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Deridex Processes Over $1 Million USD
It's only been a month since the decentralized finance platform Deridex launched on the Algorand mainnet.
Since then, Deridex has processed over $1 Million USD in on-chain volume. This was reported by tweet from Deridex on Monday noon.
It's been a month since we launched on mainnet. Since then Deridex has processed over $1M in on-chain volume. Discover how Deridex is revolutionizing decentralized derivatives.https://t.co/WebEbEdNEx#Algorand #derivatives $ALGO pic.twitter.com/mcllYLR3DL
— deridex.algo (@DeridexHQ) January 30, 2023
What is Deridex?
Deridex is the first platform that enables on-chain derivative trading on the Algorand. It was launched on 31th of December, 2022.
Derivatives are a multi-trillion dollar industry and hedgefunds and large institutional investors rely on derivatives to hedge their portfolios, hence why its important for a blockchain like Algorand to support such features.
A Repertoire of Features For Traders
The platform offers a variety of tools for more advanced investors, such as options contracts, longs, shorts, perpetuals, and leveraged trading.
Perpetuals contracts on Deridex allow traders access to up to 20x leverage long or short on various assets. These trades are facilitated by liquidity providers which provide margin loans to these traders and collect borrow fees.
