Deri Protocol Launches on Polygon
Today, we are excited to kick off the transition phase of the Deri protocol on Polygon, which allows enhanced accessibility with faster confirmations and reduced transaction gas for Deri Users. We believe the launch on Polygon will expand Deri to more users, and increase value to the entire Deri ecosystem.
The LPs on Deri’s Ethereum pools, from now on, can migrate liquidity from Deri V1 on Ethereum to Deri V2 on Polygon to enjoy an experience of smoothness with lower costs.
Step-by-step Guide
Step 1: Config Matic Mainnet on Metamask, here is the guide
Network Name: Matic Mainnet
RPC URL: https://rpc-mainnet.matic.network
Chain ID: 137
Currency Symbol: MATIC
Block Explorer URL: https://polygonscan.com/
Step 2: Unstake liquidity from the USDT-based pool on Ethereum
Step 3: Move funds from Ethereum Network to Polygon Network at Polygon Wallet. Please refer to the user guide for details.
Step 4: Stake Liquidity into the Deri pool on Polygon
For Native Polygon Users
Liquidity Mining: Liquidity providers can earn Deri rewards by adding liquidity to the pool. (Liquidity Mining Tutorial)
Trade: Traders can use the DeFi way to trade derivatives with extreme capital efficiency on Polygon now! (Trading Tutorial)
Contract Specs
Underlyer: BTCUSD, ETHUSD (Deri will add new underlyers in the future)
Base token: USDT (Deri will add new base tokens in the future)
Leverage: 10x
Initial margin requirement: 10%
Maintenance margin requirement: 5%
Transaction Fee*: 0.3%
Mark prices: The index price, given by Chainlink price feeds
Trading hours: 24x7x365
*After the transition phase, the transaction fee will be adjusted to 0.1%. Stay tuned for updates!
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.
