Yep, here you loud and clear. - Okay, cool.
Alright, we got one more minute to go before we get started. So let's just wait for more people to hop on.
All right, let's kick things off. Good morning, good afternoon and good evening, everyone. Welcome to another edition of AMA by Salon Network. And today we have with us the guys from Dairy Protocol and our co-steaker, which is 0x alpha. Hi, 0x, how are you?
Good good how are you? How are you doing? Good having a good day today. How about yourself? Yep and very happy to be here. Thank you for joining us. Okay before we get started just a quick intro into
cellar network. Cellar is a blockchain and interoperability protocol, enabling a one-click user experience, accessing tokens, DeFi, gamefci, NFTs, governance, privacy solutions, and more across multiple chains. Developers can build interchained entities using the cellar interchained message SDK.
to gain access to efficient liquidity utilization, coherent application logic and shared state. Users of seller enabled will enjoy the benefits of a diverse multi-block chain ecosystem with the simplicity of a single transaction UX all from a single chain. Now that we've got
But the formalities are of the way. Let's get started. Right. Um, maybe you can just give our audience a quick introduction about yourself and a little bit about your background. Yeah, sure. I guess the introduction you just gave by a senator in the center.
network was for the friends from the dairy community, right? Because I'm sure the friends from the Salon side have been very familiar with the Salon network. Okay, cool. Yeah, it didn't the same thing for the friends come from the other side from the Salon network side. So, yeah, so
here's a little bit about myself and their protocol. So I, so first I'll a little bit about myself. So originally, so before I was working on the traditional finance and then I have been dealing with derivatives for many years, so pretty much every aspect about
to Reptips, pricing, trading, structuring, and risk management. Then I started my crypto adventure in 2017 when I launched a crypto trading firm, which was for trading on centralized
change. Back then there was no such a thing as defy it. That was when I started my crypto adventure. We also provided market making service to the red hiv exchange, which was also decentralized.
In 2020, the so-called DeFi summer, then I was pretty much attracted by the DeFi concept, which boomed in that year, and then I realized DeFi is where I could use a lot of my experience and knowledge about financial derivatives. So that was the start of DeRaportico.
And about Daripotico, so first of all, the name Darry is actually short for derivatives, the first four letters. And so Daripotico is decentralized, the derivatives platform, put a simple, with Daripotico, you
trade derivatives. And right now we have three types and we're adding more. We have perpetual futures which is pretty standard and we have ever lost in options. You can think of it as the perpetual version of Costco options. And also we have power perps for which
you're basically trading the square of Bitcoin or square of Ethereum. And as far as I know, where the only DeFi protocol providing these three major types simultaneously. And yeah, so that's pretty much a very, yeah, that's very, that's pretty much the
the instruction about their protocols. I'm very happy to be here and I'm very excited to talk about their protocol and the exciting stuff happening between the San and Network and their protocol. We have very happy to cap to a couple more details. One thing that interested me was
Why derivatives, I love all the DeFi niches available? Why derivatives specifically and why the type of products that Dairy has included into the protocol?
Actually, I guess from that brief introduction, you probably can tell a little bit. And so just to add a little bit more color, many stars from like, okay, a little bit, even back before my financial career. So actually from the actual
education background, I was a physicist by training. I got my physics PhD and then went to New York and then turned to a career path of quantitative finance. So that was the start of both of my career. And I was, yeah, that was the day, just, just I mentioned I was dealing with financial derivatives,
and then after this 2017, my turn into the crypto adventure and then 2020, if I saw her, and that was a
time, that was the starting point of the data protocol. We started project in 2024, 2020, and it was lunch in the next year, 2021. And back then, as I mentioned, that's when I realized I could use a lot of my experience and expertise, right? But back
There were no workbooks, models for defied derivatives yet. I still remember that was the time people don't even differentiate, for example, to counter-shape a
derivatives from some of the other related but different concepts like for example that was a time when people call synthetics as a derivative project right so now there's I think nobody still calls synthetics as a derivative project I mean it's a
and that asset, which is a very important sector, but it is not derivatives. But back then, there was no real derivative projects, whereas derivatives is very important piece for finance, because after the most basic
infrastructure such as spotbacks or lindia and barring protocols, this kind of structure that's set up. The most important thing about finance is to deal with risks. And one of the most important tools to deal with risk is the derivatives. So a system without derivatives
as a core party is not complete. So that was when I realized, okay, so this is something that I'm going to do in DeFi and this is something that's going to leverage a lot of what I learned from my past and which is so important for DeFi.
Interesting, because back in 2017 I wasn't in the CDN. I think. Yeah, I was just looking from the outside in. So in February, 2020, three seller-patterned literary, this quad bridging between Abitur Moan and Ethereum.
How does that work with it? Very protocol. Actually, it's important because it's not the whole thing that we're going to do together with the Santa Network.
This is very important that DerePoD has adopted a multi-chain strategy from the very beginning. We started from deploying DerePoD on Ethereum, Binance of Marche, and you can hack on porting a lot of
networks. So we do need to have our tokens to be very easily bridged between all these networks. So that's very important for us. It's very important for their protocol. But that's not the whole story yet. So
We're going to have many more things to do. So I think the most meaningful part is that this is just a start. So as mentioned in my previous, a lot of articles or other MAs, I mentioned that the roadmap of Derribi
protocol for this year, we're going to roll out there will be four with the very important features that we're going to have cross network liquidity pool, which means one single liquid pool would be deployed across networks. Right now we are deployed on different networks, right?
And we've been deploying a lot of networks, but so far the liquidity pool and different networks, for example, the liquidity pool on Arbitron or the one on Binocmerchain, they are independent from each other, which causes a problem of liquidity fragmentation.
which also decrease the capital efficiency and cause a lot of many other problems. But in there before we're going to have one uniform that equated pool across different networks. So of course, then you came into that.
There's a lot of cross-network technology will be adopted for this kind of framework. So for that part, for that part of the project, we're going to do a lot of things together. So I think that's the even more important part of this partnership.
I like it how you guys are thinking multi-chain first. It's quite unique in the sense that there's a lot more complexity that goes into planning a project that needs to roll up on multiple blockchains. So one interesting thing is how do you then
push out your product in terms of the different kind of things that you have on dairy and how it works across the different genes.
Um, you mean before how's gonna work for this? Yeah, because you currently have like hedging speculate how we try to all on chain. I'm just wondering how does that work on the different applications that you have across the different chains? Yeah.
Yes, it's still going to be hedge, speculation, everything on-chain. Our mission is to build a derivative infrastructure on-chain so that it is part of this Web 3 infrastructure
So that's our vision, our mission. And to do that on a cross-chain manner, so we're going to have, so there are a couple of different architectures that we consider to adopt.
to like for example choose one blockchain network as the main one and so whatever active is or taking on other blockchain networks will be synchronized. This main
network. So then there will be a lot of cross-chain communication between different networks. So that's one of the possible architectures we're going to adopt. And so, but of course there are a lot of technical details to implement.
But that's the general idea. That's also why I said there will be a lot of things that we're going to cover with Santa Network. Interesting. So now that we know what you guys do and roughly what you have in terms of the product, what makes dairy protocol unique?
What makes the most important uniqueness about DERP protocol is innovation. So basically, DERP protocol is an innovation-driven project. There are a lot of creative, innovative features in DERP protocol.
For example, I just mentioned that when we started, there was no workable model for DeFi derivatives. People talk about a lot of different ways how derivatives can be traded on-chain.
But a lot of them are not basically not workable and We we we were the first one to roll out this this directive solution on chat directive solution with this LP as counterpart model meaning the liquidity the liquidity pool will
will play the role of counterpart whenever the trader is entered into some derivative position. So now this model, I think now this model has sort of become the standard for the own chain derivatives. But back then, we were the first one to came up with
to come up with this kind of model. And product wise is another aspect where we have a lot of innovations. So for example, the ever loss in options by Deripotco is the first ever ever loss in options, not just in DeFi world, but also in the
health financial industry. But even within the sector of the DeFi options, I'm saying both, including both costs and everlasting options, dairy protocol might be the only practically workable product for
for the option sectors, at least for time being. And another example soon we're going to have a new directive which we call Gama SWAT. So that's another new type of directive. And yeah, we, I think we are several
weeks away from this new directive type. So, you can just go to our website at dare.il to give the try. And I think you will be pressed by all the innovative stuff on our
on dereproportical. And so, yeah, so that's I guess the most, mostly important unique thing about dereproportical and other things I think, oh well, another thing I want to mention is the capital efficiency. So, so this is also a defining feature of dereproportical. I think we
We provide what we call extreme, extreme capital efficiency. For example, the AMN model adopted by Darryu Pertico is what we call a DPMN, which stands for Darry PMN. And because of the design of Darryu PMN,
of the DPMN, the dairy PMN, we can actually support the futures, options and powers within the same liquid pool, which means they are sharing the same piece of liquidity. So this is a
It gives an optimized capital efficiency does not seem any other platform. So, yeah, so there are many other things, but I think to keep it short, I think animations capital efficiency, those are the most important uniqueness about their protocol.
Nice. So I noticed that you had a token available. Could you tell us a bit more about your token and how it's implemented into the project? Yeah, sure. So yeah, so our token, just like many other token of the DeFi project is played the role.
The primary role is governance token, so this is pretty standard among the API projects. So just the community ownership and governance system are based on their tokens. So there were many
IPs, both teams that were based on this. Also, we've defined a new type of vanity basis of the dereparticle tokens, which we call Prevenge token. So within the derelict ecosystem, so for some of the things, when people
want to do. So some of things, when people need to do, want to do that, they need to stay there to obtain the, to obtain the privates. That's why we call it the privates tokens. So, yeah, so that's how, and we're adding more and more, government space
and also the privileged basis on the dairy token as we grow into a more decentralized governance. So that's also part of the roadmap of 2023.
Nice, interesting. So we know that Selah Karali supports dairy in terms of the dairy token between Abitur and one in Ethereum. Could you maybe, I would ask, what else is coming up, if that's possible? Yeah, sure. Actually, I call
this a little bit just now right so like I said right now what do we have here the sellers supporting the bridge in the dairy token between option and the Ethereum so this is a very important for us because dairy has been has adopted a multi-chance strategy from the very beginning
But this is not the whole story. So later on this year, we're going to have many more exciting things to do, which is pretty much more about that this
there would be full architecture that I just mentioned because the V4 is the most important thing is to have the liquidity pool that that with these liquidity distributed across different networks and we need to just as
I explained to make it worse because to make it worse as one single liquid pool. So the activities backtip is I mean, for example, when traders trade or when liquidity providers provide liquidity. So for those kind of actions that are taken on
on some of the other networks that's not a primary network. So those actions need to be synchronized into the primary networks. And to do that, we need to have a lot of, we need to have them in Canada.
to pass information back and forth between the primary network and the other networks. So that is where we need infrastructures like center network. So I guess I think that's the more exciting part about this center and battery partnership.
Interesting. So the other thing I'm quite curious about is I noticed on your website you had a second anniversary carnival that's ongoing could you maybe share with us a bit on what's that all about? Oh, yes, that is about the yeah the second anniversary
So if you just go to website.io, you will have a pop-up. It takes you to a dedicated webpage of that. So for those of you who are interested, just go to website. You will be led to that page.
So, Darryl Pukkel went online two years ago in early 2023 and to celebrate that, we're hosting a lot of promotions.
So some of them are for like newcomers, some of them are for existing users of the protocol. You can get some like, for example, transaction be rebate, you can get some kind of a net tease is something
all those kind of different things. So yeah, I'm not going to list out every single detail of the event. So just go to our website and connect the pop-up, you will see all the details.
Thanks for sharing that information. So the other thing I'm quite curious about, we've touched a bit about on your roadmap for 2023. What else can we expect to be upcoming on Derry's roadmap for the year? Yeah, so yeah, I talked about
a little more and maybe animal color on this. So this is actually one of the my favorite topics I like to talk about what we're going to do in the upcoming year. So well, first
First of all, we are just about to, well, first of all, product wise, we actually announced the three new products that are actually in different stages. For example, the Gama Swap that I just mentioned, that we are just several weeks away from the
from the from the roading out of a comma swap and there's another thing. There's another thing that is right now being designed and will which will soon be put into the pipeline of a development, which is the NFT derivatives. This is something we've been
been looking to for over one year now. So we've, yeah, we've been with the, we've found a lot of research work on the directive on the directive, and that is so as a, as the directive product of Web 3,
We think our mission is to enable people to trade derivatives whenever they need to. And right now, NFT has become one of the most important asset costs within the crypto world. So I think that is where we need to feed.
the gap, we need to feel the space, the empty space where there's still no effective derivative tools for that yet. So that's another thing where another project that we're going to row out. Also, and for a longer
In the older term, we also announced a product which we call "dairy AI", which is an AI-driven, you can call it "robot advisor" or "wealthen management advisor" or something like that.
The idea is that with the AI technology under the hood, we can provide customized asset management solution or web management solution for every
single individual so that you can you can make your own customized with management or you can make your own customized portfolios that fit into your risk your return expectation and risk appetite and and then this
photo can be implemented on-chain with a covering both the traditional asset causes and the crypto asset causes. And so that's the idea for their REAI. So these are the products that we just announced together with our second anniversary announcement.
And so and and for their product itself, we will soon have a small version upgrade which we call the therapy v3.1, which is about the internal structure upgrading and but most but the more exciting upgrading of the
version upgrading is the Derby 4 which I covered a lot just now already I think I'm not gonna repeat that. So those are all for the Derby protocol itself also in 2023 working to a lot more things for
And we're going to, we aim to establish a robust and the prosperous of their ecosystem that will have the protocol adopted in many other projects.
structure, structure product, which serves as the has the management purpose. So those kind of things. And for those products, the end, the end of user may not be using their protocol directly. They are probably like using some
Wealth management products, but under who there would be their protocol playing the role of hedging or like or providing leverage and and also we're going to permit. Yeah, another thing we're going to do is the promote the confidence centralization, which is mainly
So, yeah, so those are pretty much the major things that we're going to do for this very exciting after the, I guess, would be through.
quite a long and cold winter and things are, I think they are starting to recover. So I think we have a pretty exciting 20-30 ahead. Yeah, it definitely looks like it's shaping up to be an interesting one.
So on our tweet yesterday, we had some users actually subbit some questions. So maybe you'd like to cover them as well. So the first one that we got was, how is your partnership with Arbitrum and could you elaborate a little more on this?
My partnership with arbitrage. So the partnership with arbitrage is that so we are we right now options one of the most strategic strategic networks that their their protocol has been
deployed. So I think arbitrage is pretty much, let me take once that back. When we started, we actually started from a very rare one. But that was not a very
successful start, which will do to the reason that you probably all know that the gas was too expensive, then nobody wants to trade derivatives on the year and year one. And that's why when we, okay, so we then deployed on many networks, back then,
was no letter to yet. Back then there was no letter to yet. But then the community of or the trading activities on their political naturally grew mostly on the Binance
And but then there's, but then there's a arbitrage and optimism. So this kind of a layer two solution that that went online, then we then again enabled our, because we never wanted to really leave Ethereum ecosystem.
And I always think Ethereum is one of the most prosperous ecosystem where with a lot of original innovations, but their protocol itself is an original innovation retrieving protocol too.
want to still be part of the Ethereum ecosystem. That's why that's when then okay we also deployed on arbitra and now it's been so far to me working very well a lot of our I think now a lot of our trading volumes are from arbitra and sometimes you see you
more trading money from an arbitrum than from Binance March-end. And that's also we feel that we need to facilitate people to bridge our tokens more convenient, the background force between the arbitra networks and the other networks.
Okay, cool. That's interesting to know that you guys actually started an Ethereum and moved to different chains. Quite a colorful journey, I would say. The second question that we got.
is about zk. So zk system is a hotspot now. How can dairy build in this emerging ecosystem? Actually, this is sort of like what we did in our time. Right? So we actually follow, we follow on the
And especially two of the most promising Zika roll ups that ZK sync and the start edge, we've already started our testing on some of them.
And we are very excited about upcoming DK era, which a lot of people think this is the ultimate solution for the, for the later two, including the Tate himself, right? Well, we're very, we're very looking forward to that.
Yeah, so, but right now, because there's no, there's no, uh, UVM compatible, ZK Robes off, uh, RzK Robes, uh, online yet. So we, I cannot talk too much about like our, uh,
other than the testing that we started. But yeah, we are very closely watching on the progress and I think we'll be there on the first day they go online.
interesting offer there. Okay, the third question that we got, I'm going to try to paraphrase this a bit. Where does Derry see itself within its niche in the industry? And how do you guys frame your mindset in order to reach that goal?
Okay, so I think this question is about the positioning of dairy protocol in the whole crypto industry. So I think the phrase that I mentioned
It's a very good summary about that. That Daripotdo is the derivative protocol of Web 3. Which means Daripotdo
So there's a lot of scenarios in the Web 3 world that were derivative is needed. As I mentioned, the derivative is the most important tool to deal with the
risks and because of the financial nature of the web 3 world there is a lot of risks to deal with so then there's a lot of the scenarios where the derivatives are needed and we want to provide daripotico as an infrastructure
structure for that. So in my understanding, so, um, Darryl Protocol is the kind of, um, uh, is kind of what we call application protocol, which is a layer between the blockchain network and the other, uh, application more of
more end user-facing application. This is sort of like a set on networks because the bridge is also very, bridge is also a very infrastructure kind of thing, right? And so it's directed. And so in that sense,
There are protocols something between the network, the blockchain networks, and other application oriented apps, for example, structure product or wealth management product or SMMT product or the dairy AI.
kind of product that I just mentioned which which forms a portfolio for users which use the rip that under who so I think that in any of the day that is where Daripotico seeds in this crypto ecosystem
Nice, there was a very detailed answer. Okay, for those who are not yet participating in Dairy, you know, what's the best way for them to get involved in your project? How to check what you guys have or not available?
Just go to our website. Sorry, this question is for those who have not in there. Sorry. For those who are not yet involved in there, you're using your product. Yeah, just just go. You can just either go to
website which is very easy to remember, dairy.io, dri.io. Just go there and try out the product. We have derivatives or futures options and powers. Just just try it out or you can follow
our Twitter account, which is a very protocol. So just type "derapolicon twitter" and "follows" with all the, to stay tuned with all the progress and innovative new stuff coming out from our team.
So yeah, you're welcome. And right now, because we're in a very special time, which is the second anniversary, just go to website and there's a pop-up, you can click on the pop-up, which will lead you to the second anniversary web page and you will find a lot of stuff there. Nice.
Okay, I think that's about all that we have for today. Thank you very much, Syriac Alpha, for joining us on this AMA session. Thank you. We'd like to thank you for taking your time and sharing with us your information and your knowledge about very protocol and industry overall.
Well, thank you. Yeah, I'm very, yeah, I'm very happy to be here talking about exciting stuff happening between San and Network and their protocols. Yeah, definitely. There's a lot of interesting things happening within the space. So sometimes it's good to keep up with this AMAs. It's easier to
find the information I feel. Yep, yep. Alright, okay, without much further ado, I think we can end the AMA here today. So good morning, good afternoon and good evening everyone, wherever you are in the world. Thank you for joining us and we'll see you next time.
Okay, thank you. Bye guys. Thank you. Bye.