What Is DerivaDAO (DDX)?

Trading under DDX, DerivaDEX is a decentralized exchange (DEX) for derivatives contracts. As per the official website, the platform is a community-governed derivatives exchange that provides performance and security that traders yearn for. The platform is a decentralized autonomous organization (DAO), which means the users govern the platform and can vote for and present improvement proposals for the platform’s future. In simple terms, DerivaDAO is the governing body of the DerivaDEX.

Till now, traders have to choose between centralized exchanges or decentralized exchanges. Both have their own merits and demerits. For instance, centralized exchanges offer strong liquidity and products but don’t provide user control. On the contrary, decentralized exchanges give control to users but compromise usability. To address this, DerivaDEX was built to provide the best of both worlds. DerivaDEX aims to provide the performance and security traders need. 

Running on Ethereum, the platform has built various products to achieve its vision:

• Exchange: The platform provides key performance advantages, like fast trade resolution along with real-time price feed and competitive fee structure. The platform is currently under development.

• Governance App: Traders and token holders can control the platform. Users can vote on the features relating to the exchange and can participate in the decision-making of the platform.

• Insurance Mining: This product bootstraps the capital for the insurance fund. Users here can stake to the insurance fund to receive DDX tokens. The platform ensures users have a good trader experience from the beginning.

Coming to the token, DDX is the native token of the platform and the platform’s cryptocurrency. The token is an ERC20-based token used for fee reductions and staking opportunities on the platform. The token is earned by users who stake their tokens in the insurance mining program. Further, the DDX token works as the governance token and is used to govern the project via the DerivaDAO. 

History of DerivaDAO

Founded in 2020, DEX Labs launched the DerviaDEX. DEX Labs was founded by Aditya Palepu. Palepu, CEO of DEX Labs, is a blockchain enthusiast. He has formerly worked as a DRW algorithm trader.

How Are New DerivaDAO (DDX) Tokens Created?

As per the website, the platform supports staking and allows holders to stake their tokens to earn new DDX tokens. Holders can stake their tokens in the insurance mining program available on the platform. In return, users will earn a share of DDX tokens proportional to their stake. Users can claim their DDX tokens at any time by paying an unstaking fee of 0.5%.

How Many DerivaDAO (DDX) Tokens Are There?

The maximum total supply of DDX tokens is capped at 100 million.

Where to Purchase DDX Tokens

The DDX token is available on several decentralized & centralized exchanges, like Coinbase. Coinbase is an easy-to-use and beginner-friendly platform for trading, storing, and converting DDX tokens.