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    Home » Crypto News » YFI’s Andre Cronje Unveils Multi-Purpose DeFi Protocol Deriswap

    YFI’s Andre Cronje Unveils Multi-Purpose DeFi Protocol Deriswap

    Author: Mandy Williams

    Last Updated Nov 23, 2020 @ 14:30

    Andre Cronje shared information about an upcoming DeFi platform that combines several DeFi services in a single contract.

    Andre Cronje, the brain behind the popular DeFi protocol Yearn Finance and the most expensive cryptocurrency YFI, has unveiled yet another DeFi protocol called Deriswap.

    Obsessed With Capital Efficiency

    The project focuses on capital efficiency, an aspect of DeFi that Cronje said he is obsessed with. The YFI creator is set to change the current segmented liquidity, which only allows users to choose one of Swaps (Uniswap, Sushiswap, Bancor, etc.), Options (Deribit, Hegic, Opyn, etc.), and Loans (Aave, Compound, DyDx, etc.). 

    He described Deriswap as a protocol that combines multiple DeFi services, including Swaps, Options, and Loans, into a capital-efficient single contract. According to the developer, this allows the interaction between two assets that make up the pair. 

    For Swaps, Cronje explained that the contract on Deriswap utilizes the standard Uniswap x * y = k. For example, suppose Liquidity Providers (LPs) provide ETH-BTC as liquidity. In that case, the protocol will allow traders to swap BTC and ETH while using the oracle’s time as the weighted average price (TWAP). 

    No Deriswap Token Yet

    He notes that Deriswap uses the Black Scholes option pricing model to quote options. While Futures are an extension and simplification of Options, Loans are an extension and simplification of Futures. To get a loan, the user will pay a premium and collateral to access the borrowed assets. 

    Lastly, the markets (loan, futures, and options) can be tokenized via Non-Fungible Tokens (NFT) to create secondary markets. 

    As with many DeFi protocols, it is expected that Deriswap will have a token, and maybe with a limited supply. As a result, DeFi degens are hoping to dive in early. However, the protocol is currently under audit; hence, there’s no official Deriswap token yet. 

    Cronje Continues To Explore DeFi

    Since YFI’s success, Andre Cronje has become a prominent player in the DeFi ecosystem. The developer is always exploring and “experimenting” with DeFi products, even though some cost investors money due to exploits. 

    Despite the recording failure with Eminence protocol, Cronje’s last project Keep3r Network was quite different as Keep3r’s KP3R token rallied more than 2000%, with the price moving from $10 to over $200 within a few days.

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    Read more on: DeFi Uniswap Yearn Finance

    About The Author

    Mandy Williams View more posts by this author

    Mandy Williams is a freelance writer and a crypto fanatic. Mandy believes in the disrupting power of cryptocurrencies and blockchain technology; hence she's on a mission to help spread the good news about the crypto industry. She loves teaching and currently pursuing a career in marketing. Contact Mandy: Twitter

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