Airdrop Guide — Derify Protocol

AMA Notice:

We will have an AMA with the Derify Team on Jan 19 13:00 UTC at the DefiCalendar Telegram Group.

A total of 500 $DRF tokens ($400) will be given out to 20 participants.

Post your questions here at https://forms.gle/Lhouy7qPgpgA4caZ8.

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Derify is a decentralized derivative DEX protocol that allows you to trade perpetual contracts fairly, safely and cost-effectively. Derify has no funding fees, slippage cost or impermanent loss. It is more transparent and safer than traditional CEXs, meanwhile providing good user experience and performance comparable to the best CEXs.

Derify introduces two innovative mechanism: hAMM (Hedged Automated Market Making) and position mining.

1. hAMM
Traders can directly make their trade with the liquidity pool, without relying on the assistance of centralized matching system or market makers.

2. Position mining
Holding position means providing liquidity in Derify, all your positions (regardless of long or short) earn you liquidity rewards from Position Mining (rather than paying funding fees like in traditional derivative exchanges).

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Derify is inviting users to register and try their beta verison on testnet. The total rewards allocated for beta tester is 1 million $DRF tokens (~$800,000).

The distribution rule is currently hidden to prevent potential fake account spam/auto-trading bots. In general, you get a larger share of the rewards if you

1. Are active on the beta testnet

2. Spot bugs or make suggestions in their Telegram and Discord

3. Participate in other activities, like IDO whitelist.

All eligible addresses will be eligible to claim their prize when Derify launch on mainnet.

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Getting Started:

Currently Derify is on Binance Smart Chain Testnet. You can get your testnet $BNB from https://testnet.binance.org/faucet-smart.

For testnet USDT, you need to fill in the form http://bit.ly/derifyfaucet. Testnet USDT will be airdropped directly into your address after 48hrs.

Step 1:

Head to https://derify.exchange/ and connect your wallet. Choose BSC Testnet and MetaMask.

Input “deficalendar” as your broker code.

Step 2: (No longer needed if you filled in the form for USDT.)

Now go to “Faucet” and get your test $USDT.

Step 3:

Click on your address on the top right and deposit your $USDT.

Step 4:

Now we can place some orders. There are no order books here due to Derify’s hAMM mechanism.

We long 100000 $USDT worth of $BTC with 10x leverage using a market order.

We confirm our order. You can see here PCF (Position Change Fee) is negative because there are more long positions than short positions. If you open a short position, you will have a positive PCF, i.e. PCF rewards will be paid to you. For details of PCF, read here.

Step 5:

We try two way orders. We place a 200000 $USDT two way order in ETH/USDT pair.

This is what will you see afterwards. The net unrealized PnL is zero but you will get position mining rewards from each position, therefore earning you (almost) riskless reward.

Step 6:

We can check our position mining rewards at “Rewards”. The rewards are distributed once a day so don’t expect it to show up immediately.

Step 7:

Close some of your positions.

That’s all for the testnet.

Make sure you trade more on the platform to get more $DRF tokens. Also report bugs to the team and make suggestions at their telegram group for even more $DRF tokens.

If you have time, please join the AMA. If you don’t, you can still post your questions for a chance to get rewards.