To assist advertisers in setting floating premiums effectively and to mitigate risks linked to market volatility, ETZ has upgraded the major spot exchanges. We now utilize more reliable data sources as the pricing benchmark.

The new Market Reference Price integrates real-time market data from multiple major spot exchanges. It forms a comprehensive price index based on a volume-weighted average across these platforms.

We have established a multi-layered protection system to ensure the reference price is not affected by market anomalies or technical faults at individual exchanges:

Deviation Safeguards (Single Data Source)

If the real-time price from a specific exchange deviates from the median price of all data sources by more than 3%, the system automatically caps the deviation at 103% or 97% of the median (depending on the direction of the deviation).

Example:
- Assume the BTC/USDC median price is 20,000 USDC.
- If an exchange quote deviates by +7%, the system uses 20,600 USDC (capped at +3%).
- If an exchange quote deviates by -6%, the system uses 19,400 USDC (capped at -3%).
- Once the exchange's price returns to within the ±3% range of the median, its actual quoted price is used again.
Note: The deviation tolerance for core assets (such as BTC and ETH) is stricter, set at 1%; the 3% standard does not apply to these assets.

Exchange Connectivity Monitoring

If an exchange's data interface fails to update for 5 consecutive minutes or experiences connectivity issues, its weight in the price index calculation automatically drops to zero.

Last Price Protection Mechanism

When the system detects continuous abnormalities in price index data sources, the Last Price Protection Mechanism is triggered. Within a limited fluctuation range, the contract's Last Traded Price is used as the benchmark for the Mark Price. This provides a temporary reference for unrealized PnL and liquidation assessments, effectively preventing erroneous liquidations caused by abnormal market volatility.

Supplementary Notes

Cross-Pair Pricing: For trading pairs without direct quotes (e.g., LINK/USDT), the system calculates the cross-exchange rate using associated pairs, such as LINK/BTC and BTC/USDT.
Index Adjustment Rights: ETZ reserves the right to optimize the composition and calculation method of the price index at any time based on market conditions.

Ad Price Calculation Formula:

$$Transaction Price = Market Reference Price \times Exchange Rate \times Floating Ratio$$

Market Reference Price Strategy for C2C Ads

Market Reference Price Strategy for C2C Ads