Everlasting Options Upgrade Announcement
Since its launch in September 1st 2021, Deri Protocol Everlasting Options Beta has been running smoothly. As the first-ever everlasting options on the globe, the trading volume has surpassed 50 million in its first 7 days after release!
To provide the best product to the Deri Community, we continuously monitor the transactions and parameters since the Everlasting Options Beta launch. Based on real transaction data and in-depth research, the Deri team decided to optimize the transaction fee mechanism to the following.
The new transaction fee will be charged differently for in-the-money and out-of-money options:
Transaction Fee = Option Price * Fee Ratio OTM, for out-of-money options;
Transaction Fee = Underlier Price * Fee Ratio ITM, for in-the-money options;
Where
Fee Ratio OTM = 4%
Fee Ratio ITM = 0.15%
To carry out the upgrade, the Deri team will migrate the existing liquidity pool to a new pool, the migration process is as follows:
- Deploy new contract (0xd5147d3d43bb741d8f78b2578ba8bb141a834de4)
2. According to the migration rules, a three-day review period is set for the new contract, and users can check the contract details by themselves.
3. At the end of the three-day review period (September 11, 2021 1:19:34 PM UTC), the team calls the executeMigration() function on the new contract to migrate the funds and positions to the new, original liquidity pool. Please note, liquidity providers & traders do not have to move their liquidity or positions manually, this happens automatically!
4. After the migration, the original liquidity pool will be removed.
In the interim, we’ve adjusted the transaction fees in the current pool.
- Transaction Fee = mark price * 5%, for out-of-money options
- Transaction Fee = mark price * 2.5%, for in-the-money options
About Deri Protocol
Deri Protocol = (Perpetual Futures + Everlasting Options) x Decentralized.
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.
