Comprehensive Analysis of the Decentralized Derivatives Protocol Deri Protocol: Business Model, Competitive Landscape, and Valuation Logic

Original Title: "Deri Protocol: The Hidden Gem in the Decentralized Derivatives Space"
Author: Li Yuxuan

Deri's perpetual futures products feature bold designs and a well-developed mechanism, while its perpetual options product is an exceptionally innovative offering that has the potential to disrupt other options trading platforms.

We compared Deri with other perpetual futures and options projects and concluded that Deri's current valuation is moderate.

In the context of the overarching trend in decentralized derivatives and the strong short-term support from BSC, combined with the upcoming trading mining, Deri is expected to experience a Davis Double, leading to performance growth and an increase in valuation levels.

Project Overview

Project Business Scope

Deri is a decentralized derivatives trading platform that currently supports trading products including perpetual futures and everlasting options.

Perpetual futures are a new type of derivative product established by BitMex in 2016. Due to features such as no delivery and liquidity aggregation, they have become the most traded products on centralized exchanges (CEX).

Everlasting options are a newly born product this year, conceived by FTX founder Sam Bankman-Fried and Paradigm researcher Dave White in May. Deri is the first protocol to truly implement this product. Similar to perpetual futures, everlasting options also feature no delivery and liquidity aggregation.

Past Financing Situation

• Initial investors included FBG Capital, BIXIN Ventures, Lotus Capital, Black Range, and LD Capital, with the financing amount undisclosed.
• On April 26, a financing round was completed with investors including AKG Ventures, Kryptos Research, and CryptoDormFund, with the amount undisclosed.
• In June, GSR invested, with the amount undisclosed.
• On October 11, Deri received investment from cryptocurrency market maker WOO, with the amount undisclosed.

It can be seen that the project has received investments from several professional trading institutions and domestic entities, but the amounts for each round of investment have not been disclosed.

Historical Development

• In February 2021, DERI began mining simultaneously on the ETH, BSC, and HECO chains.
• On March 4, trading functionality was launched on the ETH, BSC, and HECO chains, with trading pairs including BTC/USDT and base assets being USDT, BAC, BUSD, and HUSD.
• On March 15, a cross-chain bridge between the ETH, BSC, and HECO chains was launched.
• On April 26, a financing round was completed with investors including AKG Ventures, Kryptos Research, and CryptoDormFund, which involved locking up some circulating tokens held by the team.
• On June 1, the platform suffered an attack due to oracle delays, but fortunately, it was detected in time and did not result in actual losses.
• On June 4, the V2 version was launched on BSC, which mainly added mixed margin/liquidity pool/trading pair functionalities, allowing users to use multiple currencies as margin for the current trading pair, while the liquidity pool also supports multi-currency deposits, and multiple trading pairs share the same liquidity pool.
• From July 13 to 14, WBNB, CAKE, and WMATIC were successively launched as base assets, allowing the use of non-stablecoins as collateral and LP.
• On July 15, Chainlink was integrated, and oracle price feeds with a gradient threshold of 0.1% were implemented for BTC-USD and ETH-USD.
• On July 22, an innovation zone was launched to support trading of assets like AXS and MBOX.
• In August, Deri was selected as the monthly star in the third phase of BSC MVB (Most Valuable Builder).
• On August 26, a new open area for perpetual futures was added, allowing users to create trading pairs autonomously without permission.
• On September 1, everlasting options were officially launched.
• On October 11, Deri received investment from the well-known cryptocurrency liquidity provider WOO.
• On October 12, Deri was mentioned in Binance Smart Chain's $1 billion growth fund and announced a trading mining plan, which will launch a total of $1 million in DERI trading mining incentives within one month.

Overall, the team's work progress is relatively tight, with strong execution, especially with the rapid launch of the everlasting options product.

Business Data

Deri Protocol has relatively limited disclosure of trading volume data, and the official website currently does not have a public trading volume dashboard; the data available mainly comes from monthly reports.

From the data, the trading volume of perpetual futures is not high, but it achieved over 150% growth in September, while the everlasting options, which just launched on September 1, already reached over $115 million in trading volume.

Business Analysis

Industry Analysis

Deri belongs to the decentralized derivatives trading platform sector.
According to a TokenInsight report (https://tokeninsight.com/report/2835), the trading volume of derivatives surpassed that of spot trading starting in Q4 2020 and maintained even more rapid growth in Q2 2021, with most of this volume coming from CEX.

Decentralized spot trading platforms began to flourish during the summer of DeFi in 2020, and now projects like UNI, CAKE, and SUSHI have entered the top sixty by circulating market capitalization in cryptocurrency, with UNI even having reached the top ten at one point. Currently, the highest market cap decentralized derivatives trading platform, dYdX, has only just entered the top 100.

Therefore, whether compared to centralized trading platforms or decentralized spot trading platforms, the space for decentralized derivatives trading platforms is vast.

In the segmented derivatives space, both in terms of token market cap and trading volume on trading platforms, current cryptocurrency projects are primarily focused on futures (perpetual futures), while options projects currently have relatively low overall trading volumes.

According to the TokenInsight report, in Q2 2021, the total trading volume of crypto options was $119.2 billion, with the vast majority ($92.4 billion) coming from the centralized trading platform Deribit. In the same period, the total trading volume of crypto perpetual contracts was $1.88572 trillion, with options trading volume accounting for less than 1% of perpetual contracts. In traditional financial markets, futures and options trading volumes are similar, with options having an advantage in open interest.

Data on the trading situation of over 80 global trading platforms in the derivatives market released by the Futures Industry Association (FIA) in 2020, source

In traditional finance, options are primarily tools used by institutions or professional investors for hedging. In the crypto world, although options products have been around for a while, their trading volume has remained low due to high operational costs, dispersed liquidity, and the absence of institutional users—who are the main users in traditional finance. However, in this bull market, a clear trend is the large-scale entry of compliant institutions, which brings more hedging demand and a higher demand for options business.

Thus, in the segmented derivatives space, the development stage of options is still in its early phase, with greater potential.

Additionally, we can observe that regulatory scrutiny of derivatives trading platforms is stronger than that of spot trading platforms, which further highlights the significance of decentralization.

Project Mechanism

Perpetual Futures

In the design of Deri's perpetual futures, there are mainly two roles: Trader and Liquidity Provider (LP):

Traders can trade various assets on Deri without slippage after depositing base assets, with trades executed in real-time at oracle prices, and profits can be settled and withdrawn in real-time.

LPs deposit base assets into the liquidity pool, which always acts as the counterparty for trades, including opening, closing, and forced liquidation. Traders interact directly with the liquidity pool. The interaction between traders and LPs is a direct game: if we consider LPs and traders as wholes, the losses of traders are the profits of LPs, and the profits of traders are the losses of LPs.

This design is initially derived from the synthetic asset protocol Synthetix, where all LPs collectively bear the payment to traders, and the losses of traders are the profits of LPs, while the profits of traders are the losses of LPs.

This design can be abstracted as "trades executed at oracle prices, with all LPs bearing the payment." For traders, the benefits of this design are evident: since trades do not require direct counterparties but are executed directly at oracle prices, trading depth is infinite, and there is no slippage.

However, for LPs, there are significant risks: if the positions held by trading users are all in the same direction, LPs may face severe losses in a one-sided market, which could even affect the stability of the entire system. For example, if traders generally hold a long position in ETH (which often happens), then in a one-sided market where ETH rises significantly, traders profit significantly, which means LPs incur substantial losses. Losses can affect LPs' willingness to continue providing liquidity, and since LPs bear the payment to all traders, when LPs suffer severe losses, the entire system's payment capability is also at risk.

To address this issue, Synthetix encourages all LP users to hedge their assets according to the overall positions in the system and has also used SNX tokens for a considerable time to incentivize users to short, thereby offsetting the risks brought to LPs by users' enthusiasm for going long on ETH. Additionally, in the recent sip-181 proposal, Synthetix is also considering adjustments to its core mechanisms to resolve this issue.

Deri has effectively addressed this problem by borrowing the funding rate mechanism from centralized trading platforms. In the design of Deri's perpetual futures, the net position side is required to pay a funding fee, which is distributed to the counterparties (since LPs are also counterparties, they also receive funding fees). For example, at a certain moment, if long positions hold 1,000 contracts and short positions hold 700 contracts, all longs need to pay a funding fee, with 70% going to the shorts and the remaining 30% going to LPs. Through this mechanism, Deri maintains an excellent experience of no slippage for traders while ensuring long-term system stability.

Deri currently supports trading on four chains: BSC, Polygon, ETH, and Heco, but the official incentives are mainly focused on BSC and Polygon (providing liquidity on these two chains will earn official $DERI token incentives):

• On the main BSC chain, the base assets are BUSD, WBNB, and CAKE, with current trading targets including BTC, ETH, and BNB;
• In the innovation zone on BSC, the base assets are BUSD and DERI, with trading targets including AXS, MBOX, iBSCDEFI (an index composed of six DeFi tokens on the BSC chain), iGAME (an index composed of seven gaming tokens), ALICE, and AGLD;
• On the main Polygon chain, the base assets are BUSD, WBNB, and CAKE, with trading targets including BTC and ETH;
• In the innovation zone on Polygon, the base assets are USDT and DERI, with trading targets including AXS, ALICE, SAND, QUICK, GHST, and AGLD;
• Additionally, on BSC, Deri has an open area allowing users to create trading targets autonomously (and set base assets themselves).

From this, we can see that the main area corresponds to trading mainstream assets, while being relatively aggressive with base assets, allowing some non-stablecoins with good liquidity and higher market caps on the current chain as base assets; the innovation zone supports trading of some hot new tokens, with base assets using a combination of stablecoins and DERI, ensuring the stability of base assets in the innovation zone while also providing a use case for the DERI token; the existence of the open area embodies the concept of "open finance": anyone can add trading targets, and the entire process is completely decentralized without the need for anyone's permission. Regarding trading fees, Deri allocates 80% of trading fees to LPs, while the remaining 20% goes into the DAO FUND for periodic buybacks and burns.

Everlasting Options

Deri's everlasting options product is the first everlasting options product on Earth, based on a paper published by Paradigm researcher Dave White and Sam Bankman-Fried in May.

To understand everlasting options, we first need to briefly understand options. A typical options product looks like this: "BTC-21OCT30-55000-C":

Where BTC refers to the trading target; 21OCT30 refers to the expiration date; 55000 is the strike price; C (CALL) indicates the direction of the option, meaning this is a call option, with the corresponding put option being P (PUT).

Thus, the above "BTC-21OCT30-55000-C" indicates a call option for BTC with a strike price of $55,000 on October 30, 2021. Additionally, options are divided into European options (which cannot be exercised before expiration) and American options (which can be exercised before expiration), among others.

It can be seen that different trading days, strike prices, or directions will create new options products, so the liquidity fragmentation phenomenon of options is more pronounced than that of expiring futures.

Deri's options product trades everlasting options, with the price of everlasting options determined by the Black-Scholes pricing model (a general options pricing model). After obtaining the spot price and volatility data through oracles, the price is calculated based on Deri's own derived pricing formula for everlasting options.

In terms of market-making algorithms, Deri's everlasting options product uses the DPMM (Derivative Positive Market Maker) mechanism. DPMM is based on the PMM algorithm created by the spot trading platform DODO. PMM is also an automated market-making algorithm (AMM), but unlike Uniswap and others that use constant product market-making (CPMM), the PMM mechanism actively aggregates liquidity in the pool towards the current price, achieving better trading depth.

Core mechanism of the PMM algorithm source

The DPMM mechanism is a variant that brings the PMM mechanism into the specific scenario of everlasting options.

Similar to perpetual futures, Deri's everlasting options are always countered by the liquidity pool, where users can deposit BUSD to provide liquidity. Overall, liquidity providers (LPs) and traders are also in a zero-sum game: if traders lose, LPs benefit; if traders profit, LPs incur losses.

However, unlike perpetual futures, there is no oracle that can directly obtain the price of options, so the transaction price of everlasting options on Deri is mainly determined by the following two factors:

• The "theoretical price" of the option, which cannot be directly provided by an oracle. The "theoretical price" of Deri's everlasting options is calculated based on its own derived pricing formula. The pricing formula is primarily based on the Black-Scholes pricing model and requires obtaining the spot price and volatility data from oracles. Deri has detailed the calculation logic and derivation process of this pricing in its everlasting options white paper, which interested parties can view via the link below. https://github.com/Deri-finance/whitepaper/blob/master/Derieverlastingoptions_whitepaper.pdf

• The DPMM algorithm. After determining the theoretical price, the actual trading price is then determined based on the current LP liquidity and the current net position of the system.

The second factor also serves to protect LPs from losses caused by excessively high one-sided option positions, ensuring that LPs' earnings are carefully protected under the non-linear profit curve of options.

In addition, Deri's everlasting options also have a funding rate mechanism, but the logic of the funding rate for everlasting options differs from that of perpetual futures, being more akin to distributing the traditional option premium across every second for payment. Compared to traditional options products, this has the advantage of improving the liquidity of options, allowing held options products to be realized at market prices at any time. Of course, the funding rate for options is also related to the option price, which can indirectly help reduce the potential losses to the system from excessively high one-sided option positions. For example, for a call option, when bullish sentiment is high and the option price rises, the funding rate will also increase, raising the holding cost and thus somewhat suppressing the enthusiasm for going long.

At the same time, Deri's liquidity pool can support multiple underlying assets simultaneously. Currently, all of DERI's options, including four options for BTC and four options for ETH, are countered by the BUSD liquidity pool.

In summary, under the above mechanisms, combined with the non-linear characteristics of options, the products offered by Deri are continuously quoted products with good trading depth for given strike prices and option directions. By formulating different strategies, various demands can be met.

For example, a deep out-of-the-money option lottery strategy. Out-of-the-money options refer to call options where the current price is below the strike price or put options where the current price is above the strike price. By buying out-of-the-money call options or selling out-of-the-money put options, extreme leverage returns can be achieved. The following chart shows Deri's BTCUSD-50000-C product, where the red and green bars represent the price of Deri options, and the blue line represents the price of BTC (note that the coordinate axes on the left and right sides are different, and the right-side coordinate axis for option quotes is non-linear).

We observe that as BTC price rises from $42,000 to $55,000, the price of BTCUSD-50000-C rises from $3 to $5,488. Although longs still need to pay funding fees during this process, it is negligible compared to the return rate, which is the charm of options as a non-linear return product, allowing for extreme leverage.

Another example is the covered call strategy, where selling out-of-the-money options with high strike prices allows for collecting funding fees. As long as the judgment is correct and the margin is sufficient, one can gain both the appreciation of the underlying asset and the funding fees.

An example of the covered call strategy is as follows: Alice is a long holder of BTC, firmly believing that BTC can rise to $100,000. Therefore, Alice can sell the BTCUSD-100000-C everlasting option and keep enough collateral in her margin account. As long as Alice's short position is maintained (i.e., the balance is above the minimum margin requirement), when BTC reaches $100,000, Alice will not only gain from the appreciation of BTC (which remains in Alice's possession) but also collect the funding fees paid by the longs during this period.

Of course, the above strategies can also be implemented through traditional options, but Deri greatly simplifies the understanding of options products, reducing the complex options pricing process to a variable option price, and the trading products themselves have good liquidity, allowing for new capital allocation at any time (positions can be closed at any time), which is a significant advantage over traditional options products.

Compared to similar products, Deri also places great emphasis on the composability of the protocol, which mainly involves two aspects: whether the products of other protocols can be utilized and whether the products of its own protocol can be utilized by other protocols.

In terms of "utilizing products from other protocols," Deri supports using AAVE's USDC deposit certificate amUSDC as the base token on Polygon (which can serve as both margin and LP), providing users with the opportunity to participate in perpetual contract trading without losing AAVE deposit yields.

In terms of "products from its own protocol being utilized by other protocols," Deri's user positions, like those of Uniswap-V3's LP, are also NFTs, leaving room for interaction with other protocols.

Additionally, in the AMA with founder 0xAlpha, it was revealed that they plan to develop a suite of "perpetual products" following the launch of perpetual futures and everlasting options.

Competitive Landscape

Perpetual Futures

In the on-chain perpetual futures trading platform space, Deri faces numerous competitors. For a comparison of Deri with these competitors' mechanisms, refer to the author's article (“dYdX Leads the Decentralized Perpetual Contract Space, How Strong Are Other Competitors?”).

Overall, the author believes that from the perspective of product mechanisms, Deri's mechanism is excellent:

They have adopted a bold mechanism of "trading prices executed at oracle prices, with all LPs collectively bearing the payment responsibility," and they have also implemented a funding rate mechanism to effectively balance naked positions (excessively long positions can pose risks to the system).

Compared to similar projects like GMX and Cap Finance, Deri has a more comprehensive mechanism for handling naked positions;

In contrast to protocols like Perpetual Protocol, MCDEX, and Futureswap that use some AMM mechanism to determine trading prices, Deri exhibits better trading depth.

However, the current excellence of Deri's mechanism has not yet been reflected in trading volume. Compared to MCDEX, GMX, and Cap Finance, Deri's perpetual futures trading volume is significantly lower, which is certainly related to the absence of trading mining incentives and the short-term lag of BSC in the public chain competition, but it also indicates that the team still needs to continue working on operations, promotion, and trading facilitation.

However, with the announcement of BSC's $1 billion ecological incentive fund plan on October 12 and Deri's simultaneous announcement of a trading mining plan, both of these will lead to fundamental changes.

Everlasting Options

In the realm of everlasting options, currently, besides Deri, only Shield on BSC has launched (at least on the testnet) a product, but Shield's product is still in internal testing and cannot be directly compared to Deri.

There are relatively many projects focusing on options products, including Hegic, Opyn, Lyra, Premia, Hedget, etc. Among them, Opyn is an established options project, but its liquidity is scarce, and transactions are rare; it is currently planning to launch everlasting options. Meanwhile, Hegic, which was once highly anticipated, has seen an average monthly trading volume of less than $30 million after the launch of its new V8888 version, with only two days of trading in the past month; Lyra, relying on the Synthetix ecosystem, launched on Optimism Ethereum (OE), but has not yet made significant breakthroughs due to the overall progress of the OE ecosystem; other projects either have not issued tokens or have relatively low trading volumes and user influence.

Deri has achieved over $100 million in trading volume just one month after its launch.

Since Bitmex established perpetual futures in 2016, the development has been rapid, with current trading volumes approaching ten times that of expiring futures (TokenInsight Q2 2021 report), and it continues to maintain over 50% quarterly growth. The emergence of perpetual futures indicates that the market recognizes simpler and more operable trading products.

From this perspective, the significance of everlasting options is similar to that of perpetual futures over expiring futures, and may even go further. Everlasting options eliminate the concept of expiration dates, avoiding the hassles of exercising and rolling over, and simplify the complex results of the Black-Scholes pricing model into a straightforward option price, thus generating the popular candlestick charts that allow novices to easily engage with options after some exploration. This significantly expands the potential user base of the product. Additionally, through the shared liquidity pool + DPMM design, the trading depth issue of everlasting options is also well addressed.

The author believes that the everlasting options product may surpass the traditional options products in the same way that perpetual futures have surpassed expiring futures products. In the options field, Deri's everlasting options product currently has no real competitors.

Token Economics

The native token of Deri Protocol, DERI, has a total supply of 1 billion tokens, of which:

• 600 million tokens are allocated for liquidity mining, with a total of over 44.7 million tokens released so far.
• 360 million tokens are allocated to the team and investors, which will be unlocked linearly over two years. Since Deri has not disclosed the specific investment amounts and valuations for any of its funding rounds, we cannot ascertain the exact ratio for the team and investors.
• 40 million tokens are allocated to the treasury.

According to Coingecko data, there are currently 131,192,006 DERI tokens in circulation.

In terms of use cases, besides governance, DERI is primarily used to incentivize LPs, including LPs for perpetual futures and everlasting options, who will receive DERI incentives.

The DERI token can capture 20% of trading fees, which are deposited into the DAO fund for periodic buybacks and burns.

Risks

Oracle Risk

Decentralized derivatives projects have the highest reliance on oracles among all major DeFi protocols. If oracles cannot accurately and timely transmit data, significant risks can easily arise. In Deri's history, there have been oracle issues, although the team actively collaborates with oracle service providers (sponsoring Chainlink) to provide oracles with smaller quote gradients, and with the overall improvement of oracle service capabilities, such risks will decrease, but they cannot be fundamentally avoided.

Insufficient Promotion Risk

Currently, Deri mainly provides services on BSC and Polygon, both of which have recently been at a disadvantage in public chain competition, leading to relatively inactive on-chain derivatives trading.

However, with the announcement of BSC's $1 billion fund plan on October 12, which will provide liquidity support for BSC derivatives trading platforms, and Deri's consecutive selection as MVBiii monthly star for two months, this risk is expected to decrease.

Smart Contract Security Risk

Smart contract security risk is an inherent risk for all DeFi projects. Deri's perpetual futures and everlasting options products have been audited by Peckshield, and the latest perpetual futures contract has also been audited by Certik, resulting in relatively low smart contract risks.

First-Mover Disadvantage Risk

Deri's everlasting options are currently the first implemented everlasting options product, giving it a first-mover advantage. However, in business practice, being first does not necessarily mean sustained advantages; rather, later entrants may target the strategies of pioneers for specific improvements, achieving a competitive edge. For example, while Bancor was the first to implement AMM, Uniswap popularized it. Currently, Deri's everlasting options code has been open-sourced, which poses a risk of being forked and integrated, thus presenting a potential first-mover disadvantage.

Preliminary Value Assessment

1.5 Core Questions

What stage is the project in its business cycle? Is it in the mature stage or the early to mid-development stage?

The project's new core product, everlasting options, is a completely new trading product, in the early stages of development; overall, the entire decentralized derivatives space is also still in its early development phase.

Does the project have a solid competitive advantage? Where does this competitive advantage come from?

The project's competitive advantage mainly comes from its product mechanism and team, with the product mechanism ultimately stemming from the team. The team has a very good sensitivity and understanding of DeFi and derivatives, involving well-functioning perpetual futures products and quickly achieving the successful launch of the everlasting options product.

Is the project's mid- to long-term investment logic clear? Is it aligned with industry trends?

The project's mid- to long-term investment logic is clear, as the decentralized derivatives space has become heated with the launch of DYDX, and the project's new everlasting options product is the first of its kind on Earth, with Deri placing particular emphasis on composability in product design, aligning with the trend of open finance.

What are the main variable factors in the project's operations? Are these factors easily quantifiable and measurable?

Currently, the main focus is on the operational status of the project mechanism, changes in LP shares for perpetual futures and everlasting options (indicating system stability), and growth in trading volume. Externally, it is important to observe whether there are strong competitive clones in the everlasting options space or products that meet similar needs, as well as actual diversion situations.

What is the project's management and governance structure? How developed is the DAO?

A DAO module has been launched, but overall, it is still primarily led by the founding team. For a specialized derivatives trading platform like Deri, it is not suitable to adopt a DAO for key decisions involving product evolution paths, parameter settings, and trading pair configurations; DAO is only suitable for matters like fund allocation, and Deri is currently doing just that.

Preliminary Value Assessment

Due to the inability to obtain accurate information on Deri's fee income and the change in core products to everlasting options after their launch, we currently cannot conduct a vertical valuation assessment (we will follow up on Deri's vertical valuation comparison in future bi-weekly reports once more data on everlasting options becomes available, and we welcome everyone to stay tuned).

Horizontal Valuation Comparison

Both decentralized perpetual futures and decentralized options projects are still in their early stages, so we do not use income data for valuation. We have compiled the average daily trading volume and circulating market capitalization of perpetual futures and options projects, using the "average daily trading volume / circulating market cap" metric for horizontal valuation comparison.

In the table above, Hegic is an options project, while the others are perpetual futures projects. Deri's trading volume considers both perpetual futures and everlasting options trading volumes.

It can be seen that for projects without trading mining, the "average daily trading volume / circulating market cap" distribution falls between 0.12 and 0.22, while projects with trading mining tend to have higher values (Deri has also announced a trading mining plan, and we will follow up on its progress).

Currently, there are differing opinions in the market regarding the trading mining craze triggered by dYdX. The author believes that for trading platforms, even from a long-term perspective, trading mining contributes to the growth of their core business. Although trading mining is essentially an IDO (exchanging trading fees for project tokens), the inherent stickiness of the trading mining mechanism makes it easier for users to continue trading on platforms with trading mining. Users acquired through trading mining may still become long-term valuable users of the trading platform even after incentives cease.

Of course, the trading mining mechanism may distort core data such as trading volume and income, significantly impacting valuation analysis.

Overall, through a rough horizontal valuation comparison analysis, we assess that Deri's valuation is moderate.

Conclusion

Deri's perpetual futures products feature bold designs and a well-developed mechanism, while its everlasting options product is an exceptionally innovative offering that has the potential to disrupt other options trading platforms.

We compared Deri with other perpetual futures and options projects and concluded that Deri's current valuation is moderate.

In the context of the overarching trend in decentralized derivatives trading platforms and the strong short-term support from BSC, combined with the upcoming trading mining, Deri is expected to experience a Davis Double, leading to performance growth and an increase in valuation levels.