The state of decentralized derivatives trading: Research #02
We’re glad to welcome you to the second article in a series of decentralized derivatives trading research. Today, we will cover the bi-weekly updates of DEXes that offer futures and options trading on Solana, Ethereum, and other chains. If you didn’t read our previous research, get started with this article and move on to this story.
In today’s article RiskSwap will tell you about the updates on the following exchanges:
Mango Markets
Mango Markets have developed stop loss, take profit, stop limit, and take profit limit orders as a part of improving their trading experience. The team has released an interface for historical open interest and funding assessment, improved the account statistics GUI, increased the BTC perpetual contract leverage by up to 10x, and expanded the list of assets that can be used as collateral. Additionally, the devs are constantly improving their market-making bot.
Serum
Serum updates are important to track for decentralized derivatives exchanges because many of them are a part of Serum’s ecosystem. Good news for devs: Serum has released its roadmap 2.0 and they plan to:
- Reduce fees for stable coin pools
- Add the opportunity to limit certain accounts from trading
- Offer automated settlement feature
- Release perpetual futures contracts in Q1 — Q2 2022
- Allow for margin trading and lending in Q4 2021 — Q1 2022
- Develop their grant system
- Provide services for institutional investors such as incentivizing market makers and partnering with CeFi companies
Serum’s TVL increased by up to $1,5 bn this week which is a very nice achievement for the community.
Hegic
Hegic has released a bond, and its yield is determined by the auction: within 36 hours, APY gradually grows until it reaches 16% or the pool of funds reaches $3 million. The bond’s duration is 30 days.
dYdX
The dYdX team has decreased the minimum volume of maker orders for market makers from 5% to 1%. The exchange has reached an impressive $10 bln daily trading volume, and $840 mln TVL. This week, dYdX was featured in Forbes and Bloomberg and now reward everyone who deposits $1,000 or more to their dYdX account with $75.
MCDEX
FTX listed MCDEX on the spot and perpetual sections. The exchange’s TVL has grown to $175 million. The exchange has implemented a trading and liquidity mining program. Additionally, the team introduced incentives for pools created by the community.
What’s new on RiskSwap
RiskSwap’s progress was also impressive over the course of two weeks. We have entered into a strategic partnership with HAPI and NEAR protocol, released perpetuals trading for public testing and uploaded its code for Solana’s Ignition hackathon, and became a member of the Serum ecosystem.
Summary
The protocols already in operation continue to expand the list of markets, improve the GUI, increase the available leverage and offer functionality improvements.
Separately, it is worth noting Serum’s desire to implement interaction with institutionals. This is a trend that is observed in the top protocols of the Ethereum network: the introduction of KYC, AML, special accounts for institutional investors using a custodian. This branch of development is used by ready-made and long-running protocols.
We wish our derivatives DEX mates a success and hope that together we will be able to create a sufficient, user-friendly, and quickly evolving ecosystem for decentralized futures and options trading! Competition is a must for the evolution of the market ;)
It’s the beginning of a new era for on-chain derivatives traders! To get involved with RiskSwap, visit our website or reach out to us on Twitter, Medium, Telegram, and Discord.
