Phezzan Protocol AMM style Testnet Litepaper

Note: This litepaper is outdated. The Phezzan team will release another litepaper alongside our orderbook style testnet launch. Phezzan Protocol is an orderbook perpetual DEX with Permissionless LP on zkSync 2.0. Phezzan testnet has been live on zkSync 2.0 testnet since August 2022.
The mission of Phezzan is to Democratize Perpetual Trading for All.
Derivatives trading constitutes a significant part of financial markets. Currently over 70% of crypto trading volume comes from perpetuals trading. Perpetual DEXs currently have less than 1% of that market share. In 5 years, with the development of NFT/SocialFi/GameFi, users' assets will be on-chain and trading on DEXs will be more convenient compared to trading on CEXs.
Retail investors have only 0.5% - 1% of the trading volume on perpetual DEXs. That's simply because perpetual DEXs are not fast enough, cheap enough, and badly designed. Phezzan will be fast, will have super cheap gas fees, and will be a protocol build for retail investors.