BSC Project Talk #DeFi: Deri Protocol
Host Cindy:
I’m Cindy, the host of the BSC Project Talk #DeFi tonight.
0xAlpha:
Hello, everyone, I am 0xAlpha, the Co-founder and CEO of Deri Protocol. Glad to be here.
Our project is Deri Protocol, in which DERI is short for derivative. We like to describe Deri with a “formula”.
Deri Protocol = (Perpetual Futures + Everlasting Options) x Decentralized.
Recently we are honored to be one of the MVB III August Monthly Star and thrilled to join BSC 1$ Billion growth funds among the first pilots. To celebrate this, Deri has announced a “Trade to Earn” to encourage traders to trade Perpetual Futures and Everlasting Options on #BSC,Total Rewards: $ 1,000,000 in DERI
Time: 10:00 AM, October 13th to 09:59:59 AM, November 10th UTC
Event page: https://app.deri.finance/#/trade-to-earn
You can find the latest information about the trade to earn on Twitter “https://twitter.com/DeriProtocol” Check details here: https://twitter.com/DeriProtocol/status/1448227007788208131
Welcome to join the party!
Telegram https://t.me/DeriProtocol
First, Let’s start with key features of our first everlasting options, which just go live at Sep 1.
Compared to the classic option in both DeFi and CeFi, the most important feature of Deri’s everlasting options is when you trade everlasting options, there is no need to roll. This is not the case when you trade classic options. If you want to keep your position across the expiration, you always need to roll before it expired. For everlasting options, because it is everlasting, you don’t need to roll it as long as you paid the funding fee to maintain your position.
And because of the same reason, the expiration dimension-based options are removed, all the different dimensions are consolidated into a single one, consequently, no liquidity fragmentation for that.
Deri Everlasting Options is the first everlasting options, not just the first in DeFi world, it’s the very first everlasting options in the whole financial world, including traditional finance. Even this is the very new one, we believe there is huge market potential, we launched this on September first, and the total trading volume has surpassed 1 billion today.
Here is a very simple comparison of the everlasting options provided by Deri Protocol, and some other Defi projects, feel free to check. https://twitter.com/DeriProtocol/status/1438442513501671435
For the perpetual futures, we divide it into three zones, that is main zone, the Inno zone and the open zone.
The first one is the main zone, which is to trade perpetual futures of the top, mainstream cryptocurrencies like BTC, ETH, and BNB.
It supports several kinds of base token, currently, it has already supported BUSD, BNB, and CAKE. In the future it’s going to support more, you can choose any one of themto either deposit as margin to do your trading, or deposit to provide liquidity.
With all these features consolidated, Deri’s perpetual futures actually achieve extreme capital efficiency, capital efficiency that is even better than most of the centralized exchanges of derivatives. https://twitter.com/DeriProtocol/status/1404455214153883652
Also, we have this so-called Inno zone, the Inno zone is a space to experiment new trading symbols, basically, it is to track all hot spots which are currently hot on the spot market space, AGLD, MBOX, AXS, and so on and on.
Besides the main zone and Inno Zone, we also have the open zone, which is our permissionless market. Just like Pancake for spot trading, where you can add and define your own trading pairs, on Deri protocol’s open zone, you can launch your own trading pool to trade whatever trading symbols as long as there is an oracle supporting the price feed.
If you want to explore more information about Deri, please follow our social media, and stay tuned!
Twitter: https://twitter.com/DeriProtocol
Telegram: https://t.me/DeriProtocol
Website: https://deri.finance/
medium: https://deri-protocol.medium.com/
Host Cindy:
Thank you for sharing. I think some guys get many inf via Deri Protocol’s sharing. Next part will be the questioning part.
Before the start of the BSC Project Talk #DeFi, we have collected a wide range of questions on Twitter/Discord. For some questions submitted by some community members, let’s invite 0xAlpha to answer .
Q1. What is the missing engine in the derivatives market?
0xAlpha:
I think the engine (e.g. Deri Protocol) is ready:)
It just takes a little bit of time for people to switch to the DeFi solution for derivative trading. There are several factors to accelerate that process. Regulation is one of them. But more importantly I think DeFi derivative products do need to offer something better than the centralized exchanges do. And this is the thing that has kept us busy.
Since V2, Deri protocol has achieved a capital efficiency superior to that of centralized derivative exchanges. And we are further improving it! We have already kicked off the development of Deri V3, which will bring unprecedented capital efficiency to the DeFi derivative trading. Please stay tuned.
Host Cindy:
Q2. What do you think Deri can break through in all kinds of derivatives dexes?
0xAlpha:
While there are many on-going projects in this sector, only a few of them are currently in a (correctly) functional status
First of all, there are really two kinds of derivative DEXes: the half-decentralized and the completely decentralized. The former includes dydx. And the latter includes Deri Protocol and some others. In the long run I think the latter would be the more dominant approach.
Among all the completely decentralized derivative solutions, we are one of the very few with a workable model and a mature implementation. If you try it out you will know what I am talking about. We are also the only one with both futures and options. Futures+Options, that is a complete set of derivatives.
Host Cindy:
Q3: Compared with other decentralized option exchanges, the use of NFT leads Deri to become special. Can you share with us in detail about the use and ideas of this part?
0xAlpha:
Deri is special not just because of the adoption of NFT.
It is the first-ever Everlasting Options not just in the DeFi world but in the whole financial world.
Within the sector of DeFi options (both classic and everlasting options), Deri might be the only practically functional product for the time being. Just go ahead and experience the option trading of Deri protocol and compare it with other solutions and you will agree with me.
As for the use of NFT, it is a special feature indeed. This is one of the properties that make Deri highly composable with other DeFi projects, because other DeFi projects can hold option positions by holding the NFT token of position. Imagine some DeFi app needs to hold an everlasting call option of BTC as part of its portfolio, an NFT of the option position can be held in the smart contract of the Dapp. Then everything is super convenient.
Host Cindy:
Q4. I noticed that there is no slippage when trading in Deri. How can this be perfectly avoided through the mechanism?
0xAlpha:
Because we are not adopting the orderbook trading paradigm. The Deri AMM of perpetual futures uses the oracle price as the trading price.
Host Cindy:
Q5. At present, Deri’s everlasting options code is open source, and there is the possibility of being Fork and integration. How does Deri consider this
0xAlpha:
Open source is the spirit of Crypto and DeFi! I am not too worried about being forked. It won’t be easy for forked projects to make it, especially for advanced projects like Deri. Option belongs to the advanced part of finance. To implement options (or to understand the implementation), one needs to be good at math, computer science and finance, simultaneously! That’s a pretty high bar.
For example, the whitepaper of Deri Everlasting Options is one of the most hardcore whitepapers in the DeFi world. Another whitepaper similar to ours in terms of hardcoreness is Curve’s. I am not aware of many successful forks of Curve. This is not like the uniswap-like CPMM, which could be easily understood and copied.
Host Cindy:
Thank you for sharing.
BSC Project Talk #DeFi is finish now. Thank you again for your time and listening, we will see you in the next issue.
