Thread by @spin_fi

1/ This time, Spin’s decentralized derivatives trading #research is more global and covers not only the progress of on-chain protocols but also provides some analytics on the current crypto derivatives market metrics and news ✨

Read on👇
medium.com/spin-finance/t…

2/ In the last several months the crypto world is experiencing a negative trend that has an impact on all market participants including DEXs. Even in comparison to the DPI index (top Ethereum dApps), most on-chain derivatives platforms feel worse now than a few months ago.

3/ It’s worth mentioning that options vault protocols, such as @ribbonfinance, @dopex_io, and @StakeDAOHQ show the best metrics of resistance to the global negative trend, which are competitive to those of $BTC and $ETH.

4/ According to @MessariCrypto, vault protocols TVL increased from $249M to $626M (+151%) in only three months. At the same time, the entire DeFi TVL increased by 34%.

5/ @ribbonfinance suggested a proposal to implement veRBN token, which means having $RBN locked up to 2 years. If a proposal gets accepted, investors who have locked tokens might get a boost (maximum 2.5x) for their farming on Ribbon.

6/ Nowadays, more and more protocols start to use a lock system, which helps in withdrawing native tokens from the market and supports the token price. For example, 52.9% of $CRV is locked in veCRV, and many protocols would like to persuade investors to lock their tokens.

7/ @mangomarkets has introduced a referral program, and it requires 10k $MNGO on account for creating referral link. Discount is low (4% for invited people and 16% fee rebate for inviting). In addition, there is a 20% discount for people who hold 10k MNGO.

8/ @PsyOptions made a partnership with @AtrixProtocol. A new pool has been created on Atrix, with dual rewards in $SRM and $PSY. Current APY is 312%.

9/ @opyn_ increases capital effectiveness for users, now it’s possible to use @Uniswap LPs as collateral for shorting Squeeth.

10/ @perpprotocol became the 1st partner for Ribbon’s Treasury Vault. Besides typical vaults for farmers, Ribbon also offers Vault for DAOs, which can keep tokens from treasury and sell covered calls for it. This way, DAO generates additional yield for tokens without selling them

11/ Meet new derivatives warriors:

@UXDProtocol is a DeFi protocol for creating stablecoin, backed by a delta-neutral position that works on Solana.

@LemmaFinance protocol does the same, but is based on Arbitrum and makes a delta-neutral position on MCDEX.

12/ @CapDotFinance is a new protocol, which now has $3M TVL. It moved the Synthetix idea to Arbitrum. Therefore, users are able to trade derivatives with up to x50 leverage. The main feature here is a counterparty — pool investors act as counterparties of any traders trades.

13/ If you loved this research, don’t hesitate to share it with your friends and add a reaction under the thread. Spin is building a DeFi derivatives infrastructure on @NEARProtocol, and we put much effort into analyzing the trends and metrics of the modern DeFi landscape.