On May 26th, Deri launched an AMA. Let’s watch the detailed & complete AMA recap below:
The AMA Entrance: https://discord.gg/dQyuBkBKBe
OxAlpha: Hello everyone! Good morning/afternoon/evening! Let me kick off the AMA with debriefing the recent updates.
1. According to DIP 5, the Deri Protocol transaction fee allocation mechanism has been updated, and a Referral Program with a competitive tiered rewards system has been launched to stimulate and boost trading growth.
We are actively recruiting brokers and broker recruiters for a long-term basis, offering commissions of up to 40% with no upper limit! Welcome community members to participate or recommend your friends to join. Note: All commissions are paid in USDC / BUSD
Please check out the program details:
2. Deri’s liquidity mining has been live on zkSync Era mainnet : https://deri.io/#/pool/v3/324/future,option/0x9F63A5f24625d8be7a34e15477a7d6d66e99582e
3. And here are the updates in Deri’s partnerships
Deri Protocol x Pyth Network, which is a leading oracle service provider. The partnership fosters innovation in the DeFi ecosystem.
Deri Protocol x Sender Wallet, which is a leading non-custodial wallet. The partnership fosters the mass adoption of derivative trading, which makes it more accessible for everyone to participate in decentralized derivative trading, empowering users with greater control and security.
Deri Protocol x Space ID: Now you can easily track your trades using your domain names, adding transparency and ease for daily transactions.
All right, let’s get to the questions now.
Q: Hello Deri CEO, I have a question to ask. Why has the Deri token been consistently undervalued? Has the project team given up?
A:Obviously, I wouldn’t be here if we had given up the project. As you can see we still keep building and promoting. Right now we are working on some internal architecture optimization and Deri V4. We will roll out V4 around Q3 this year, another big-step in the sector.
As for the token price, I don’t have any comments on that. As the team, the best thing we can do is to make the product better.
Q: What is team’s plan for fixing liquidity, it is too low (34k) to buy or sell on both chains since ceo wallet got drained. Current approach is not working. Existing investors are trapped and no new investor will join based on above? Team seems to have head in the sand approach to reality.
A: I think you are talking about the low liquidity on Uniswap and Pancake. However, that’s largely a market behavior.
Suggestion: I’d love to see my total collateral amounts and how much I have of each asset.
Currently, I can see my margin used and if I click withdraw, I see how much is available to withdraw of each asset.But there’s no way to see amount of each spot collateral
01.xyz (RIP) has a great UI for this
A: Total collateral amount is already being displayed (“Dynamic Effective Balance”).
So I think what is missing here is the collateral value of each asset (i.e. the break-down of the collateral if you have deposited a mix of different tokens.
We will discuss your demand internally with the team. However, we are in the discussion of removing the feature of supporting collateral with a mix of different tokens, as we are not sure if this is a common demand.
From the perspective of product design, we need to make a lot of trade-offs. Collateral with a mix of different tokens is one thing we are considering removing in order to get a better flexibility of our external custodian mechanism.
We would like to take this chance to do a little survey. Please let us know how important the feature of collateral with a mix of different tokens is to you.
Suggestion: Listing requiry: ETHUSD-3000-PUT or ETHUSD-2500-PUT on Deri Pro Arbitrum
A: We will discuss this internally. However, I want to point out these are both ITM puts, which are generally without high demands — that’s why they have not been added yet. Even in centralized exchanges like Deribit, which covers many more strikes, 3000-put and 2500-put have very poor liquidity, which indicates a low demand.
Suggestion: Deri can unite with some small exchanges to do their backup or auxiliary embedding on the chain! Give them the transaction fees.
A: Thanks for the suggestion. This is also one direction we are exploring. Meanwhile, if you have some resources on this, we would very appreciate your help in connecting us with interested exchanges.
Suggestion: Please improve the Chinese version a bit more and don’t mix Chinese and English together.
A: Thank you for pointing this out. The mixing you mentioned should be a bug.
In general, in any non-English version, we would cover everything in that non-English language (except for standard English expressions such as Bitcoin, obviously). So the part mixing Chinese and English must be some bug (the corresponding translation is probably missing in our code so the original English is being displayed). We will go through the website and fix such bugs. Meanwhile, you can also help point out the specific places not cover by Chinese.
Suggestion: A Chinese version of Lite.
A: Thank you for this suggestion. We will work on it.
Suggestion: Don’t just promote the referral program among existing users! You should also advertise in some crypto media, e.g jinse.com, mytoken, feixiaohao, which are widely known among normal crypto users.
A: Well, we are not just promoting the referral program among existing users, but also in other more derivative-related or trading-oriented channels/communities. Nevertheless, we tend to avoid the general channels like the ones you mentioned as they are generally not quite effective for promoting the adoption of derivative platforms, based on our past experiences. But we will consider them too. Thank you for the suggestion.
Suggestion: Another problem is that the gas fees of each chain are unstable and easy to block…you can try a semi-centralized method first to improve the transaction experience and reduce transaction costs! Wait until the number of users and trading habits are cultivated before pursuing true decentralization!
A: Yes, I understand and have the same feeling. That’s indeed a pain-in-the-neck. However, these are the infrastructure we depend on so it’s not easy for us to optimize on this part.
That being said, we are constantly looking for a more scalable network for Deri Protocol to deploy. Also Deri V4 will adopt an all-chain architecture, which will help mitigate this issue by adopting different networks for different functions.
Suggestion: Deri must find ways to reach out to grassroots users! Having a solid user base is essential for further development & specialization! In fact, Deri is a bit too professional and advanced, with a limited audience. So, you find ways to attract ordinary users, start by building up a user base.
A: Yes, we see that problem too. And we are working on it. For example, the lite-mode is an effort for this purpose.
However, I admit that we have not done a great job on this. The lite mode is probably not lite enough (that’s why you are still complaining). However, we are still working on it. Meanwhile, we would very much appreciate your help on this. For example, could you please let us know which parts of the product are too professional and advanced for you? Any feedbacks would greatly help us to improve the product, especially for making it more user-friendly.
Suggestion: After improving the infrastructure, it’s important to constantly try to find breakthrough points. The team I used to admire the most was the Mexc team. At that time, small exchanges were all over the place and Mexc almost went under as well. However, they kept trying and found a method of grabbing new listings that people looked down upon and criticized. Back then, no matter which major exchange announced a new listing, Mexc would surely list the token earlier than them. I don’t necessarily endorse Mexc, but they did everything they could to break out of their circle and tried various methods.
A: I agree with you that fast-listing tactic was a very successful strategy for MEXC. We are trying to learn from all the successful examples. However, not everything that worked with centralized exchange or other DeFi apps would work for Deri. So it’s not that easy. However, I totally agree with you regarding what we should work on and how we should learn from the successful examples. We will definitely improve on this.
Feedback: In crucial moments, Arb often fails to place orders, possibly due to too much congestion. The transaction fees, funding fees, and gas fees of ZKS are too high.
A: I totally understand your frustration. Unfortunately, while we have already done some mitagations, this is not something we can completely resolve at the moment. However, We are taking this into consideration when we design Deri V4.
Suggestion: I would use it much more with a simple Portfolio Page, where I can see my P&L at different price of the underlying summarised across all my positions. It could show my P&L as well as my daily funding in $ on a graph. One Portfolio page for ETH, one for BTC. I would rebalance more often, so more fees for the protocol.
A: “where I can see my P&L at different price of the underlying summarised across all my positions” — by that I think you are talking about a scenario test tool or a portfolio-level simulator.
Currently we do have a PnL simulator for single symbol (the button with the calculator icon).
But I can see how a portfolio-level simulator as you suggest can help with the portfolio management. I will forward this request to our product lead. Personally I think this is a great suggestion. Thank you for the suggestion!
Q: Hello, you guys should update the testnet version, it isn't showing anything.
A: Thanks for reminding us. We will fix the testnet.
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.