DDXUSD
DerivaDAO / United States dollar
crypto

DerivaDEX is a crypto derivatives exchange that merges the performance of centralized exchanges with the autonomy of decentralized exchanges into one product. The decentralized exchange, which is built on Ethereum, is community-governed and designed for derivative contracts. The platform also employs a sane liquidity-mining token model to guarantee control is retained by the user. DerivaDEX utilizes an off-chain network for its exchange operations. This off-chain network consists of a side-chain of operators who execute off-chain code in Trusted Execution Environments (TEEs). This architecture allows DerivaDEX deliver on its promise of swift executions and minimal cost. Through off-chain operations, high-frequency trading and other innovative trading strategies can be implemented with near-zero finality. Also, a user spends less money paying for gas as the transaction is executed off-chain, but batch-consummated on-chain with several other transactions. A TEE is essentially an isolated environment running parallel to a classic system (in this case, the Ethereum blockchain) that guarantees the confidentiality and integrity of the code and data in it. By using a TEE, code execution within the isolated area cannot be tampered with. Apart from providing better security for code execution, TEEs can also provide proof of transactions that take place within its domain. For a TEE to be accepted as an operator, a registration process that confirms the authenticity of security and specifies the type of code to execute must take place. To implement consensus in its exchange operations, DerivaDEX makes use of Raft, which is a leader-based consensus that goes beyond ensuring the exchange transactions are valid to guaranteeing that these transactions are not lost or reverted in between checkpoints. A checkpoint is another consensus instrument where the hash of the exchange's state is committed on-chain for final consummation.