Derived token $DVDX will be migrating to Arbitrum:
In the coming days, Q2 2023 (expected in July 2023 TBA), the DVDX token will be migrated to Arbitrum. The details regarding how users will be able to claim the DVDX tokens on Arbitrum will be released closer to the launch date. Meanwhile, you can continue to trade DVDX on BSC, and all the holders will be guaranteed to receive DVDX tokens 1:1 on Arbitrum upon launch.
To buy DVDX token on BSC, follow the following link: Pancakeswap.
Why Arbitrum?
Ethereum has been the blockchain of choice since its launch and remains the largest L1 chain in the web3 space today. However, Binance Smart Chain (BSC) has emerged as a formidable competitor, offering high-speed, low-cost transactions that have attracted a plethora of DeFi applications and protocols, including ours. The adoption of Ethereum and BSC has resulted in these chains becoming increasingly congested and expensive for normal users, particularly for dApps requiring frequent on-chain transactions. To counter this issue, several L2 chains have been introduced, providing the speed and scalability missing from Ethereum and BSC. One such solution is Arbitrum. Arbitrum aims to reduce transaction fees and congestion by moving as much computation and data storage off of Ethereum’s main blockchain (layer 1) as it can. Storing data off of Ethereum’s blockchain is known as Layer 2 scaling solutions. This is because it is built on top of Layer 1 (the main Ethereum network) and retains the security of Ethereum. We decided to launch on Arbitrum One given the above advantages and the adoption that has been increasing over the last many months, making it the biggest L2 for Ethereum.
In addition to that, given the growing popularity of Arbitrum, we aim to leverage this momentum to channel a portion of the TVL to our protocol. By providing a compelling value proposition, enhanced features, and a seamless user experience, we believe our platform will be an attractive option for users looking to diversify their investments and participate in our vibrant ecosystem.
Impending Launch of Core Protocol
We are excited to announce the upcoming launch of our core protocol, which will introduce groundbreaking features to our ecosystem. Users will be able to stake and mint synthetic assets, opening up new opportunities for investment and diversification. The protocol will also facilitate liquidation and trading between synthetic assets, providing a comprehensive and dynamic trading environment for our community.
Our team has put significant effort into developing a robust and secure core protocol that adheres to industry best practices. We are confident that these new functionalities will empower users and contribute to the growth and adoption of our platform. We will release more details about what the user can do in the core protocol in the upcoming posts.
We are committed to continuously enhancing our platform and offering innovative solutions to our users. We have plans to integrate our binary options with synthetic USD of our core protocol which will mark a significant milestone in this endeavour, and we are excited to provide our community with expanded trading opportunities and improved liquidity.
We want to express our gratitude to our dedicated community for their ongoing support and trust. We believe that these developments will further strengthen our project’s foundation and pave the way for a bright future.
Stay tuned for more updates and detailed instructions on the migration process. If you have any questions or need assistance, please don’t hesitate to reach out to our Telegram or Discord channels.
Thank you for being part of our journey.
About Derived Finance
Derived is a Decentralized platform giving users access to trade Stocks, Commodities, Forex, or Crypto on a single platform. Derived offers several unique features such as No slippage DEX, Leveraged minting, Hybrid tokens, and Binary options.
