Introducing Deri’s Telegram Trading Bot

Today the team is proud to present our newest product: Deri’s Telegram Trading Bot!

As we constantly work on improving not only our derivatives offerings but also our user experience, we recently settled on the idea to provide a seamless mobile experience that reduces as much as possible the friction experienced by users in web3. The UX found in web2 is usually very snappy and with instant feedback on a user’s action, especially with native mobile applications.

With the release of this bot (in beta version), we aim to reconcile that web2 experience with the security and decentralization of web3.

What is it?

In short, we re-created the Deri dApp into a bot/mini-app usable directly from your phone on Telegram. This mini-app is currently only on Telegram but in the future, if we encounter enough success with it, we may extend it to other platforms or even make a native iOS/Android app. The backend/smart contract part is already ready, we would simply need to adapt the frontend interface.

Talking about that, this mini-app uses our own version of account abstraction and smart account to enable one-click trades and remove the need for signing transactions! More on that below.

How does it work?

To access the mini-app, you first need to interact with our trading bot. Launch Telegram on your mobile (or desktop, it works the same) and search for @DeriTradingBot or simply click on this link: https://t.me/DeriTradingBot. Make sure that the bot handle is this specific one to avoid any potential scam clones.

The bot offers a few commands (to be expanded in the future). Clicking on “Account” will start the onboarding process. You’ll be asked to enter your wallet address (the on-chain wallet that you use for any other web3 interactions such as Metamask, Rabby, etc.) and then to deposit some ETH from that wallet on your favorite blockchain to a predefined address managed by the bot.

Once the deposit is done, a “smart account” will be created for you. You can think of that smart account as a proxy account that will interact and trade on Deri on your behalf. Any action taken will not need you to sign any transaction and will be done automatically in the background for you. You can top up this account with ETH, USDC, or any or the other base tokens we support on the chain you selected.

What’s more, the gas fees can be paid by any of those tokens, not just ETH, meaning that you can top up your account with just USDC (for example) and gas fees will be paid in USDC!

How do I trade?

You now know how to deposit funds on your smart account, now you can trade! Click on the “Trade” button and it will open up the mobile Deri interface with your smart account already connected. That interface is almost exactly the same as Deri’s web interface on mobile, with a few modifications for the mini-app, meaning that if you know how to use Deri well you’ll know how to use the mini-app!

From then on, simply pick the derivative (perps, options, or powers) and the asset you’d like to use and place your trade. Click the trade button and your action will be executed in a few seconds without a signature. Once it’s done, you’ll see a success message and that’s it! You can close your position at any time and do anything else just like you would on the original Deri dApp.

Why should I use this mini-app?

With this new product we aim to combine a smooth web2 experience in a decentralized manner. The mobile UX in crypto has mostly been very poor and now you can trade derivatives in just a few steps, at home or on the go, and on-chain.

By using account abstraction and smart accounts, you do not need to wait for a transaction popup to appear slowly and then for your transaction to go through. One tap, and you’re set.

On top of that, you can think of the smart account as a “black box” in which you deposit some funds, limiting the risks you are taking with your crypto. Your main wallet will never have to sign anything nor interact with our contracts. The bot is your assistant to trade derivatives and the smart account is the proxy acting on your behalf. No one but you can access the smart account and its withdrawal command is bound with your original web3 wallet, making it impossible to siphon your funds to another wallet.

What is coming next?

Today we released the beta version of our trading bot. As its name suggests, it’s by no means complete as we are working on fixing a few small issues with the interface and other non-critical bugs. In the near future, we will add new features such as shortcuts to easily see all your positions, a command-line version so you can get the bot to execute your trades, and many more!

We currently support 6 chains: Arbitrum, Linea, Taiko, BNB Chain, Scroll, and Polygon zkEVM; with more coming in the near future.

Where can I learn more?

We released a FAQ on our Gitbook here: https://docs.deri.io/library/faqs/mini-app-faq

The team will stand ready, as usual, to answer any questions you may have on Discord or Telegram. We hope to see you test this new product and we would greatly appreciate your feedback!