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DDX Price:
$75.7 K
All Time High:
Market Cap:
$16.1 M

Circulating Supply:
Total Supply:
Max Supply:


The price of #DDX today is $0.62 USD.

The lowest DDX price for this period was $0, the highest was $0.617, and the current live price for one DDX coin is $0.61734.

The all-time high DDX coin price was $19.08.

Use our custom price calculator to see the hypothetical price of DDX with market cap of SOL or other crypto coins.


The code for DerivaDAO crypto currency is #DDX.

DerivaDAO is 1.5 years old.


The current market capitalization for DerivaDAO is $16,109,371.

DerivaDAO is ranking downwards to #491, by market cap (and other factors).


The trading volume is modest during the past 24 hours for #DDX.

Today's 24-hour trading volume across all exchanges for DerivaDAO is $75,675.


The circulating supply of DDX is 26,094,663 coins, which is 51% of the total coin supply.


DDX is a token on the Ethereum blockchain.


DDX has limited pairings with other cryptocurrencies, but has at least 4 pairings and is listed on at least 4 crypto exchanges.


Note that there are multiple coins that share the code #DDX, and you can view them on our DDX disambiguation page.



Competition Winners, and Bug Hunt Session 2 kickoff!

Bug hunt session 2 is starting! Hello traders, This update coversCompetition Session 1, 2, and 3 PnL Winners!Bug hunt findings (and next steps!)Roadmap updatesCambrian Competition Sessions 1, 2, and 3 These trading sessions were the first “competition sessions” with DDX prizes both for PNL winners of each session, and DDX trade mining rewards. As a reminder, there are 3 sessions, each with its own PnL winner. Here are the top 10 addresses on PnL for each session. If you’re the winner, keep an eye out for an email from a address! — Session 1. — Winner — 0x5e4e3ea640f80004831135e83fcfb843b2c5c3b5 PNL — 15982326.21938440000000000 Runner-ups0xae151dcf15fd71021a617007ae77e269df8dcbf9 ($7729490.46)0x358421455637f314b188228495f7a600a52382f2 ($6309380.36)0x68c981faf746486b92a2409525827ec02a3faba1 ($6091447.37)0x2f325038d7a19817b463a2b5f48095b3eb7286e8 ($5418121.69)0x4b3cb2c16f14886564f6bb179741f43e18c6ca02 ($5106466.60)0x89dfea399ce72975993ffd6cd59fe4fccc4e2240 ($5097213.29)0x20bcbd5f6f8e1e02a1c255107d5ba0ef080abefc ($4345791.39)0x5a0542f0471def796c0a579b3d168946d0f896b4 ($4041241.91)0x75d916eb472e75940352c7304eb730edb0a91242 ($3893689.97) — Session 2. — Winner — 0xae151dcf15fd71021a617007ae77e269df8dcbf9 PNL — 3,092,566.80 Runner-ups0x0f1cd4fa19c96614db4185caa26e35aa5dd5392e ($1,999,439.48)0xb33b8dfd70b2bc4d7920316f2311f647769a2a9b ($1,090,783.23)0x0c81f980c9bc245f26dc22c66eea52c4fd82f017 ($870,471.87)0xf097b085a7fa1e47ddba3e5869013f7fc8ee8485 ($453,087.26)0xd8055019dc44565bd0116323b28cab9fd0d959be ($358,244.80)0x35ed01d7a947b5d58f0c5bb5a6a4be7064dd315b ($274,186.47)0x10d980858af2ebb6b715dc6f6c59f6e2f1b60022 ($243,650.49)0x6923715b3bd2f55153fdfe638508af9ac1a5f5e6 ($241,710.83)0xaccf7803c88b05846c46946d7b46418a9adad578 ($231,293.93) — Session 3. — Winner — 0x93a4e1bb31a1c7e617edc57c5aa003a7ffffe949 PNL — $1,272,158.00 Runner-ups0x0c81f980c9bc245f26dc22c66eea52c4fd82f017 ($299,057.09)0x306ccb6e7bb1f616fb5568812e49b86381d304d9 ($242,596.67)0x56e2c8efbe8c62c033fea417789f42617d94ded9 ($230,266.18)0xd604dd0302ac8eaae9b86323e6a8ded2223ed6f3 ($197,000.14)0xf1e8e4dc53b3ba1a064b51277165dd4c3e1c5391 ($176,688.25)0x9a62a930b29f89a63743c8a503dc2f1103802d13 ($160,019.94)0x358421455637f314b188228495f7a600a52382f2 ($159,082.64)0x7306395add22588b59137a3c9331b7108406be6d ($152,996.16)0xdfdea862f75659d8d5ce9d598a2be194013d2bff ($131,207.41) — DDX mining prizes:. — All participants who are eligible have also earned trade mining prizes in testnet. However, to maximize each participant’s balance and minimize the gas paid in claiming, these prizes will be aggregated and announced after all testnet competitions are complete. So — stay tuned for more trade mining prize opportunities and to learn when you can claim your prize!Bug Hunt Session 1 This session came across several important issues that the team is working on. — Timestamping —. — A bug was found causing all the timestamps to be the same on the order tables. This bug has been resolved in the dev version, but will not come into the release version until the next session. Reporting this bug again is not necessary! — Token approval / deposits ordering —. — This bug prevents some users from normally depositing, if they attempt to deposit before the transaction approving USDC is complete. This bug is still active, but will be prevented by disallowing deposits until the USDC approval has completed. Please don’t continue to report this one, it’s on the roadmap! — Leverage slider / buttons edge behavior —. — these UI tools are not 100% accurate at the moment. This is being addressed and a fix will be shipped in an upcoming release. No need to report this one, it’s on the roadmap now! — Missing Payment History data —. — this field was missing for some users. This is now fixed, and the fix is *in* the current release. If you see any other instances of missing data, please report it. — Misc —. — There were also a few more bugs reported, some that have to do with metamask and others that are related to liquidity issues creating extreme scenarios (unable to close positions with no liquidity, very high PnL, and others). Feel free to continue to report these, though the majority are likely not bugs, but just the normal functioning of the system in a low liquidity environment.Bug Hunt Session 2 Is starting now! All registrants have been sent tokens. If you haven’t registered, you still can at New registrants will be sent tokens on Monday. — Release updates. — The biggest new user-facing feature in this release is DDX fees.Also, withdrawals have been deactivated for this release (intentionally). They’ll be back soon! As a reminder, the Bug Hunts are not “competition sessions”, but participating and finding bugs will give you a leg up in the next competition session (and make the exchange even better at launch!) When you find something to report, please use this form to share details about your findings. You can also bring it up in the Discord, but make sure you also open a formal bug report. This session will last for slightly longer than a week, so stay tuned.What’s next? There are very few remaining main-net requirements on the engineering side. In the next release (mid June), you can expect:High-priority bug fixes for bugs found in the first bug hunt In the 1–2 releases after that, you can expect:Remaining back-end features (i.e. upgradeability, catastrophe recovery)Remaining bug fixes The DEX Labs team will be able to share some more granular roadmap estimations in coming weeks. In the meantime, join us for the Bug Hunt and ask questions in the Discord! Competition Winners, and Bug Hunt Session 2 kickoff! was originally published in DerivaDEX on Medium, where people are continuing the conversation by highlighting and responding to this story.

Week 1 recap: New session starting!

Re-deposit now and get started in the new trading session!. — Hi DerivaDAO + Traders! Week one of the Cambrian Testnet Competition is wrapping up, and a new trading session is kicking off! The testnet has been extremely robust so far, even under wild price fluctuations and liquidation cascades. There have been excellent participation rates so far, as well as really valuable testing feedback. At a glance, here are some of the numbers so far:668 unique addresses deposited600,000,000 + in 24h volume (this is testnet, but a strong indicator of what the exchange can handle!) There will also be a Discord community call this week on Thursday, again focused on the competition. If you have questions, make sure to drop by and set an event reminder!What’s Next Many users were liquidated in the first few days of the trading competition, as a few clever traders manipulated the USDC faucet before additional rules were introduced. In order to make the competition fair for more users, as well as to ensure it continues to see good participation rates (and achieve testing benchmarks), the testnet state will be reset today, and a new session will start. — What about my… open positions/testnet ddx/ PnL?. — Don’t worry! The testnet is 4 weeks long, meaning the first week is about 25% of the total. 25% of both the PnL award and the trade mining award will be earmarked for traders in this session. The remaining 75% will be available for the next session(s). — Oh no, I was doing really well. — Congratulations! A spike in prices to upwards of 60,000 USD on ETHPERP early on in the competition, before it was harder to game the faucet bot, created some fund distributions that would have made the competition fairly un-fun for traders moving forward. Cutting the prize into sections is the best way to be fair to all trades, as well as ensure that the testnet is actually achieving the participation and testing goals that have been set out for it. — This is great, so can I re-deposit?. — As always, make sure you are registered first. Then, using the same address you registered with, deposit 100K USDC. Do not deposit more than 100k. If you do NOT have 100K in your address, and you’re certain you registered, hop in the discord and someone will try to sort it out. — Is this going to happen again?. — Maybe! If it does, either due to an issue or because there is a new release candidate ready for testing, you’ll be notified by email and in the discord. — So did I win?. — Here are the PRELIMINARY top PnL accounts for session one. These are NOT final, because the trader eligibility still needs to be matched with the spreadsheet (and only the top trader wins the 25% PnL prize).PnL leaders for Session 1! The DDX trade mining rewards will be aggregated with upcoming session(s), to maximize each user’s chances of qualifying.Week 1 bug report & FAQBugs!Uncovered an issue with the decimal precision on open orders. If you see a very small amount, that you cannot close, it shouldn’t affect your overall position. This will be resolved in an upcoming release.A toast that won’t die! There is a toast alert that does not disappear in the appropriate timeframe. However, transactions and orders do go through.ADLs are not being counted in the front-end PnL calculations, so PnL is not accurate for ADLd traders. This is *not* true of the operator or exchange logic, which has an accurate count of PnL (and can also be calculated using the Auditor). This will be resolved in an upcoming release. In the meantime, periodic reports of accurate PnL will be shared in the Discord!FAQ! — How to get USDC?. — There are two ways to get USDC. One, wait for the automatic distribution. This occurs about every 24 hours, give or take a day. Alternatively, you can request tokens from the twitter faucet (if it’s currently turned on– check in the Discord!) — Can I start trading once I sign up with my email or have to wait for confirmation?. — You can start trading as long as you are registered with your address, and have testnet USDC and kovan ethereum. — Are bots allowed?. — Yes– encouraged! — Why does price fluctuate so much on beta testnet dex?. — It’s fake money, so it’s likely that some users create fake accounts that would be disqualified for over-depositing, in order to “sacrifice” them to move the price (and benefit from their “real” accounts). In Session #2, this will be significantly mitigated. — Why is my PNL/Entry different from what I think it should be?. — PNL is settled ~8 hours. You can see your settlement transactions in your “payments history” tab. When PnL is settled, your position’s entry price is re-adjusted to be exactly the mark price at time of settlement, and session PnL will be calculated anew. — What to do if I get Liquidated?. — Keep an eye out for new trading sessions! If you are liquidated in a novel scenario, this may be resolved on a case-by-case basis. In general, remember to use leverage cautiously. — How to Close Positions?. — If you are having trouble closing your position, please review these rules about orders:Individual orders must have a notional size that is smaller than 1 million. If your position is larger than 1 million, you can close it in increments manually, but you cannot use the close position button at this time.Market orders will not be successful if the spread (distance between buying and selling) is too great. This is to prevent users from accidentally making orders with extreme amounts of slippage. Try making a limit order that “crosses the book”, or wait for more liquidity.You must have sufficient free collateral to open an order of the opposite size of your open position. If you have many open, unfilled orders, try closing some to increase your free collateral. Otherwise, try closing your position with several smaller orders. Once the “reduce only” order type is implemented, this process will be significantly more straightforward. — Where can I report bugs/incidents?. — Currently, the best place to report bugs is in the Discord channel. You can use #bugs or #cambrian-testnet — Are the ddx mining rewards able to be withdrawn?. — On the mainnet, yes. On testnet, no, not during the competition. Testnet DDX is *not* mainnet DDX. — Is there an Invite Code?. — Invite codes are NOT required to participate. Many thanks to mod @ maximo3453#9821 on Discord for assistance with the FAQ!Ready to start? If you haven’t registered yet, make sure you do so ASAP. The faucet is off for now, so you’ll get sent trading tokens next time there is a distribution.Need some documentation? Yes please! There are two documentation for general documentation of the for api documentation.Join the DerivaDAO! Join the Discord and email list to learn more about upcoming products and early access opportunities. Week 1 recap: New session starting! was originally published in DerivaDEX on Medium, where people are continuing the conversation by highlighting and responding to this story.


Trading Competition Instructions. — The Cambrian trading competition is starting! Read this to ensure you’re ready to hit the ground running.Getting Started There are two different ways to get started:Register and receive tokensSelf-service, and then register — Register and receive tokens. — Register. Every participant needs to complete this form. Everyone who completes this form will receive 100,000 USDC + a small amount of Ethereum on the Kovan Ethereum Network. Kovan is a test network, meaning these tokens do not real value.Confirm your registration. You will receive an email asking you to confirm your registration by re-entering your email. You will also optionally be able to opt-in for future product research opportunities.Receive tokens! Confirmed registrants are automatically enrolled in an auto-distribution. This happens periodically, about once per day. Competition started and you don’t want to wait for the auto-distro? Then, you may be interested in… — Self-service and registration. — Get USDC. Post a Tweet including the hashtag #DerivaDEXtestnet and your ethereum address. The @derivadexfaucet Twitterbot will respond, and you should receive tokens shortly after.Get kEth! Head over to the Kovan Gitter and drop your address. You can also try the #keth-requests channel on Discord! This will get you some Kovan Ethereum, so you can make a deposit.Register (and confirm your registration!). Make sure you do this step before going to the exchange and starting to trade. Did you use the self-service method, and *then* get an auto-distribution from registration? Make sure you only deposit 100,000 USDC total, regardless of how many tokens are in your Ethereum account. Users who deposit more will be disqualified.Start Trading!Make sure you’re on the Kovan networkKovan! Not Mainnet.Navigate to beta.derivadex.ioDeposit 100,000 USDC (and no more!)Happy trading!📜 RulesDon’t deposit more than 100,000 Kovan USDC tokens.Make sure you register *before* trading. You can register here, if you haven’t already.Some jurisdictions are *not* eligible for prizes from the DerivaDAO foundation, including USA.All jurisdictions are able to access and try out the public testnet version of the exchange (used for the competition).Traders only qualify for the trade mining prize if they accrue more than 0.1% of the total competition trade-mining DDX, and meet other eligibility requirements.Ensure you can receive Ethereum main-net tokens with the address you provided during registration.🏅PrizesGrand prize: 2K DDXTrade mining prize: 8K DDX, awarded proportionally to traders based on percentage of DDX trade mining accrued during the competition.Secret prizes 🤫FAQ First, check out — When does the competition start?. — The competition is scheduled to start at 1pm EST on March 15, and last until 1pm EST on April 14. — I haven’t received a confirmation email!. — Hang tight, these are sent out in batches. — I don’t have any DDX trade mining rewards!. — DDX trade mining rewards are distributed each epoch. Wait 8 hours, and then check again. — Am I eligible?. — See the Rules section above! — What happens if the exchange goes down?. — We’ll restart with a fresh state, and make a best effort to create a fair plan for completing the competition and selecting winners. If this happens, check Discord for updates.Join the DerivaDAO! Join the Discord and email list to try the beta, learn more about upcoming products and early access opportunities.

DerivaDEX Development and Trading Competition Update

Cambrian Testnet Trading Competition will start next week.. — Hello to the DerivaDAO! Everyone (on the DEX Labs team and in the community) has been eagerly anticipating the upcoming launch of the next trading competition. This update covers the latest changes to the most recent release, what’s coming next (before a mainnet proposal), and finally, dates for the Cambrian Trading Competition! the beta!Get some kovan ETHGet some kovan USDCGo to, live with the latest release, and start trading. Questions? Head over to the Discord and you should be able to get some help!What’s new in the current release? The current release features several important upgrades. — A revamped liquidation engine.. — The liquidation engine properly handles liquidation events even in very extreme scenarios (for example, no liquidity and no insurance fund). While ideally users will never encounter these situations, this means that losses are properly socialized and traders are correctly de-leveraged. This is critical for testnet especially, because unlikely scenarios occur frequently when traders are using fake money. — Snappy and bug-free UI. — The front-end for DerivaDEX has been receiving an overhaul piece-by-piece. While hopefully most of the updates here are “invisible” (i.e., things just work as you’d expect), significant improvements have been made to the orderbook and to the trading charts. These components should perform well throughout the competition — but please do report any bugs or unexpected behavior! — Rigorous back-end fuzzing and testing. — In the last development update on DerivaDEX, DEX Labs had shared that the team was now implementing a brand-new baking process to ensure the quality and stability of all release candidates. While this process is necessarily time consuming, the team is excited to report that nearly all issues are now found early in the baking process, and 0 back-end issues have passed unnoticed to the release candidate since the system was implemented.What’s next? While the current release candidate (live on is slated to be used for the trading competition, most of the DEX Labs team is now hard at work on upcoming features. So, here’s what’s up next! — DDX Fees. — Paying fees in DDX is a key part of the economic security of the exchange and, in addition to governance, one of the foundational use-cases for the DDX token. Users who pay with DDX as opposed to USDC also receive a discount on trading fees. The DEX Labs team is currently hard at work implementing this feature in a secure (and future-proof!) way. — Operator security. — Operators are key to the custom L2 infrastructure of DerivaDEX. Their actions are shackled in a number of ways: economic factors, Intel SGX security, and governance. The DEX Labs team is finalizing the engineering work required for the economic component of this security, specifically, the bonds that operators must post to participate. — Security review. — The DEX Labs team and DerivaDAO Foundation are currently working with various smart contract auditing firms to scope work on a potential audit for the smart contracts. — Revamped withdrawal flow. — The DEX Labs team is improving the handling of withdrawals for better security, as well as future-proofing the process for when traders have multiple strategies. One example of how security is improving around this is that there will be a limit on how much of the total collateral in the system can be withdrawn in one transaction. — Miscellaneous improvements. — There are a few improvements which DEX Labs deems important for mainnet that are in progress or in testing. These include: new parameters for checkpoint cadence (to reduce checkpointing costs), further revisions to future-proof the database schema, and a few other small topics. A note on the Cambrian competition: While the release being used for the competition will likely be frozen (or close to it) for the next few weeks as we conduct the competition, the team will continue to ship features and improvements. However, almost all minimum-viable features outside of withdrawals are implemented in the competition release. When the competition is over, will be updated to reflect the latest and greatest!Cambrian Test Net Competition Finally, the update everyone is waiting for! The new dates for the competition are March 15 — April 14. If you haven’t already signed up, fill out this registration form. A few things to note:Everyone can participateNot every jurisdiction is eligible for prizesAfter you sign up, you’ll receive an update with next steps. Already signed up? No need to re-register. Just keep an eye out for an update via email with next steps. DEX Labs will be hosting a Spaces event this Thursday, at 12:30–1:00 pm EST on the DerivaDEX Twitter account. The team will discuss and answer questions about the trading competition and exchange development. Don’t miss it — get a reminder!Join the DerivaDAO! Join the Discord and email list to try the beta, learn more about upcoming products and early access opportunities. DerivaDEX Development and Trading Competition Update was originally published in DerivaDEX on Medium, where people are continuing the conversation by highlighting and responding to this story.

DerivaDAO Community Update

TL;DR The DEX Labs team is heads-down working on a new release version. This version will be used for the Cambrian test-net trading competition. There are also a few updates and recent events from the DerivaDAO community.Governance and Community UpdatesA proposal to extend insurance mining for an additional 3 months did NOT pass, meaning that the insurance mining program has now stopped receiving DDX rewards. If and when the community decides to reinstate this program, it will need to be via a successful proposal.Reminder: Withdrawal fees all accrue to the DerivaDAO. Determining how and when to deploy these funds could be an early community-driven proposal.The first DerivaDAO Community Call took place recently on Discord. The next call will likely be on Twitter Spaces.DEX Labs cofounder Aditya Palepu joined for discussion of DerivaDEX in a recorded conversation. This will be posted soon, and shared on all channels. Check it out for a deeper look at the operator architecture and DerivaDEX’s positioning as a DAO-first DEX. Want to be involved in future governance decisions? Join the Discord channel and keep an eye out for the next governance working group call. The DerivaDAO governance contract *does* support voting delegation, so community leaders can and should drive the conversation.Development Progress The question on everyone’s mind is “wen mainnet”, but there are a few things that still need to happen between now and then. In the past several weeks, the engineering team at DEX Labs has been hard at work. A few of the larger projects are described here:The testnet deployment now runs on production infrastructure: multiple operator nodes running SGX, in the same configuration as a mainnet proposal will require.A new “baking system” ensures that every single update to the exchange goes through an extensive testing suite before it hits `beta`. This system takes ~3 days to complete, but cuts down on regressions and makes extensive use of the DEX Labs fuzzing framework to identify bugs before they hit the public beta.Improved “solvency guards” has been a big component of the work done lately. Specifically, this helps to prevent liquidation cascades in the exchange by cancelling orders that if placed would result in users being immediately liquidated.Updates to the auditor, which is also the primary source of visibility into the exchange’s operations. Anyone can run this operator, and running this is critical to utilizing the API.Major updates to the liquidation engine are now complete, which will ensure correct behavior of the exchange under the most extreme scenarios of low liquidity and price volatility. Additionally, DEX Labs has recently made two new engineering hires, bringing the eng team into double-digits! Want to work on the cutting edge of decentralized financial technology? The team is currently hiring for two roles:Front-end developerRust engineerNext Steps The current roadmap to mainnet looks roughly like this:Finalize eng requirements for Cambrian trading competitionRun the Cambrian trading competitionAudits for mainnet smart contract codeRevisions required based on audits and competition findingsMainnet proposal made to the DerivaDAO While it’s not possible to attach specific dates to each of these milestones because they are dependent on each other, the DEX Labs team anticipates the Cambrian trading competition will kick off this month. Additionally, the second DerivaDAO community call will take place on Twitter Spaces next week, so stay tuned for announcements around that.Join the DerivaDAO! Join the Discord and email list to learn more about upcoming products and early access opportunities. DerivaDAO Community Update was originally published in DerivaDEX on Medium, where people are continuing the conversation by highlighting and responding to this story.

Cambrian Testnet Update

TL;DR: Check out Cambrian if you haven’t yet, the new DerivaDEX testnet faucet makes testing easier than ever!Cambrian is up at beta.derivadex.ioWhat is the Cambrian testnet deployment? Cambrian is the testnet deployment of DerivaDEX. It reflects the latest tested version of the exchange, so that external users and DerivaDAO members can test the exchange, provide feedback, and report issues. Cambrian is quickly updated, so that users are always seeing a version that is very close to the development release. The goal of the testnet is to rigorously test the exchange that will be proposed to mainnet.How can you use Cambrian? It’s easier than ever to use Cambrian with the brand new DerivaDEX Kovan USDC faucet! Because Cambrian is a development release, account balances and the exchange state is semi-frequently reset. Rather than waiting on new token distributions, users can now get tokens directly from the faucet as-needed.Using the DerivaDEX Faucet The faucet requires that you have a Twitter account.Tweet with hashtag #DerivaDEXtestnet and your addressThe bot will reply when send is doneGet Kovan ETH from the gitter faucet or ask in DiscordVisit on Kovan testnet, and make a deposit! NOTE: if you already have 100K+ USDC in your account, the faucet will ignore you. Problems or questions? Hop in the Discord and ask. Remember, the Cambrian testnet deployment is on Ethereum’s Kovan network. You will need both testnet USDC, as well as Kovan Ethereum in order to use Kovan applications.What’s Next? Currently, Cambrian is being regularly updated. The next step will be to kick off the next testnet trading competition. There’s no exact date for this yet, but you can plan on this starting in the next few weeks. A few things to keep in mind about Cambrian, and DerivaDEX:All exchange parameters, including the mainnet proposal, are controlled by the DerivaDAO.DerivaDEX’s backend is decentralized from the start. This is *not* true of other decentralized derivatives exchanges, where only the deposit and withdrawal are on-chain and the backend is controlled by a team. This is an up-front engineering and architectural challenge that DerivaDEX is addressing head-on.Cambrian is reset frequently, so if you notice that your balance disappeared just check #cambrian-testnet on the Discord to see if you need to use the faucet and re-deposit. With your help, Cambrian will evolve into the DerivaDEX mainnet proposal!Join the DerivaDAO! Join the Discord and email list to learn more about upcoming products and early access opportunities. Cambrian Testnet Update was originally published in DerivaDEX on Medium, where people are continuing the conversation by highlighting and responding to this story.

Why Hardware Matters

TL;DR — An often under-explored aspect of DeFi is the resilience of hardware operators. When these operators go down, as occurred recently with dYdX, what happens to the system?. — — In today’s article, we explore the role and resiliency of the DerivaDEX Operators.. — Why Decentralize Finance? There is roughly $100 billion of value captured in decentralized finance (DeFi) native applications today. The last time there was such a fundamental shift in how people use, interact and think about money was likely around the time of the dot-com boom when users were able to ‘spend’ money online through avenues such as eBay. Three fundamental forces are accelerating the adoption of DeFi.Financial institutions have a new avenue to trade, lend and borrow with a fraction of the friction previously required.Retail participants have new access to financial applications that may not have been readily available to them through traditional alternatives.Newfound wealth within crypto is underserved by traditional banking avenues. Applications such as Uniswap and Compound have scaled substantially by offering to anyone products formerly only available via banks. However, the cost of decentralization is often in performance, and centralization can creep in and create vulnerabilities in applications and markets. Most recently, derivatives exchange dYdX became dysfunctional for several hours in relation to an AWS outage. Traders were unable to cancel orders or manage positions during the downtime, until the company behind the application was able to bring up a new instance of the exchange. All of this makes one wonder: What is a truly decentralized application, and what would be needed to enable them at scale? This is a complicated question, and this article focuses specifically on the backend of hybrid systems, like DerivaDEX and other exchanges that combine on-chain and off-chain systems. Even as (decentralized) software eats the world, hardware still matters, especially for hybrid decentralized applications.Points of control As stated in the previous section, DeFi is seeing huge growth in both TVL and interest because it removes friction and expands access to financial products. Users are able to trust these systems, instead of legacy institutions, because the code is constrained and can’t be modified without transparency. Resilience is key: a node going offline doesn’t make an application inaccessible, because another node takes over and consensus continues. However, the cost of this resilience comes in the form of performance sacrifices and fees– and sometimes, by compromising on resilience through centralization. In DeFi, particularly decentralized exchanges, the matching engine is a critical component. Some applications are fully on-chain, like Uniswap, and utilize automated market-makers. Others, like DerivaDEX and dYdX, use a central-limit order book that is run by an off-chain entity (or entities). How can the off-chain component be meaningfully decentralized, so that the transparency and accessibility that is unique to DeFi is leveraged, without sacrificing performance? To answer this question, this article examines the question of back-end outages. In a recent dYdX outage event, the issue stemmed from the reliance on a single set of AWS servers based in the United States. This issue also affects centralized exchanges. During the crash of March 12, 2020, Bitmex’s servers went down for a few hours. At the time, there was barely $25 million in liquidity left in support for Bitcoin. In the context of DeFi, what truly matters is how and where matching engines work.The matching engine: Scaling and security Two critical requirements face any DEX: scaling, while maintaining security. Often, one can be had at the expense of the other. DerivaDEX leverages TEE and other features to achieve scale without sacrificing the security and resilience of decentralization. One way DerivaDEX approaches this tradeoff is through using what is known as Trusted Execution Environments (referred to as TEE), in addition to requiring that a network of operators achieve consensus on all exchange operations. — TEEs. — Essentially, a TEE is an isolated region of memory within a computer chip. Code running in the TEE cannot be modified, accessed or tampered with by a third party. This makes them quite useful for DeFi as one can take decentralization to the hardware level: operators running the matching engine are not able to influence the code that is being executed. Additionally, orders routed through the DerivaDEX operator TEEs are encrypted, and cannot be seen by third parties, keeping them insulated from MEV attacks. Similarly, if a third party (like AWS) is running the required hardware, they cannot tamper with the order flow. — Consensus. — On top of this, DerivaDEX will launch with multiple operators, decentralizing the back-end from launch. This ensures that the exchange is designed with a sound, scalable system of operators. Operators can be authorized to run the network through a DAO vote or proof-of-stake mechanism. Having a large enough network of operators globally running TEE-based hardware (like Intel’s SGX) would mean that a single server going down does not drop the entire system. Additionally, data regarding position sizes, orders and margin is passed on to Ethereum’s layer 1 every 10 minutes. Why does any of this matter? Because it offers a pathway to simultaneously decentralize a DEX while enabling scaling. You can read more about the consensus mechanism DerivaDEX uses to scale in this piece. Part of why the dYdX incident occurred recently was reliance on a single server for processing orders. In a system where a network of operator nodes are handling the matching engine needed for the DEX, taking the system down means you will have to manually take down the entire network. To keep DeFi decentralized, we need to ensure a decentralized, yet performant, backend is part of the system design from the start. DerivaDEX is implementing this, with hardware constraints on operators in combination with economic incentives.Foundations for Anti-fragility True decentralization of DeFi applications has barely begun. Occasional operational hiccups today show the relevance of a network of operators for a truly decentralized product. Systems need to be resistant to external shocks. ‘Anti-fragile’ applications — as Nicholas Taleb puts it — tend to accrue value as communities observe how they can be used even in the presence of external attacks. New DeFi applications should aim to be anti-fragile while pursuing metrics such as users, TVL, and revenue. Focusing on the hardware layer through TEEs is just one of the many ways DerivaDEX is reinventing the decentralization of financial markets going forward. Future pieces will go deeper into what it would take to decentralize the derivatives’ markets in a cost-efficient and user-friendly fashion.Join the DerivaDAO! Join the Discord and email list to learn more about upcoming products and early access opportunities. To get the latest status of the testnet, check the #cambrian-testnet channel in Discord. The most up-to-date information will always be shared there, so if the exchange isn’t working for you, check there first for an update. Why Hardware Matters was originally published in DerivaDEX on Medium, where people are continuing the conversation by highlighting and responding to this story.

Cambrian has arrived!

Cambrian is the first public testnet release for the DerivaDEX exchange. Last year, DerivaDEX launched both insurance mining and governance applications. This guide explains:how to register and get Kovan Ethhow to get started tradinghow to get API accesshow to see the competition leaderboardwhat the prizes and rules are for Cambrianwhere to get the docs For further details on the competition prizes, timeline, and rules, check out this article.Get started with CambrianRegister for the testnet. Please note — not all jurisdictions are eligible for prizes. However, everyone can use this testnet release and provide feedback.Get a small amount of Kovan Eth. Just like Ethereum, Ethereum testnets (like Kovan, which Cambrian uses) require Ethereum for gas. You will not need gas for trades, only for your initial deposit. If you do not know how to do this, follow the steps in the section below!Trade! At the bottom of this article, you can find a quick guide to making your first deposit and placing your first order.Getting Kovan ETH You can get Kovan ETH in two ways.Join this Gitter channel, and post the address you registered for Cambrian with. You should receive kETH to that address shortly.Join our Discord and send a message with your address in the kETH requests channel. A mod will react with ✅ when your kETH is sent!Ready, set, trade! Once you register and get Kovan Eth, you’re ready to start trading.Head to and hit “Enter”. You will need to agree with the terms of service to enter the application.Click deposit and then hit approve. You will need to sign a metamask transaction to approve USDC. Then, you can make a deposit. Add $100,000 USDC and hit “Deposit”, and sign the metamask transaction. Don’t have USDC? Make sure you register.Place an order. Please note:ETHPERP and BTCPERP markets are availableMarket orders and limit orders are enabledPosition settlement occurs every 8 hours (you will see a realized PnL at this interval).DerivaDEX is cross-margined: the same $100K USD collateral is applied to all open positions and orders, regardless of what market.Want to use the API? Come hang out in the #api-onboarding channel on Discord and we will get you set up.Leaderboard The leaderboard can be found at Please note — some accounts are run by the DEX Labs team for testing purposes. These accounts are *ineligible* for prizes, and are providing liquidity and/or testing the exchange. They will be excluded from prize calculations.Prizes and Competition There are two main prizes for Cambrian. For more competition details, check out this article. The DerivaDAO Foundation is providing two main prizes, worth a total of 50,000 USD delivered in DDX. Additional specifics around these prizes will be published at the competition kickoff.Grand prize: 10K USD equivalent to the highest PnL for the trading competition.Trade mining prizes: 40K USD equivalent. Every eligible user will receive a share of the trade mining prize proportional to their volume. Please note: not all geographic regions are eligible to receive prizes in the competition. However, everyone can use the testnet exchange during the competition period. In a mainnet deployment, geographic restrictions will apply.Documentation? Yes please! There are two documentation for general documentation of the for api documentation.Join the DerivaDAO! Join the Discord and email list to learn more about upcoming products and early access opportunities. Cambrian has arrived! was originally published in DerivaDEX on Medium, where people are continuing the conversation by highlighting and responding to this story.

CAMBRIAN is Coming

Cambrian, the first public testnet for the DerivaDEX exchange, launched on Thursday November 11. The first public trading competition starts Thursday, November 17. Update: This article is outdated! Please see: for the latest.What is DerivaDEX? Learn more about the architecture of DerivaDEX and the Cambrian testnet.What is Cambrian? So-named because this public testnet will usher in a new era of growth for the network, Cambrian is the first public testnet for DerivaDEX. Cambrian is an opportunity for all DerivaDAO members and traders to try out the exchange, provide feedback, and understand the ins and outs of the DerivaDEX protocol. Cambrian is unique. This testnet release features:near-instant finalitycentral-limit order bookAPI and speed comparable with centralized exchangesa long-term, sustainable trade mining programdecentralized order matchingdecentralized transaction ordering (preventing MEV and frontrunning)When can I try the testnet? The competition, and testnet, will be simultaneously opened to the public on Thursday, November 11th at 12pm EST. Registration is open now! Fill out this form to ensure you are ready to go on Thursday. are the competition rules? The trading competition will run for 3 weeks, from Thursday November 17th at 12pm EST to Thursday December 9th. This competition is being held on a testnet, and the purpose of this competition is to discover new issues or bugs prior to a mainnet proposal. As such, the DEX Labs team and DerivaDAO Foundation can make no guarantees about performance, uptime, or site reliability. Your participation in the trading competition and testnet help ensure that the exchange is robust, performant, and secure. To be eligible for the competition prizes, please observe the following:Only deposit 100,000 USDC.You must not be a resident of the following countries: United States of America, Balkans, Belarus, Burma, Cote D’Ivoire (Ivory Coast), Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, Zimbabwe These guidelines and prizes are set at the discretion of the DerivaDAO Foundation, which is responsible for prizes and organization of the competition.What are the competition prizes? The DerivaDAO Foundation is providing two main prizes, worth a total of 50,000 USD delivered in DDX. Additional specifics around these prizes will be published at the competition kickoff.Grand prize: 10K USD equivalent to the highest PnL for the trading competition.Trade mining prizes: 40K USD equivalent. Every eligible user will receive a share of the trade mining prize proportional to their volume. Please note: not all geographic regions are eligible to receive prizes in the competition. However, everyone can use the testnet exchange during the competition period. In a mainnet deployment, geographic restrictions will apply.What happens if there are technical difficulties or outages? The DEX Labs team and the DerivaDAO Foundation will make a best effort to bring the system back up in a timely manner and to resolve any issues that are discovered. While this is not an anticipated outcome, depending on the issue, it may be necessary to redeposit funds, split the contest into different sessions, restart or end the competition early. Please join the #Cambrian channel in the Discord to stay informed of any issues!What’s next? First, make sure you register for the Cambrian testnet (on Ethereum’s Kovan testnet). All users are eligible to participate in the testnet, though not all regions are eligible for prizes. You’ll need:an email addressan Ethereum address (that can receive mainnet tokens!) Cambrian kicks off on Thursday, November 17. Registered users will receive:100,000 Kovan USD for tradingEnough Kovan ETH to make a deposit to DerivaDEX From this point forward, DerivaDEX will be in a “public testnet” phase, where the final development of mainnet candidate releases will continue. Join the forum to discuss features, governance proposals, and other mainnet proposals.Join the DerivaDAO! Join the Discord and email list to learn more about upcoming products and early access opportunities. CAMBRIAN is Coming was originally published in DerivaDEX on Medium, where people are continuing the conversation by highlighting and responding to this story.

Introduction to DerivaDEX Architecture

This article explains the DerivaDEX architecture at a high level. Future posts will dig into the security model, specific components like the price feed or checkpointing system, or programs like trade mining or the insurance fund. If there’s a topic you’d particularly like to see covered, please reach out in the Discord!Overview DerivaDEX is a decentralized derivatives exchange platform entirely controlled by the DerivaDAO. Deposits and withdrawals (of USDC) are handled on Ethereum, whereas all trading and other exchange-related transactions occur on the DerivaDEX operator network (you may have heard this referred to as a “custom L2”). Two tranches of insurance funds, “staked” (from insurance mining) and “organic” (from USD-paid fees) are managed by the DerivaDAO and used to backstop traders against auto-deleveraging.Why use an off-chain network for exchange operations?Speed. DerivaDEX will compete with centralized alternatives on performance, including enabling high-frequency trading and other modern strategies. This is only possible via off-chain matching (with sub-second finality).Cost. Paying Ethereum gas transactions is unrealistic for trading at volume.What is the DerivaDEX operator network? The DerivaDEX operator network is a purpose-built sidechain of operators that execute code within “trusted execution environments” (TEEs). A TEE is a region of protected memory that cannot be tampered with by whoever owns or controls the machine itself. The TEE provides several important security guarantees: code that is executed within the enclave cannot be tampered with, and it is possible to prove which executions have taken place inside the enclave. TEEs must go through “registration” prior to being accepted as operators, which affirms the integrity of the enclave and specifies the code that it has been approved to run. DerivaDEX utilizes two forms of consensus:Raft, which ensures the correct ordering and replication of the request log across all operatorsA checkpoint consensus mechanism which is implemented in the contracts and provides additional security over-and-above that provided by TEEs. Raft is a leader-based consensus that enables operators to ensure that orders and other exchange transactions are valid, and that they cannot be lost or reverted in between “checkpoints”. In a checkpoint, which occur roughly every 10 minutes, a hash of the entire state of the exchange is committed to Ethereum. This architecture enables swift trade execution and gasless transactions for all trades without sacrificing security of funds and integrity of orders. The DerivaDAO controls what code is added to the on-chain contracts, including a whitelist of approved operators, which trading pairs can be listed on the exchange, trading fees, target size for the insurance fund, what leverage limits are enabled per trading pair, and more. Importantly, the DerivaDAO also controls what off-chain code the operators are allowed to run. Governance can change the implementation of the operator’s trusted processor, which will require operators to re-register with the updated implementation. Additionally, the exchange can only be brought to mainnet via a successful proposal to the DerivaDAO.How does it work? This is the normal flow for trading on the DerivaDEX system: — Deposits. — Users deposit USDC to the exchange on Ethereum.After 6 confirmations on Ethereum, the deposit is available for trading on DerivaDEX. — Orders. — Users submit an encrypted order (this can be a market order, or a limit order). This is called a “client request” by the DerivaDEX system. Other types of client requests include cancel order requests or withdrawal requests.This order is submitted to the sequencer. In the DerivaDEX protocol, the sequencer verifies the order by checking the EIP-712 signature (which confirms that the address claiming to send the order is in fact that address), as well as confirms via several rules called safeties that the order is valid (for example, that the user has enough free collateral to place that order). Then, the request is sequenced in the enclave. This means that operators who perform sequencing and other exchange functions cannot tamper with the order flow. Because data is encrypted when it is ordered, operators cannot see or censor specific transactions. In other words, operators cannot front-run orders.Operators commit orders to the RAFT network on the ordering of the request, and submit a receipt to the user (more information on RAFT and how it’s applied in DerivaDEX can be found in the technical appendix!). Users receive a response containing their signed ticket number, which also guarantees their order’s slot in order flow.After the request is committed to the RAFT and receipts are sent to the user, the ordered, decrypted requests are submitted to the execution engine (which verifies the signature, and ordering of each request prior to execution). This prevents any modification to ordering.Execution is performed (matching, liquidations, ADL, and all other exchange logic).All executed transactions are added to the “transaction log”, which anyone can subscribe to and can validate the state machine in real-time. DEX Labs will ship an Auditor program which does this validation by replaying each transaction log entry through its reference implementation of the matching engine. — Withdrawals. — Approximately every 10 minutes, a “checkpoint” is submitted to the DerivaDEX Ethereum contracts. These checkpoints contain a hash of the entire transaction log. If the exchange is ever stopped or brought down for some reason, the state can be restored by “replaying” the data stored in these checkpoints.A user that initiates a withdrawal transaction in one checkpoint will be able to complete their withdrawal in the subsequent checkpoint.DerivaDEX Compared — So, how does the DerivaDEX operator network compare to other decentralized exchanges?. — All funds are custodied on Ethereum, and updates to the account balances for each trader are made at each checkpoint.DerivaDEX is focused entirely on enabling the core properties of a centralized exchange, without requiring trust. To achieve this, the DEX uses traditional first-in first-out (FIFO) sequencing instead of complex decentralized algorithms, as well as a simple and fast Raft consensus. Also, DerivaDEX uses the abilities of hardware (i.e., for speed, security) where applicable. The architectural choices made by DerivaDEX are intended to make strategies that are possible on centralized exchanges possible on DerivaDEX.DerivaDEX requires instant finality, a feature that is necessary to trade highly leveraged derivatives with underlying external markets, so the exchange defensively implements safeguards (i.e., use of TEEs, checkpoints, RAFT) upfront. — How does the DerivaDEX design compare to other L2 solutions?. — This chart draws from’s description of zkrollups and optimistic rollups, two common L2 solutions for decentralized exchanges that utilize off-chain execution, and contrasts them with the DerivaDEX operator network. Future posts will dive deeper into the price feed, how operators are registered (and slashed or removed), the RAFT consensus model used by the operators, and the overall DerivaDEX security model. However, this post should provide you with a good foundation in how DerivaDEX works, what components are involved, and the lifecycle of a trading transaction.What’s next? In the coming weeks there will be a public trading competition for the DerivaDEX exchange. Stay tuned to get the latest updates and to sign up when registration opens for the competition! As always, if you have questions about this article (or other questions about DerivaDEX) please hop in the Discord and ask away!Join the DerivaDAO! Join the Discord and email list to learn more about upcoming products and early access opportunities.Technical AppendixRegistration of an operator includes undergoing “remote attestation”, which you can read more about here: BFT (byzantine fault-tolerant) consensus algorithms create fundamentally different environments than are found in traditional exchanges. This means that the same strategies (e.g. high-frequency trading) would be impossible to perform in traditional blockchain (or even rollup) -based systems. Upcoming articles will expand upon this.Raft is the leader-based consensus algorithm used by operators to ensure that orders and other exchange transactions are valid, and that they cannot be lost or reverted in between “checkpoints”.“Checkpoints” utilize sparse merkle trees to store a hash of the entire state of the exchange. Additional documentation of the DerivaDEX checkpointing system is forthcoming. Introduction to DerivaDEX Architecture was originally published in DerivaDEX on Medium, where people are continuing the conversation by highlighting and responding to this story.

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