1. Background IntroductionDeri Protocol is a decentralized derivatives trading platform that allows users to trade perpetual futures and options with on-chain settlement. The project focuses on providing efficient and capital-efficient derivatives trading in the DeFi space. Unlike traditional platforms, Deri emphasizes composability and interoperability with other DeFi protocols.2. Website Core ContentThe website features a clean interface with key sections: 1) Live trading dashboard showing open positions and market data 2) Protocol statistics (TVL, trading volume) 3) Product offerings (perpetuals, options, power tokens) 4) Documentation and developer resources. The trading interface supports multiple chains including BSC, Ethereum, and Arbitrum.3. Technical FeaturesDeri Protocol utilizes an innovative "Position Token" mechanism that represents trading positions as NFTs, enabling seamless integration with other DeFi protocols. The platform employs a virtual AMM model for liquidity provision. Technical documentation confirms audits by PeckShield and CertiK. The protocol supports cross-margin trading and offers up to 50x leverage.4. Token EconomicsThe native DERI token serves multiple functions: 1) Governance voting 2) Fee discounts 3) Liquidity mining rewards. The total supply is capped at 1 billion tokens with detailed allocation (35% community, 25% team, 20% investors, etc.). Token utilities are clearly documented, including a deflationary mechanism through buybacks using protocol fees.5. Competitor ComparisonCompared to dYdX: Deri offers better composability but lower liquidity. Versus GMX: Deri supports more asset types but has less sophisticated risk management. Against Perpetual Protocol: Deri's position token approach provides unique advantages for DeFi integration. The protocol stands out for its cross-chain support and NFT-based position representation.6. Risks and ChallengesKey risks include: 1) Smart contract vulnerabilities despite audits 2) Liquidity fragmentation across multiple chains 3) Regulatory uncertainty for derivatives 4) Competition from established CEXs. The team has addressed some concerns through insurance fund implementation and gradual decentralization.7. Industry FutureThe roadmap includes: 1) More asset classes 2) Advanced order types 3) Improved cross-chain functionality. The protocol is well-positioned to benefit from growing institutional DeFi adoption. However, success depends on maintaining technological edge and liquidity growth in a competitive derivatives market.8. SummaryDeri Protocol presents a technically sophisticated approach to on-chain derivatives trading with legitimate innovations. While risks exist in the competitive DeFi landscape, the project demonstrates strong fundamentals through transparent tokenomics, multiple audits, and clear utility. The NFT-based position system offers unique composability advantages that could drive long-term adoption if liquidity continues to grow. 更多>