Derify Monthly Report For October 2022

Overview

Derify has achieved a big milestone in October. The Mainnet has been launched since 10/12/2022. Afterwards, we discussed with the community regarding the airdrop plan and finalize it thorough Derify DAO procedure. Currently, $DRF airdrop is ongoing (Part B) according to the airdrop plan and we appreciate those who support us along our developments. In addition, we leveraged the power of other DAO and welcome those who onboard recently to help us better build up the Derify DAO.

Product

We adjusted the system maximum leverage from 10X to 30X, which sharply increase the maximized position mining yields by 3 times. 2-way position mining with up to 30X leverage is an great innovation that can offer such a high APY yield in stablecoin. We are proud to say that you can barely find it from other DeFi protocols.

Airdrop

$DRF airdrop is a trending topic among the community. We follow the airdrop plan and now the Part B is ongoing. It is super easy to participate. Open a position using leverage (try to maximize your position to gain larger share of $DRF airdrop), hold it and wait for a while. The sooner you open and hold a position, the more rewards you will get. The APY is amazing, up to thousands of percentage. Please be aware that if your position is too small, you might not gain rewards. For details, please refer to the FAQ doc.

We plan to distribute the airdrop rewards in 2 batches. The first batch was distributed already.

DAO

Leveraging power from other DAO, the number of members joined Derify snapshot space has exceeded 1,000. We make it in less than a month. Thanks to the proposal 004.

Taking a good example, someone followed the guidance of proposal 004 and just exploded an snapshot space “zksync”, which helped both spaces raised thousands of snapshot members. The number of voters even exceeded 35k.

Since Proposal #001, we are working hard on decentralization and try to giving out the governance power to many more members, even if some of them may have constrained financial capabilities. We are giving out a eDRF to all kinds of users to fulfill our goals that build up a decentralized derivative DEX.

To better learn what you can do to earn more eDRF, please read our detailed tutorial on Medium, “How to earn eDRF?”

For every tweet we posted after proposal 008 closed, you can retweet, @ 3 friends and leave your BEP-20 address in comment to participate in the eDRF giving away.

By the way, eDRF and voting is the only factor determining how much $DRF you can receive according to Airdrop Plan Part D. We will keep airdroping eDRF to all qualified users every Monday.

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