Deri Protocol is the FIRST and the ONLY derivative protocol on Binance Smart Chain (BSC) which supports multiple tokens as base tokens for liquidity providers to provide liquidity as well as for traders to deposit as margin, which is called dynamic mixed margin and liquidity framework. Within the unique framework, derivative trading can achieve an optimal capital efficiency, which is potentially higher than that of centralized exchanges. A milestone in terms of DeFi progress!
Now we are delighted to announce that WBNB (0xbb4cdb9cbd36b01bd1cbaebf2de08d9173bc095c)will be the first “non-cash” base token on BSC. Adding WBNB as base token is a solid step forward for Deri Protocol to expand the DeFi lego game to all crypto projects on BSC.
How to Use WBNB on Deri Protocol
WBNB holders are able to mint DERI by depositing WBNB tokens as liquidity into the mining pool.
Example: Alice stakes 1,000 WBNB on the perpetual pool “BTCUSD, ETHUSD/WBNB”. Besides DERI rewards, she also earns transaction fee, funding fee, shared remaining value of liquidated positions and in case of trader’s loss. These gains are reflected in the mining PnL metric. Refer to the guide here on how to provide liquidity on our in-house pools.
Simultaneously, WBNB can also be used as margin to trade BTCUSD, ETHUSD perpetual contracts. Please refer to the guide here on how to trade.
Example: Alice longs BTCUSD on the perpetual pool using WBNB as margin
- If BTC’s price increases against USD:
She receives profits in USDC after closing her position.
- If BTC’s price decreases against USD:
She receives less WBNB in return after closing her position.
Enjoy the DeFi way to trade derivatives on Deri Protocol NOW!
We believe that adding qualified tokens as base tokens on Deri Protocol is a significant milestone for both the BSC ecosystem and Deri Protocol to bring a broad range of DeFi experience and value to users. We believe Deri Protocol and other projects on BSC can work closely to develop an improved infrastructure to support mainstream blockchain adoption and make DeFi accessible to everybody!
About Deri Protocol
Deri Protocol is a decentralized protocol for users to exchange risk exposures precisely and capital efficiently. It is the DeFi way to trade derivatives: to hedge, to speculate, to arbitrage, all on chain. This is achieved by liquidity pools playing the roles of counterparties for users. With Deri Protocol, risk exposures are tokenized as NFTs so that they can be imported into other DeFi projects for their own financial purpose. Having provided an effective on-chain mechanism to exchange and hold risk, Deri Protocol has minted one of the most important blocks of the DeFi infrastructure.
Binance Smart Chain (BSC) is a blockchain network built for running smart contract-based applications. BSC runs in parallel with Binance’s native Binance Chain (BC), which allows users to get the best of both worlds: the high transaction capacity of BC and the smart contract functionality of BSC. The aim of the platform is to enable developers to build decentralized applications (DApps) and help users manage their digital assets cross-chain with low latency and large capacity.