This proposal is expected to appear on Snapshot for voting on 2021-12-26T17:00:00Z. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.
TL;DR
- Proposal to whitelist DerivaDAO Token (DDX).
- Proposed Trading Liquidity is 100K BNT.
- There are no apparent security concerns that would prohibit whitelist status.
Token Address: 0x3a880652f47bfaa771908c07dd8673a787daed3a
Project Website: derivadex.com
Token Security
DDX does not have an elastic supply or rebase mechanism. The token contract appears to implement the standard openzeppelin libraries in addition to the diamond standard.
The total token supply is capped at 100M tokens and it is emitted over a 10-year period. The current circulating supply is 26,094,663
The top 10 holders of DDX are the following (To Be Determined):
Rank1: gnosis multisig
Rank2: team/founder
Rank3: team/founder
Rank4: investor
Rank5: team/investor/exchange
Rank6: team/investor/exchange
Rank7: team/investor/exchange
Rank8: team/investor/exchange
Rank9: team/investor/exchange
Rank10: team/investor/exchange
Project
DerivaDAO is the decentralized autonomous organization (DAO) that governs DerivaDEX, a decentralized exchange (DEX) for derivative contracts built on Ethereum. It features an open order book and on-chain settlement, and leverages off-chain price feeds, matching engines, and liquidation operators to enable fast and efficient transactions of synthetic assets.
Deposits and withdrawals (of USDC) are handled on Ethereum, whereas all trading and other exchange-related transactions occur on the DerivaDEX operator network. Two tranches of insurance funds, “staked” (from insurance mining) and “organic” (from USD-paid fees) are managed by the DerivaDAO and used to backstop traders against auto-deleveraging.
Tokenomics
- 100,000,000 DDX are emitted over a 10-year period. There is no additional supply or inflation planned for DDX
- 50 million DDX are emitted initially as part of the genesis supply. This is referred to as “genesis token emission” throughout.
- 50 million DDX are emitted over a 10-year period as part of the liquidity mining supply.
- 34,245,404 DDX allocated to the team and foundation
- 15,334,596 DDX allocated to investors
- 660,000 DDX for an advisor allocation
The DerivaDAO manages more than the supply of DDX tokens. The DerivaDAO is also responsible for managing all parameters of the exchange: listing products, determining the capitalization of the insurance fund, setting trading fees. A unique feature of DerivaDEX is the requirement for the exchange to build and maintain a healthy insurance fund . Unlike centralized exchanges, this DAO-managed fund will have transparent parameters set via governance.
The management of this fund’s size and implementation is the responsibility of DerivaDAO participants. This resource will be initially capitalized by the insurance mining program, and later capitalized via trading fees and liquidations. The collateral types that are accepted to the insurance fund, and the balancing of various collateral types, is subject to DerivaDAO governance.
Community and Communication
The DerivaDAO team operates an official Twitter and medium account. The repositories for their code is hosted on GitLab. There is a Discord channel that is available to their community. The official documentation is hosted on TBD. There is also a governance app that’s available to their community members for governance and a forum as well.
Available Audits
All DerivaDEX code related to governance, token emission, and insurance mining has been audited by Quantstamp, including specification review, manual review of code as well as testing and automated analysis. The full code review can be found here.
Market and Trading Data
- DDX price at the time of writing is $4.96
- All-time high: $15.28 (Aug 31, 2021)
- All-time low: $1.48 (Jul 19, 2021)
- Price 90 days ago: $6.98
- 26,094,663 tokens in circulation
- 100,000,000 maximum supply.
- The current market capitalization is $129,441,386
- Token Fully Diluted market Capitalization is around $496,045,426
- The DDX token is available on DEX (Sushiswap and Uniswap) and CEX (Coinbase)
- The highest 24-hour volume is on coinbase and is around ~$10M.