Algorand Foundation Invests In On-Chain Derivatives Platform Deridex

Twitter icon  •  Published 1年前  •  Hassan Maishera

The Algorand Foundation announced via Twitter on Thursday that it has invested in the on-chain derivatives platform Deridex.

The Algorand Foundation announced via Twitter on Thursday that it has invested in the on-chain derivatives platform Deridex. Deridex is a platform that unlocks Algorand’s DeFi ecosystem by providing leverage protocols allowing users to lower the cost of exposure and hedge against their positions. 

The Algorand Foundation added that Deridex plans on being one of the first on-chain derivatives platforms on Algorand, taking the first mover advantage, which is key in any new DeFi ecosystem. Deridex will be launching their options and ASA lending products during Q4 2022, the team added. 

Algorand is an open-source, permissionless, Pure Proof-of-Stake (PPoS) blockchain protocol for “the next generation of financial products.” As such, Algorand ensures "full participation, protection and speed within a truly decentralized network."  ALGO is trading at $0.3282 at press time, up by 7% in the last 24 hours.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.