Binance Aims To Create The Largest Decentralized Derivatives Exchange
The world's largest centralized crypto exchange, Binance, has big ambitions to create the largest decentralized derivatives exchange, as evidenced by its recent funding efforts. Deri Protocol, a decentralized derivatives exchange, has secured an investment under Binance Smart Chain’s $1 bln DeFi Growth Fund.
The foundation was created by Binance to help DeFi projects powered by BSC scale for mass adoption. It also aims to expand the BSC ecosystem as it only supports projects that are launched on the network. Deri is the first decentralized exchange (DEX) that provides both everlasting options and perpetual futures on BSC. According to Binance, users can hedge, speculate, and arbitrage their portfolios.
Deri co-founder and CEO under the pseudonym 0xAlpha said that with the support of BSC, they are looking to scale Deri for mass adoption. Deri trading positions are tokenized as NFTs, which can be stored, transferred or imported into any other compatible DeFi projects. The protocol also works on Polygon in addition to BSC. TVL Deri is currently only $24 mln, according to DefiLlama. The current volume in 24 hours is just over $200 mln.
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