NewsPartnershipsAlgorand Foundation invests in on-chain derivatives platform Deridex

Algorand Foundation invests in on-chain derivatives platform Deridex

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Algorand Foundation

October 13th, 2022 - The Algorand Foundation is proud to announce our partnership investment with Deridex, an on-chain derivatives platform on Algorand. The Algorand Foundation’s investment supports Deridex’s mainnet launch in Q4, 2022. Deridex launched its testnet on the Algorand blockchain in May, 2022.

Deridex is a platform that unlocks Algorand’s DeFi ecosystem by providing leverage protocols allowing users to lower the cost of exposure and hedge against their positions. Deridex plans on being one of the first on-chain derivatives platforms on Algorand, taking the first mover advantage which is key in any new DeFi ecosystem.

 

Deridex is aiming to deliver a full suite of derivative and leveraged trading products to Algorand. Trading with leverage allows users to maximize their capital efficiency and take advantage of more advanced trading strategies. Not only will users be able to profit from taking long or short positions on underlying assets, liquidity providers will also be able to earn yield by providing collateral and profiting from the volatility of the market.The platform will provide users with more options to utilize their capital with nuanced trading strategies and opportunities not seen on Algorand yet.

 

“ALGORAND’S TECHNOLOGY PROVIDES A UNIQUE OPPORTUNITY TO BRING A MULTI-TRILLION DOLLAR MARKET INTO ITS DECENTRALIZED NETWORK. WITH SUB 4 SECOND FINALITY, USERS NO LONGER NEED TO WORRY ABOUT A 2 DAY CASH SETTLEMENT FROM CENTRALIZED EXCHANGES ALLOWING USERS TO GET IN AND OUT OF POSITIONS QUICKLY AND AT A LOWER COST THAN MOST OTHER EXCHANGES. AS ALGORAND’S USER ADOPTION GROWS, A DERIVATIVES PLATFORM WILL BECOME AN INTEGRAL PIECE OF THE MARKET.”

- Jonathan Gomez, Founder and CEO of Deridex   

 

Deridex will be launching their options and ASA lending products during Q4 2022. Development of their perpetual futures and leveraged governance contracts has already begun and is planned to be released in Q1 2023. The team is also working on building key partnerships with other projects to increase user accessibility and interoperability among dapps. As DeFi on Algorand matures, Deridex plans to play an integral role in the ecosystem throughout the future.

 

"We are excited about the Deridex's mainnet launch on Algorand. The deridex protocol allows traders to participate in long and short using perps on-chain. Other users will find opportunity in Deridex's leveraged tokens to acquire exposure in the channels they're looking for." 

- Daniel Oon, Head of DeFi, Algorand Foundation

‍For more information on Deridex please visit https://www.deridex.org/ or follow them on Twitter or Discord

About Deridex:

Deridex is a decentralized derivatives trading platform focused on delivering a full suite of low cost leveraged trading products for traders and liquidity providers.

Deridex Media contacts:

media@deridex.org

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