On Friday, July 16, we had a Telegram AMA. The following shows recap of the questions with 0xAlpha’s inspiring answers.
0xAlpha: Hello my Deri fellows~ It’s AMA time again.
It’s been a very busy week, during which we rolled out many things. And there are more for the coming weeks. So, as always, some upcoming events first:
Since the Chainlink price feeds of BTCUSDÐUSD with 0.1% deviation threshold were just in production, the Deri trading is now based on the fastest onchain oracle prices ever, sponsored by us!
In fact, I don’t know why the deviation threshold were 0.5% before (0.2% on BSC), maybe just because the other DeFi projects are not as demanding on Oracle as Deri. That tells you something!
Next week hopefully we will launch our Innovation Zone, where all kinds of experimental trading symbols will be rolled out quickly. Whatever you would like to trade on Deri, please share in the group and discuss with the community. We are gonna have fun!
Q1: Deviation threshold means difference of price compared to the combined price of all major stock exchanges regarding an underlyer?
A1: No, deviation threshold means how much of price change would trigger Chainlink to update the price. Say BTCUSD is 30000, a 0.1% deviation threshold means Chainlink would update the price if it changes by 30. 0.5% threshold means Chainlink would not do anything if the price change is smaller than 150!
Q2: Where do I find the tokenomics with the vesting schedules?
A2: Please refer to: https://docs.deri.finance/tokenomics
For detailed vesting schedules, however, you might want to check out the vesting vault smart contracts for the team and investors.
This can be found from the holders tab of the Deri token page on etherscan. Most of the large smart contract holders are vesting vaults.
Q3: Hi guys, I’ve had an Idea. Nft’s have a huge volume and interest lately from retail traders. Some of those nft’s are super expensive and it’s very difficult to afford them. Why don’t we create for example a: CRYPTO PUNK INDEX so people into nft can take risk exposure on those
A3: As mentioned above, we are rolling out a Innovation Zone next week where we can try out all kinds of trading symbols. All the trendy things in the crypto world will potentially be traded in this pool. A nomination event will take place soon. Please share your ideas with us regarding what to trade.
Q4: We could organize a hackaton to encourage project in the field to develop something in order to leverage the nft position that Deri creates when a position is opened
A4: I am not sure hackaton is a proper type of event to be held by Deri. But we are to hold trading competitions.
Q5: Can there be a portfolio tracker to see all the gains/losses we made from using the platform?
A5: We will provide a mining panel.
Q6: ETA on options?
A6: The audit of the Everlasting Options code will start next week. And we aim to launch our first everlasting options pool at the end of July or early Aug.
Q7: Dave White explains the intuition behind “Everlasting Options”. I would definitely try to interact on this post. With the project account pointing out you guys made it.
A7: Thanks for bringing this to our attention. I didn’t know Dave is doing this on YouTube. I am exchanging emails with him regarding the everlasting options.
Q8: Talking about tokenomics : have you ever considered that the current model is the issue of the lack of success? Traders look at the charts and If I were a trader I would never ever buy DERI, and from an investor standpoint, the DERI token is irrelevant coz it does not have a use and it’s highly inflationary. Don’t you think that: DERI coin use case, and tokenomics should be revised and rediscussed?
A8: I think the key is currently in an early stage the platform is not generating much “profit” (not for us the team, but for the fund to buy back DERI from secondary market). However, that is our №1 priority now — to boost trading. For Deri to succeed, eventually it depends on the trading volume taking place with it. So I would like to ask you all to participate in this: help us to boost the trading or Deri.
There are many things you could: ask your friends to come here to trade and ask him/her to participate in the Brokerage Mining program: https://app.deri.finance/#/broker
and you can even earn DERI by helping with this.
Q9: Is there a deri token on polygon?
A9: The DERI token is already on Polygon through Polygon’s bridge. However, currently your mining on Polygon is claimed on ETH layer1. That might change in the future though.
Q10: I guess the least we need now is to airdrop any other token.
A10: As far as I know, Deri never did “free” airdrop of the DERI token. Even the current “airdrop” that we are carrying out, we are airdrop “positions”, i.e the NFT position token. That means the address been airdropped will find an opened long and short positions in it. Personally I think that’s pretty cool. Have you ever heard of any other projects airdrop positions?
Q11: I logged in after a while and the mining page looks very good now good job. Don’t you think the trading UI needs to be refined too colours etc. I am used to CEx futures UI and usually when the arrow approaches certain elements it pops up a description. example: on the contract side I would like to know how much 1 contract is worth and in which currency. On the leverage side the same thing.
A11: Our front-end developers are working on improving the UI constantly. Please let us know of all your feedbacks so that we know better how to improve. All feedbacks (including this one) are appreciated. Specifically regarding “the arrow approaches certain elements it pops up a description”, we actually have a lot of such hover descriptions too. But if there is anything you think we need to add, please do let us know.
Q12: Starting from volume and datas that you guys have. Can you try to model up and estimate an eth mining pool that receives just eth as reward that come from fees. Can you Estimate a rough APY?
A12: Are you talking about adding ETH and WBTC as base token. If I got you correctly, then yes this is something in consideration.
Q Cont.: I meant to add them as base token and reward pools with the original base token.
A Cont.: Then yes, we are considering adding WETH or WBTC as base tokens. Actually, BNB was already added on our BSC pool as based token. And base token’s pnl (not the DERI APY) are paid out in its own token. Meaning, if you mine with BNB, your mining pnl will be in BNB. If WETH or WBTC were added, it’s same thing.
Q13: Hello, as a newbie, I find the website to be confusing, I probably don’t have much knowledge about trading but its good if the website could cater for the newbie as well.
A13: Hi, going forward we will roll out more tutorial kind of materials. But for now, as @archus suggest you might want to get yourself familiar with derivatives a little bit. That being said, liquidity mining on Deri is pretty straightforward. You can always start from that.
Q14: Partnership is like a supplement where the combined effect is beyond the individual level. Can you name some of your recent partnerships that can help your project. Is there any partnership that will take place in the near future? Can you tell us with whom?
A14: We mentioned all of our partnerships in our twitter: Polygon, Chainlink, etc.
Q15: Hey is your dp is nft, it’s cool.
A15: I agree. As far as I know, Deri is the first ever project that airdrops trading positions to the community.
Q16: At the moment, the market is down, even with great Partnerships, Hype, Marketing and working products, etc. Some projects are finding it difficult. So, are you facing any challenges? If yes mention them and tell us how you are handling it? And lastly are you seeing the current market as an opportunity?
A16: Currently the major challenge is to boosting the trading volume. For that, I would ask the whole community to join us to invite people come to trade on Deri.
Q17: I am a professional vulnerability finder on the web, do you think your system is secure enough from hackers? Does your project have a
program that rewards individual vulnerability detection of the system?
A17: Yes and yes. I do believe our system is robust. But if you are expert on this and can help us find vulnerabilities, of course there are rewards. We have a program for this and have sent out rewards before. You are welcome to help us.
Q18: Are you planning to add staff, as it seems you are very busy and could use some help to speed up the development process or redesign etc.
A18: We are recruiting. That said, dapp development needs special types of dev skills so it’s not easy. If you feel you can give a hand, please let us know.
Q19: I think a more extensive interface would make gaining trading volume more easily, have you anything planned in this regard?
A19: I am not sure I understand you. would you explain what you meant by “a more extensive interface”?
Q20: What is the Main FOCUS of your project?
b) Partnerships and Collaborations
A20: I would say we focus on all of these.
Q21: ETA on when will you add more pairs for us to long/short besides BTC/ETH on polygon?
A21: This week we added BNB. And this is for the core area (where the top coins/tokens are being traded), we would like to add trading symbols carefully. However, as mentioned above, next week we are rolling an “Innovation Zone” where we will add trading symbols pretty fast.
0xAlpha: All right, I guess that’s it for today’s AMA. Going back to work now. next week is gonna be another exciting one. Please stay tuned. Oh, don’t forget the on-going “Stamp & Win” event. Join yourself and ask your friends to join to. Thank you. Bye now. Happy trading and mining with Deri!