Adding WMATIC the First “Non-Cash” Base Token on Polygon
Deri Protocol is the FIRST and the ONLY derivative protocol on Polygon 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 WMATIC will be the first “non-cash” base token on Polygon. Adding WMATIC as base token is a solid step forward for Deri Protocol to expand the DeFi lego game to all crypto projects on Polygon.
How to Use WMATIC on Deri Protocol
WMATIC holders are able to mint DERI by depositing WMATIC tokens as liquidity into the mining pool.
Example: Alice stakes 1,000 WMATIC on the perpetual pool “BTCUSD, ETHUSD/WMATIC”. 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, WMATIC 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 WMATIC 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 WMATIC 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 Polygon ecosystem and Deri Protocol to bring a broad range of DeFi experience and value to users. We believe Deri Protocol and other projects on Polygon 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.
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium, etc., and Standalone Chains like Matic POS, designed for flexibility and independence. Polygon’s Layer 2 Chains have seen widespread adoption with 200+ Dapps, ~35M txns, and ~450K unique users.