AMA RECAP WITH AMA LOVERS GROUP
1. If I’m right, Deri Protocol is built for derivatives and not spot, however, vast majority of Crypto users are into spot trading, only few experts know about derivatives, this makes me wonder why you decided to focus on derivatives and not spot?
Don’t you think the Technicality and complexity of derivatives would serve as a barrier for users trying to use Deri or how do you aim to make the platform as simple as A B C for them to use?
I believe projects like Uniswap/Sushiswap/Balancer/Curve/Pancake take care of the spot trading pretty well. And DeFi needs derivatives too. Just take a look at the derivatives trading of CeFi (exchanges like BitMEX, Deribit, FTX), the demand of derivatives is just as huge as that of spot. But of course you need to learn the basics of derivatives first before you do the trading. We have testnet for you to practice before put you real money in.
2. Q — Deri Protocol supports two kinds of oracle which are the On-chain oracle smart contract and/or the Off-chain oracle server. Which oracle is Deri using presently? Why the decision to use the oracle and are you planning to use any other oracle solution apart from the present one?
A — The first batch of pools will be based on off-chain oracle server. It needs oracle because derivative, by its definition, has its value (hence price) dependent on underlyer’s price. Of course we are planning on using other oracle solutions. We are even cooperating with some DeFi projects to develop better oracles.
3. In Deri, your trading position is represented by an NFT token (ERC721). Basically when you establish a position Deri pool will mint an NFT containing all the position info, right? So, what can we do with this NFT? CAN we do whatever we want just as any other token
Yes. you can hold/transfer or do whatever you can do to a token, just like any other tokens.
4.Can you give us Information about your pre-mining? How can I join and what are the benefits/Rewards?
Are you focusing only on Chinese market? If not can you explain us why you have only one local community (Chinese) channel in telegram? What about other Communities member?
5. Can you give us Information about your pre-mining? How can I join and what are the benefits/Rewards?
Premining is the program that Deri rolls out for the community to get familiar with Deri Protocol and its pool-based interactions. Also it attracts liquidity before the trading pool (for perpetual contracts) launches so that the latter will kick off with some amount of liquidity from the very first block.
We are expanding to many other communities. Which communities would you like to see
Currently we have a General, Chinese, Spanish, French and Japanese community
6. DeFi platforms are not completely secure, so how will Deri Protocol mitigate the risk factors of defi and improve efficiency for users? Which Blockchain chains are currently running on Deri Protocol, how can you create aggregation for Deri to run on such multiple chains?
Assuming you were referring to the code security. Deri was designed and developed with very careful consideration on the security part. Plus it’s thoroughly audited by PeckShield. feel free to check out the audit report (link on our frontpage).
7. What is the value base and function of DERI Protocol? Is liquidity mining on DERI as risky as possible loss like on Uniswap, how will DERI Protocol have a mechanism to protect users that provide liquidity?
No, even tho mining in Deri trading pool is not riskless, it’s risk is much smaller than that of Uniswap. This is because of the funding rate mechanism, arbitragers will come in to reduce the net position and thus protect the LPs. Plz refer to wp for the details. That being said, the premining is completely riskless.
8. You said Deri protocol is reasonably gas-economic. So can you explain more how much gas is consumed to do things with Deri? like what’s the minimum gas consumption of a single transaction on ETH blockchain? Also why did you mentioned that the most expensive
action is trade-with-margin? Can you give some suggestions on how to less the gas consumption?
The minimum gas consumption for simple operations is a bit over 100K gas. Trader-with-margin’s gas consumption is around twice as the simple operation. To save gas, we suggest you deposit enough margin and do trading (add/remove positions) without changing margin.
9. Is DERI only limited to crypto world? I mean is your target only Crypto enterprise? Or you will focus on real-world companies too?
No, Deri is not limited to crypto only. It’s capable of providing access to the traditional finance world, such as SP500, EURUSD, oil price, gold price, etc.
10. How much leverage does Deri Protocol offer? Is there also liquidation? If so, did the ethereum fee take up at the time of liquidation?
The first batch of trading pools will have 10x leverage.
Yes, there is liquidation.
Yes, and that is why we need liquidators in the Deri ecosystem to help liquidation.
11. What are our advantages in joining the TVL competition, will we get an award? then we will be appointed ambassadors?
Yes, you would get award if the pool reaches TVL target. The BAC pool already got their award: 1.5M DERI!