Deri AMA Recap on February 2nd, 2024

Deri Protocol
4 min readFeb 2, 2024

On February 2nd, 2024, Deri launched an AMA. Let’s watch the detailed & complete AMA recap below:

The AMA Entrance:

OxAlpha: Hello, my Deri fellows! I hope you are all doing good. Nice to see you again in the AMA. Recently I’ve been more active in the DC channels (finally I’ve got some time!). So I believe a lot of the questions have already been addressed. Nevertheless, it’s still good to be here to address the question that I missed from day to day.

But just like before, let’s still start by briefing the recent highlights.

  1. Deri Protocol was highlighted by L2beat as the FIRST Layer 3 project!

2. WSTETH, MANTA tokens have been added as base tokens on Deri Protocol, used for trading BTC, ETH futures & options.

3. As the first step of moving to adopting Celestia as DA layer, Deri V4 testnet now runs with Celestia under the hood. Join the special quest to win $500! now Complete 3 simple tasks at zero cost.

4. Stay tuned to the upcoming Polygon zkEVM DeFi Unleashed Ramp Up ($50k rewards)

5. Updated feature (personally I think this is a very cool one): Option Chain. Get all the insights you need for options in one glance — strikes, mark price, volume & more. Option Chain empowers you to make well-informed decisions for your trading strategies with ease.

6. The newly added iChians since last AMA: Polygon zkEVM and Manta Network.

7. Partnership: Deri Protocol x LayerBank. adopts LayerBank as “external custodian” to carry out the following functionalities:1. Holds and secures user capital. 2. Calculates a total dynamic value of the user capital deposited. For Deri, this partnership brings a more systematic approach to supporting multiple base tokens. Users have the flexibility to deposit any token that LayerBank supports.

Q: Haven’t got the roadmap for 2024.

A: Sorry we still owe you guys the roadmap. We are still packed with all the matters after the launch of V4. We aim to have this rolled out by the end of February.

Q: The launch of V4 improved transaction speed but significantly reduced usability.When next chain & gamma & limit/stop & more base tokens? If they are still in the pipeline, isn’t this arrangement less than perfect? Could this lead to the loss of existing users?

A: First of all, sorry for the delay. And I agree it’s indeed suboptimal. I hope the existing users give us a bit more patience: Please stay with us.

As for the update:
Gamma is already under public testing (check out Meanwhile, we encourage you to help test it and give us some feedback. Once it’s thoroughly tested on testnet, it will be online in mainnet again!
Your participation in testing would definitely accelerate this procedure.

Limit/stop orders are being tested internally. It will go out to public testing soon.

Q: Transaction fees were said to be reduced with V4, but on the Arb chain, it seems to have increased. Now it’s 0.00025 ETH per transaction, compared to 0.0002 ETH before.

A: Hmm, you did some very detailed analysis! And this is a very interesting question but the answer is a bit complicated. I will try to explain but it might be a bit technical.

First of all, it has reduced gas cost for non-Arbitrum chains, e.g. zkSync era, where the prepaid gas was 0.001ETH. As for Abitrum (an already-low-cost chain), that’s still the target but it’s yet to be achieved.

Let me try to explain why V4 would reduce the gas cost but it has not achieved this yet on Arbitrum, and why it will be achieved in the short future.

The trade action (in Pro mode) with Deri Protocol on Arbitrum consists of 2 steps. With Deri V3, both steps take place on Arbitrum, whereas with Deri V4 the first takes place on Arbitrum and the second on Deri Chain, an L3 that currently adopts Arbitrum as DA layer. Carrying out the second step on Deri Chain does reduce gas cost in most cases, except for Abitrum. Because this set-up still stores calldata onto Ethereum so it does not make the cost of storing calldata smaller than V3 Arbitrum.

That being said, making V4 more gas-costly than V3 even on Arbitrum is still our target. And this will be achieved by adopting Celestia as DA layer. This switch is on the way. Please stay tuned.

About Deri Protocol

Deri, your option, your future!

Deri is the DeFi way to trade derivatives: to hedge, to speculate, to arbitrage, all on chain. With Deri Protocol, trades are executed under AMM paradigm and positions are tokenized as NFTs, highly composable with other DeFi projects. Having provided an on-chain mechanism to exchange risk exposures precisely and capital-efficiently, Deri Protocol has minted one of the most important blocks of the DeFi infrastructure.

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Deri Protocol

Deri Protocol = (Perpetual Futures + Everlasting Options) x Decentralized.