DerivaDEX- the newest derivatives exchange protocol – has just officially released the details of its insurance mining program.

Happy Friday. DerivaDEX insurance mining is live. https://t.co/82cQTImKGb pic.twitter.com/n3yji5Ij0Z

— DerivaDEX (@DDX_Official) December 4, 2020

DerviaDEX aims to combine the efficiency of centralized exchanges with the autonomy of your favourite decentralized exchanges. The insurance mining program detailed in the tweet above will serve to bootstrap the insurance fund for the DerviaDEX exchange.

Users can participate in the insurance mining program by depositing the various stablecoins listed below:

Users who deposit stablecoins and bootstrap the insurance fund will receive DDX tokens in return, DDX tokens are the native governance token of the DerivaDEX exchange. DDX rewards are claimable at any time but the tokens will be locked and untransferable until a certain governance event can come to pass. The DerviaDEX team is looking to incentivize these stablecoin stakers as they are providing the capital for a fund to prevent Auto de-leveraging of traders on the exchange.

Interested readers should note that there is a 0.5% fee to unstake on top of whatever you will be paying for gas, this is meant to incentive longer-term stakers. At the time of this writing, it seems that US IP addresses are also blocked from participating in the insurance mining program.

From a governance perspective, DerviaDEX is a DAO from day one and any further changes or modifications to the protocol must be implemented through governance. US users will also be unable to participate in DerviaDEX governance at this current time.

DerivaDEX smart contracts were audited by Quaitstamp and the full report can be reviewed here. Various in-house reviews were also performed by the DerviaDEX team.

To keep up with DerivaDEX, follow them on Twitter.

The post DerviaDEX Launches Insurance Mining appeared first on DeFi Rate.

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