each built on the proven stability of the previous one:

Phase 1: Spot + Leverage​

  • Spot swap — direct in-pool exchange, with fees that adapt to market state (higher volatility and deviation mean higher fees — abnormal trading pays for liquidity).
  • Spot margin — leverage obtained through in-pool borrowing; spot depth is leverage depth.

Phase 2: Perpetuals (Perp)​

On top of margin accounting, the protocol offers a perpetual contract form: funding rates anchor to the spot price, and liquidation and valuation reuse the same in-pool EMA benchmark. Perps use the same margin as spot — no need to move funds between products.

Later: Options and More Asset Classes​

The margin and pricing infrastructure for options (volatility data, portfolio risk) builds on the maturity of spot + leverage + perps, and is delivered incrementally per the shared-pool principle — new capabilities are new accounting and new instructions; existing structure is untouched.

For the RWA (real-world asset) direction, the protocol reserves the pool-level permissioned capabilities (issuer allowlists) and trading-session mechanisms needed for compliance — so regulated assets can also find liquidity in the same protocol.