Comment les dérivés DeFi aideront-ils le marché de la crypto-monnaie?
The derivatives in the traditional market in the first half of 2019 was valued at $640 trillion (the value of outstanding derivatives contracts). Derivatives, which have gained particular popularity among investors and traders over the past 40 years, help fill the market with liquidity and hedge risks. As the cryptocurrency market developed, derivatives linked to cryptocurrencies also began to appear, but their more active use is hindered by the specificity of cryptocurrencies - high volatility, large spread between the buy and sell prices, excessive risks of complete loss of assets. Due to these factors, there is a shortage of option sellers in the cryptocurrency market and too high premiums, which nullify the whole point of using such derivatives.
The Protocol DYMMAX allows you to create unsecured derivatives (derivatives) for cryptocurrencies with guaranteed payments based on decentralised smart contracts. The tool uses a pricing model tailored to the specificity of the cryptocurrency market and solves the problem of a shortage of sellers of cryptocurrency options and high premiums.
The solution uses a method that does not involve option sellers, but only buyers. According to this method, a special pool of money is created, on the basis of which unsecured options with guarantees are issued.
Premium option is calculated by the auction, during which all participants submit limit-order. DYMMAX auctions only take into account real rates, which reduces the risk of price manipulation by market makers. At the end of the auction, everyone receives contracts at the same time and at the best price, regardless of when the order was placed.
The model differs from derivatives on centralised cryptocurrency exchanges in that payments are guaranteed by a common bank, which eliminates the risk of non-payment on winning contracts.
Key Features DEFI-platform DYMMAX to create cryptocurrency derivatives:
- Option sellers are not required, only buyers are required
- There is no spread between the buy and sell prices
- Guaranteed payments to all participants at the expense of the existing money bank
- No collateral
- It is possible to create different options in one auction
- The ability for participants to create their own options
In addition, the protocol DYMMAX allows creating different options in the same pool, both classic call and put, and option constructions of any complexity. With the help of DYMMAX, private and institutional investors, as well as hedgers have a tool for making profit in all market phases (uptrend, downtrend, sideway).
At the start of the beta version, the project is funded from the founders' own funds. In the future, the company plans to attract financing through Private Sale and, if necessary, to conduct additional rounds of financing.