The State of Decentralized Derivatives Trading: Research #07

It’s New Year’s Eve, and the world is preparing to see off the outgoing 2021 and meet 2022 with new plans and ambitions. Let’s take a closer look at the progress of derivatives protocols in the second half of December 2021 before we enter a new and promising 2022!

In our traditional bi-weekly research, we will share the most current news and updates from the following projects:

Mango Markets

Following the DAO vote, 5 billion MNGO tokens were burned, and now the maximum number of tokens in circulation is 5 billion. This step was taken because of a “gap” in tokenomics: most of the tokens were allocated to the DAO without vesting, so it was decided to burn them. As a result, the price of MNGO increased by about 40%. In addition, Mango has raised the maximum leverage for BNB and AVAX perpetual trading to x10.


Serum is launching a hackathon with Wormhole in early January. The sponsors list includes Serum, Wormhole, Atrix, PsyOptions, Terra, and Pyth. In addition, $392,000 worth of SRM was burned last week, significantly less than the $1 million burned in the previous period. The dashboard now displays weekly SRM burns as well as trade volume and TVL dynamics.


The Zeta team is actively preparing for a mainnet launch. Zeta also continues to expand the list of its partners. For example, Friction and Katana are now officially working with Zeta. Katana users will be able to leverage the power of Zeta in their liquidity vault strategies.

Zeta has also added several new features to the smart contract:

  1. Socialized loss for cases when the insurance fund runs out of money.
  2. Disabling the platform for emergency scenarios.
  3. Options expiration dates have changed to those of Deribit.


The project is currently reasoning about using power perpetual (or Squeeth) as a tool to hedge impermanent loss within Uniswap v3 pools.


PsyOptions develops options that will use indices from Symmetry. Moreover, their TVL showed a 100% growth over the week, reaching $15 million.


Bonfida has launched a staking feature. The profit depends not only on the number of FIDA user stakes, but also on the duration of staking. Additionally, a Serum orderbook-based DEX v4 is now available for testing on Devnet, and the code is open source on Github.


The Spin team has successfully deployed Perpetuals Alpha v2 to testnet. This version includes extended features for traders: order book, limit orders, updated GUI, and multiple markets (contracts for BTC, ETH, and SOL). At the same time, our development team continues working on upgraded mark price, liquidation engine, and funding rates that are to become a part of the v2.1 release. Whitelisted users can already get down to testing.

Totay tuned with Spin’s latest research and announcements, join our communities on Twitter, Telegram, and Discord!




Spin is the first decentralized trading platform allowing for both futures and options trading built on Solana.

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Spin is the first decentralized trading platform allowing for both futures and options trading built on Solana.

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