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The State of Decentralized Derivatives Trading: Research #09

Since the derivative protocols keep releasing new features, thus moving the market further, today, Spin is back with another research. As usual, we have been attentively observing all the major news within the DeFi derivatives space to provide you with the overall research devoted to the progress of the following protocols:


Mango has published a link to the Notion with all their meeting agendas, and the Project is currently participating in Riptidle hackathon as a sponsor with a $100k grant for projects integrating with Mango. Moreover, Kraken Exchange has listed the $MNGO token.


Serum has started a beta-test of a mobile interface for their platform and burned $SRM for $1,11M in the last two weeks.

Also, you can check the list of Serum ecosystem dApps in the picture below.


Ribbon Finance starts to work on Solana, and they will use options created by Zeta for vault strategies. Furthermore , Zeta increases the deposit limit up to 5,000 USDC for each account.

The platform has also officially announced a partnership with Exotic markets — protocol, which will offer option vaults for users. Additionally, the open interest has reached $1,77M while trading volume rised up to $1,3M.

Moreover, Zeta has become a sponsor for a $30k prize in Solana Riptide Hackathon and revealed how their collateral framework for undercollateralized options works.


DYdX has officially presented Hedgies NFTs, which are now available on OpenSea. People who voted on an on-chain dYdX proposal can mint it by only paying gas fees.

Also, top 10 weekly traders will be awarded with Hedgies every week. In case any free Hegies are left from a weekly draw, they will be available for anyone to mint.

dYdX Hedgies

Market share of dYdX Perpetual increased to 2.2% and Season 1 of the trading league has started. Moreover, dYdX presented a review of Epoch 5.


Opyn is looking for a bunch of developers. Also they presented a calculator for squeeths, where users are able to track their squeeths, calculate potential p&l, etc. Furthermore, their Crab strategy already reached max. cap — 888 ETH.


PsyOptions has acquired Tap Finance and renamed it to PsyFinance. Additionally, the protocol has revealed a roadmap for 2022. The most anticipated feature for users is probably a liquidity mining incentive program, which should appear in Q1 of 2022.

Perpetual protocol

Perpetual protocol has migrated to the new domain, their website now is perp.com. Dune analytics now has a dashboard for Perpetual protocol. In Addition to that, the project has launched a Trading Competition with a total prize pool of 15 000 PERP ($100k).


GMX exchange is a derivative trading platform, which works on Arbitrum and Avalanche. According to the Defi Lama, they have more than $230M of TVL.

Recently, they have announced a cooperation with KeeperDAO. The most important feature from this collaboration is the possibility to avoid losses that occured because of Oracle Extractable Value.

Apart from that, GMX_IO made a partnership with Vovo Finance for bringing structured products to the GMX exchange. Here you can read an article about the GMX roadmap for 2022 and here are the primary stats of the decentralized exchange.


What’s new to Spin? First and foremost, we’ve announced raising $3.75M in a seed funding round led by Lemniscap with participation from GSR, Spartan Group, ZMT Capital, Longhash Ventures, and AngelDAO. The funds raised will be used to support the Spin DEX further development.

Apart from that, Spin has entered strategic partnerships with Paras and Ref Finance aimed at bringing more users to trading on NEAR Protocol.

The Freaky Elves Whitelist that requires following us on Twitter and joining Discord already includes over 9K applications with only 2022 NFTs available for minting. The mint date and details will be announced shortly, so stay tuned with Spin’s updates!



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