DDA is now Daxia
By Nicholas Fett
A little over a year ago, I left my job at the CFTC to jump full time into developing a fully decentralized derivatives product for crypto. In my mind, the ability to hedge price risk and harness volatility was one of the missing pieces to crypto adoption and I was in a great place to solve that problem.
Over the past year, DDA has done some amazing things, including:
- Developed and launched a suite of smart contracts for creating tokenized derivatives
- Built an amazing dApp for trading our tokens
- Received an Ethereum Research grant to build our product and research scaling opportunities
- Grown the once solo project into a team of 5 rockstar developers and business ninjas
With all of these successes, I knew in the back of my mind that our name was something we would need address at some point. It was vital to me to prioritize the development of good technology and therefore, I didn’t want to initially get hung up on a name/brand. So, I picked something straight to the point. I’ve learned a lot over the past year though and now as we’re beginning to raise money, conversations about branding, marketing, and expanding our user-base, have made this moment the perfect time to give the name it’s due attention. As much as DDA had grown on me personally, I could tell that the name itself it was a confusing aspect to our product that ultimately took focus away from the amazing derivatives technology we’ve developed and deployed on Ethereum.
So without further ado, introducing Daxia.
Axia means value in Greek and the ‘d’ is for decentralized. The idea is simple and straightforward. For all of human history, value has been something in the custody of one party or another. Two parties who did not trust each other could not trade or develop complex financial contracts without intermediaries. The idea that we can now remove these intermediaries, everything from brokers, exchanges, clearinghouses and even governments from the middle of transactions, is revolutionary.
Our new symbol actually incorporates two pieces of our company that I wanted to highlight. To explain, I’m a big Nikola Tesla fan. Although his contributions to science are numerous, his prime contribution to my thinking lies in his vision to provide electricity to the world. Ultimately a technical problem which he didn’t quite solve, the idea of limitless electricity is parallel to the world changing idea of a free monetary system. I know our company just does derivatives for now, but a platform for truly decentralized financial contracts is one that can unleash actual adoption of crypto. We used the base shape of a capital delta (change) in our image, combined with the long and short imagery (up and down) creating a spark for crypto adoption on a global basis.
Financial products such as derivatives and crypto require no middle men. The new financial system has arrived, and now with Daxia, you can trade easier than ever.
Check out our updated website: www.daxia.us
Come make a trade on our dApp: dapp.daxia.us
And join the chatter on our Telegram: www.t.me/daxiachat