Insurance mining & governance are here!
DerivaDEX’s first liquidity mining program has launched
Today, we’re launching insurance mining as well as the DerivaDAO. These contracts have been deployed (block 11384049), and the applications for insurance mining and governance are live.
DerivaDEX is a next-generation derivatives exchange protocol. We are building an exchange that combines the performance of centralized exchanges with the autonomy of decentralized exchanges, with a focus on accessibility to a global audience.
The insurance mining program bootstraps the insurance fund for the exchange. The protocol is governed by the DerivaDAO, and all modifications to the DerivaDEX system must be submitted and approved via governance. DDX is the governance token of the protocol, and is not a security nor an investment opportunity. DDX can be used to participate in governance of the DerivaDAO from day one.
The insurance mining program accepts a variety of stablecoins, and stakers receive DDX. Supported stablecoins at launch are:
- Gemini Dollar (GUSD)
- Tether (USDT)
- cTether (cUSDT)
- USD Coin (USDC)
- cUSD Coin (cUSDC)
- HUSD
Important: one of the first governance actions of the DerivaDAO will likely be the lifting of the governance cliff. The governance cliff is in place at launch, and means that DDX is non-transferrable until this cliff is lifted. Any DDX owners will be able to participate in governance immediately, and after the DDX cliff is lifted there will be no further restrictions on these tokens.
Insurance mining
Insurance mining bootstraps the DerivaDEX insurance fund, so the exchange provides an excellent trader UX from day one. Stakers receive DDX, the governance token for the DerivaDAO.
- 2,500,000 DDX from the liquidity mining supply will be emitted linearly over 1 year as part of the insurance mining program (1.189117199391172 DDX per block, for 2,102,400 blocks).
You can participate in insurance mining at insurance.derivadex.com. Make sure you always verify the URL before interacting with the site. This UI will enable you to stake and unstake stablecoins from the insurance fund.
- What is the DerivaDEX insurance mining program? This article describes the parameters of the insurance mining program, and goes into detail about how the program functions within the DerivaDEX protocol.
- What are the token economics of the DerivaDEX protocol? This article describes the token economics at launch for the DerivaDEX protocol. DerivaDEX follows a philosophy of progressive decentralization, in order to maximize both competitiveness with centralized solutions, and the autonomy of a decentralized protocol.
Please note —
- Not all jurisdictions can participate in insurance mining. Currently, the US and OFAC-sanctioned countries will be IP blocked from all DerivaDEX applications.
- DDX is a governance token, not an investment opportunity nor a security.
Insurance mining with DerivaDEX
Connect your Ethereum wallet
When connected, you will see your available token balances and live stats in your dashboard.
Staking
You can stake with any of the supported stablecoins. Select the asset you want to stake from the list. The first time you stake that asset, you’ll need to unlock the selected token.
Claiming DDX
You earn DDX tokens during every block you are staking. DDX tokens are initially non-transferable, though this limitation will be lifted via governance. You will be able to vote with any earned DDX immediately, before the governance cliff!
- Claiming transfers DDX to your on-chain wallet, which is controlled by your staking account address, but does not support transferability until the governance cliff is lifted.
- Claiming also happens automatically whenever you unstake, or stake more tokens. This is to ensure users who unstake do not need to perform a second transaction to claim their tokens.
Unstaking
Select the asset you want to unstake, go to the “unstake” tab, and select the desired amount. There is an unstaking fee of 0.5%, which is in addition to any gas costs and is denominated in your staked asset. Confirm the unstake transaction in your wallet, and you’re done! Any unclaimed DDX will also be claimed, and can be used in governance.
Governance
DerivaDEX is a DAO from day one, meaning that any upgrades, modifications, or parameter adjustments must be implemented through governance. One of the first such proposals will be the lifting of the “governance cliff” — this will determine when DDX tokens become transferable! DDX tokens are claimed to on-chain wallets, which delegate voting rights to users staking addresses. However, transfers are disabled for these on-chain wallets until governance cliff is lifted.
Governance participation, however, is supported immediately. Any users who hold DDX, even before the governance cliff is lifted, will be able to vote with that DDX on any proposal.
There is a 3-day waiting period after any successful governance proposal before that proposal will be executed. The only exception is a proposal that consists only of an emergency pause function.
- Get early details about DerivaDEX governance here
- Sign up for the Discord to be notified of new proposals and discussions
Please note: as with insurance mining, the US and OFAC-sanctioned countries will be IP blocked from all DerivaDEX applications, including governance.
Contract addresses
DDX Token address — 0x3A880652F47bFaa771908C07Dd8673A787dAEd3A
DerivaDAO address — 0x6fb8aa6fc6f27e591423009194529ae126660027
Safety
Unfortunately, crypto users are often the target of opportunistic scammers. Please independently verify all links, contract addresses, and identities. The DDX token is not available at launch, because it is non-transferable until the governance cliff has been reached.
DerivaDEX contracts have all been audited by Quantstamp. The full audit report is available on the Quantstamp website. We will be updating commit hashes to reflect the deployed code in coming days, as code documentation has been updated since the audit report was compiled. This site will be updated when that occurs.
Changelog
12/6/20 5:43am EST — post updated to provide additional clarity around claiming and on-chain wallets.
2/14/20 12pm EST — updated for consistent terminology, links.
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