OIG AMA with Derived Finance
Brief overview: Derived is a Decentralised Multi-Chain Asset Protocol giving users access to trade Stocks, Commodities, Forex or Crypto on a single platform with unlimited liquidity and no slippage. Derived brings the power of Smart Contracts to the world of derivatives trading acting as a bridge between traditional and digital financial markets.
Saigon 💎 | OIG: Greetings OIG Community! We are super excited to have with us today Derived Finance and Muthu! Derived Finance is Next-Gen Multi-Chain Synthetics Trading Platform! Welcome to the Muthu who is the Head of Research for Derived!
MK | Derived.Fi: Thanks Saigon pleasure to be here with your community
Saigon 💎 | OIG: Thank you for being here Muthu! To kick things off with our AMA. Tell us about yourself, how you started in this industry and how you ended up with Derived?
MK | Derived.Fi: Sure. About myself:
My name is Muthu. I am the Head of R & D for Derived and I lead the engineering team here at Derived. Professionally, I am a software developer and I have been working in IT industry for more than 12 years.
In the traditional IT space, I worked on retail and finance domain and helped architect many applications and in blockchain space I have worked with projects to co-develop their blockchain architecture. I am also a derivatives trader and involved with trading since 2018.
Personally I have been crypto since 2016 and this idea to build derived came from our team experience in working on software as well in financial markets.
Saigon 💎 | OIG: Very amazing stuff Muthu! You definitely have a wealth of knowledge within this IT space. It’s great to see a project with such a strong tech side behind it. Sometimes we see a lot of strong marketing on teams with great designs. But having a strong tech side is equally important.
Our community are always interested in the team behind a project, can you tell us a little about their background, expertise and experience of your team?
MK | Derived.Fi Sure. About our core team:
Bharat Verma is the CEO at Derived (@DerivedFi). He manages Biz Dev, Global Ops, Strategy and Finances at Derived. He has been in the Blockchain space since early 2017 and have invested/advised/worked with multiple projects over the last couple of years.
Victor is the CTO for Derived Professionally, he is an Enterprise Architect and Derivates Trader for the past 10 years. He has been in the IT space for more than 13 years and worked with Datacenter, SecOps, Virtualization, Cloud, Protein & Genetic Sequencing to Distributed Computing and now in Blockchain.
Saigon 💎 | OIG: Amazing! Wished we were able to get Bharat on today as well, but ofc he’s extremely busy! This seems like a excellent team so far.
Can you summarise the main components of Derived Finance?
MK | Derived.Fi: Yeah unfortunately he wasn’t able to join today. But I am sure he will love to join and answer your community in future.
Derived is a very simple concept yet very vast project. It is a platform for trading Synthetics assets of crypto, stocks, commodities, forex and much more. We are going to have a Dex for trading stocks, forex, crypto commodities etc. (think of Uniswap + Robinhood), lending and borrowing (think Aave), Binary Options, Hybrid Tokens (think of index tokens) and much more. The project is very vast and we have a long term plan to deliver all the goals in a phased manner.
Saigon 💎 | OIG: This is a great model! The ability to combine all of these different asset classes together within a platform that is all-encapsulating!What are its unique selling points of derived and points of differentiation from its competitors attempting similar things?
MK | Derived.Fi: That’s a great question. There are two major competitors of Derived Synthetix (SNX) and Mirror (MIR). Our aim is not to be a killer to other platforms but to complement them by providing features and services not available on either of these. For instance, we are the only platform that allows leverage staking and minting of USDx (Derived stablecoin). Apart from this, we will have Hybrid Tokens. You can think of it like a combination of two or more different or same asset types. For example, one can combine tokens of Uniswap and sushiswap to create one single token or if I take a more recent example then you will be able to combine $SPELL and $TIME token into a single token to get exposure in both the tokens in a single click. I think this would be really interesting to see how people will use this as a strategy. This will also reduce the roundtrips of trading single token. Apart from this, we will have features like Binary Options, support for multiple native currencies, zero slippage Dex among many others.
Saigon 💎 | OIG: Wow great stuff. I think you touched upon such an important aspect right there when you mentioned that the aim is not to be a killer. But rather the aim should be to see how all of these different projects can complement each other and work within an interoperable way that benefits the entire ecosystem and its users!
Can you tell us a little about the $DVDX token? What are its utilities?
MK | Derived.Fi: Yes absolutely our aim is not to be any killer. There is lot of potential / space for everyone to coexist in this space.
Regarding the DVDX token and it’s utility, DVDX is the native platform token and the USDx is the platform stable coin. To trade on the platform the user needs the native USD which is USDx. To mint USDx the user needs to stake the DVDX token. It is similar to how you will do for UST and LUNA. The DVDX tokens will also be used for the Governance in the Derived platform.
Saigon 💎 | OIG: Gotcha. So it requires a staking process that we’ve seen similar to other projects. I think a lot of our users will very much enjoy the features that Derived has to offer!
So when and where can we get our hands on the token?
MK | Derived.Fi: Yes staking will be a key aspect for our protocol. We are excited on what the future holds for our community.
We are also excited for our IDO. Our Dual IDO is on 13th October on Poolz and OccamFi. Soon after IDO we will have our listing on Pancakeswap. You will be able to purchase the tokens either in IDO or on secondary market listing. Any wallet like Metamask, Trust wallet, Ledger etc will worked for purchasing and storing the Derived token.
Saigon 💎 | OIG: Great!! We are super excited for the upcoming IDO and we already know Derived Finance will have a killer showing! Thank you for breaking down the process for our users, we have new users joining all the time who might not be familiar with the OTC marketing or IDO process.
What does the future look like for derived? What is coming up in the short and long term in your roadmap?
MK | Derived.Fi: The future looks absolutely great for derived. We have been in this space for a long and We are very excited to see this space grow in last 1 year. When we started building derived there were not many L1 solutions apart from Ethereum. But in the second half we saw Polkadot, Solana, Cardano and many other L1 and L2 solutions gain traction. The space is quickly evolving and I think the future definitely belongs to multi-chain. We are almost in final stages of our first iteration of our MVP, which will showcase Binary options. As with any Software Development Life Cycle , the MVP will go through multiple iterations with constantly integrating various modules. We will follow CI/CD pipeline for our project. We will release the complete roadmap soon.
Saigon 💎 | OIG: Wow!! So you guys have been building and developing for a LONG time! That is very impressive to hear… Well we definitely will be looking forward to the IDO and future road map milestones to be revealed very shortly 🙂
At this time I’d like to switch it over to the community questions on twitter. We had a lot of great ones, but we managed to choose three of the best.
MK | Derived.Fi: Sure, bring it on 👌
Twitter Community Questions
Twitter Question 1)
MK | Derived.Fi: Good question. One of the main utility of the DVDX token is ability to participate in governance process. The governance process will allow users to make wide variety of decisions like ranging from adding any new feautres to the protocol or making any changes to the protocol. Watch our space closely as we will release more information on governance soon.
Saigon 💎 | OIG: Great stuff @MKderived! Governance and the ability for the community to participate in the decision-making process is such a critial component of blockchain and DeFi!
MK | Derived.Fi: Absolutely. Governance is the critical part of any project as it gives the power back to users and adds the true value of decentralisation to the project.
Twitter Question 2)
MK | Derived.Fi: Good question. I assume the user is talking abt Cardano’s layer 2 solution Hydra. I think it’s a little premature to talk about Hydra as it’s still in development. But we are really excited about what’s happening in Cardano ecosystem. In my opinion, I think Cardano offers numerous advantages.
Safety First approach:
We really like how Cardano focuses more on safety-first approach in designing their smart contracts
Their PoS protocol is one of the vigorously reviewed protocol in academia. It’s really important to have the project to have connections with Academia as it creates lot of idea for the ecosystem.
The layered solutions for settlement and computation is one of its kind and we are excited on what the future has In store for Cardano.
Of course as with any project, there will be constant improvement and enhancements to the protocol and we are looking forward to work with cardano to enable derived protocol in cardano chain.
Saigon 💎 | OIG: That’s great to see that you guys are open to working and building on other chains. This space moves to fast and it sometimes is difficult to keep up with all the updates unless you work full time in in! Cardano does seem like it would provide an amazing synergy with Derived Finance. But of course, we will have to wait and see 🙂
Twitter Question 3)
MK | Derived.Fi: That looks like a simple question but is indeed one of the biggest challenge to any project. We want to reach out to as many audience as we can. Our target audience is very vast. It involves crypto traders as well as traditional financial traders who want to trade stocks, forex, commodities etc. on a decentralized platform. Basically, anyone or anybody looking to trade any or every asset type would be happy to use Derived which is the one-stop platform for any type of trading asset. We will also announce our Ambassador program after the IDO to allow users to participate and work closely with the project. Finally, our team is already working on create local communities to target people from across the globe.
Saigon 💎 | OIG:: Great stuff . Yes! Community building seems like an easy question, but when you look at the scale that Derived Finance is trying to engage with, it suddenly becomes a lot of different layers!
This was an awesome time that we’ve had with Muthu from Derived Finance! Would you like to leave us with any final words?
MK | Derived.Fi Of course. Without community, no matter what the project does there will be no success. Community building is of utmost importance to us. We will always engage the community on our platform and I had a great time with you guys and the questions were really awesome. I really hope that I can jump in and have another AMA with your community in the near future..
I would also like to invite the members to join our social channels.
More AMA’S and reward programs are coming up in the coming days leading to our IDO on 13th and 14th October.
Ours social channels are below
Website — https://derived.fi/
Twitter — https://twitter.com/DerivedFinance
Medium — https://derivedfinance.medium.com/
Telegram — https://t.me/derived_discussion