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Perennial V2 has been designed to be as modular as possible, allowing for horizontal scaling to many markets, oracles & vaults.

Ownership Hierarchy

In terms of structure, the protocol owns three factories covering Markets, Oracles & Vaults. The protocol owner can use these factories to spawn new markets, exotic oracles & vaults to direct liquidity. Additionally, the protocol owns the Multi Invoker (an Operator contract for the UI)
A hierarchical ownership tree for the perennial protocol.

Standard Market Flow w/ MultiInvoker

When a user interacts with a market using the MultiInvoker they are able to bundle a number of steps required to modify their position.
A user takes a 1 unit position in a market.

Standard Vault flow w/ MultiInvoker

When a user interacts with a Vault they generally follow this flow to adjust the vault balances between markets.