On March 24th 2022, our community had a chance to welcome Constantin – Derify Core Team Member to join an AMA to deliver fruitful information about the key features and roadmap of the project.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the latest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
🔎 Derify protocol (https://derify.finance/) is a decentralized derivatives trading platform allows you to speculate on asset price.
At this AMA, Derify directly greeted the community and provided detailed information on the project as well as some exciting events that will be held in the near future.
Time: 20:00 PM (UTC+7) | Thursday, March 24th, 2022
Reward Pool: $200 for members with the best questions
PART I: OVERVIEW QUESTIONS
- To kickstart today’s AMA, please introduce briefly about your team and some key features of Derify Protocol.
Derify: Derify is a decentralized derivative DEX protocol that allows you to trade derivatives fairly, safely and cost-effectively.
Derify has no cheating, manipulations or scamming issues like traditional CEXs, we also don’t have Funding Fees, slippage cost or impermanent loss, providing a good experience and performance comparable to the best CEXs.
DeFi investors can participate in Position Mining – an efficient and risk-free yield farming process.
- Next, please share with us the roadmap of Derify Protocol in the coming time.
Derify: On Mar 28, we’ll host our token IDO.
On April 1, we’ll be listed on DEX including Pancakeswap and Apeswap.
In May 2022, we’ll be listed on centralized exchanges
In Q2 2022, we’ll have our official product launch.
- Could you please update some latest news or big events of Derify Protocol in the coming time?
Derify: The biggest news is of course our IDO!
Official IDO start time: Mar 28 12:00 UTC
Official IDO end time: Mar 30 12:00 UTC
You can check the details here https://derify.finance/
Our beta testnet is still live right now, this will help us to make the official product better and safer.
CF: The information you provided is really fruitful. To continue today’s AMA session, please provide more information by responding to some best quesitons submitted by members from Twitter that I have chosen right in this Group.
PART II: PRE-COLLECTED QUESTIONS FROM TWITTER
- From @zheng_h1
Nowadays, there is a bunch of cryptocurrency trading platforms on the market. Can you share some prominent functions of Derify protocol that make users pay more attention when derivatives trading? And what are the advantages of trading options on Derify Protocol?
Derify: There are 2 main innovative parts unique.
- hAMM system which is different from Dydx, Perp or other existing derivative DEX. It allows Derify to have a competitive edge than other DEX, it’s safer and more stable.
- Position Mining, where you can open a position, hold it, then receive mining rewards. According to testing, the mining APY can be as high as 1000%.
In general, Derify’s user experience is more friendly to low-frequency traders and novice users than similar projects. Holding positions will no longer suffer Funding Fee loss but also farming yields for you. In addition, Derify is a true decentralized project, ALL project profits are shared by token holders.
- From @yahhabibii88
I would like to know, does Derify protocol have other DeFi features (like NFT, farm produce or staking) and how different are they? Do you have a buyback system & a Token burn plan to increase Token value as added value to attract investors to your project?
Derify: Yes, we have farm, staking and burn.
You can do Position Mining and farm yield.
You can stake your DRF token, so you receive eDRF, our vote token and use them to vote for governance decisions.
We have token buyback, ALL profits earned by the project will be used for buyback, then those tokens will be burned.
- From @Alley19399335x
Audit is regarded as an important step to guarantee a project’s trust and security. Have you done any audit of “Derify Protocol”? Can you tell us about your team qualifications and their experience? After token IDO, what is the long-term benefit for $DRF holders?
Derify: Here’s our official audit report.
Derify team consists of experienced quantitative-traders, blockchain engineers and professional service providers.
Our team has been providing quantitative trading and market making service for almost 5 years. We are top market maker for exchanges including Binance, Huobi, Okex, Mxc, providing liquidity for different cryptos and managing thousands of bitcoins. The team has profound knowledge of crypto derivatives and trading.
After IDO, DRF holders use that to participate in governance, share all the profits of the project or just wait for its price to go up.
- From @Sifat239
There are two things that interest me and intrigue me about a project, the first is “team expansion”. The second is the“marketing strategy and adoption plan”. Can you give us more details on these two aspects? In which work areas do you plan to expand?
Derify: Derify is a decentralized project, so the team don’t have to be super big, the Derify team will recruit more smart contract experts and mathematicians to improve the core smart contracts and algorithm.
Most of the marketing and promotion will be done by Brokers, anyone can be our Broker, they will help the market adoption of Derify exchange and earn trading fee discounts + sharing trading fees.
Our trading fees is the lowest among DEXs and Broker reward is the highest among DEXs.
- From @Don_88888
When you say that DerifyProtocol is the bridge between traditional and decentralized finance. What do you merge both of those features? People here in the crypto world are tired of traditional finance. How do you implement a creative idea to attract users to this type of bridge?
Derify: Maybe many people are tired of traditional finance, traditional exchanges, but they still a big part of our real life and crypto space. Derify is a complementary part to the traditional finance, it’s more like the web 3.0 version of exchanges, we are a step further than all other DEXs, but we are mere pioneers of web 3.0 new world. So I hope the people who are interested in the innovation will join our journey.
CF: That’s the end of Part 2, I believe all of the members here have gathered enough useful information, also they have many questions to exchange with you today.
In this free-asking part, all members will have 2 minutes to make questions today. Feel free to ask and he will explain gradually in his answers.
PART III: BEST LIVE QUESTIONS IN CRYPTOFAMILY GROUP
- I read that traders will be able to trade Derify Protocol derivatives positions in two ways at the same time, but my question is, why limit even a maximum of 10X leverage? Will they plan to increase this leverage in the near future?
Yes, two-way position is a risk-free way to participate in Position Mining.
We have plan to increase the maximum leverage, however, higher leverage means higher risk for both users and Derify, so we are cautious.
You can expect our official product to support 30x leverage.
- Could you tell us a bit about the usefulness of both your native $DRF token and your LP $eDRF token? would both be necessary to be able to participate in any long or short derivative positions?
Actually they are 3 totally separate functions.
For position mining, all your need is to hold a position on our exchange (you need BUSD/USDT for that), then rewards will directly go to your wallet.
For DRF token, the main use is to participate in governance and share profits. But you can stake DRF-BUSD LP on pancakeswap or apeswap if you want to earn LP rewards, but that’s a function from the DEXs, not Derify.
For eDRF token, it’s basically the vote token, you need to burn eDRF to vote in governance decisions and you need to burn eDRF to purchase Broker privilege, but otherwise it’s not useful.
- I read that Derify will have its own Hedging Automated Market Making (hAMM), but will this really work differently from an AMM? or is it really the same operation only this is the one used in derivatives trading platforms?
HAMM is totally different from AMM like Uniswap, although the name looks similar.
Main difference is that typical AMM has the function of price discovery, that two asset pools need to reach a balance to find a right price. Traditional AMM variant is similar, they just do typical price discovery, find the price, then do some extra work to calculate asset price and PnL with leverage.
However, hAMM is fully passive, all the price are coming from reliable Chainlink oracles, the system will balance long and short positions, to hedge all the risk rather than calculate a price from pools.
It’s less risky and more suitable for derivative trading.
- During community development, do you consider community feedback or requests? What is your target customer? Could you share with us the marketing plan to raise the awareness of Derify protocol in this huge crypto market?
Yes we did, we receive more than 1000 community comments and suggestions so far, we definitely take community suggestions into account.
We also have in-depth talks with some of our Alpha testnet participants.
- Why you choose Binance Smart chain? we see some chain pop up with good scalability too, then why you choose BSC?
Derify was developed on Ethereum and we also receive grants from Solana. So we’ll definitely expand to other chains.
However, at current stage, we feel BSC is the best choice for initial deployment, because it’s cheap and efficient.
Our IDO is also on BSC version of Bounce, because it has better traffic and users.
CF: Seems like there’re many things to exchange, but I’m afraid the time is up now. For all of the questions that have not been answered yet, guys feel free to search for more information of Derify Protocol on the links below:
➡️Testnet Website: https://derify.exchange/