💸Deribet "IOU" Tokens

Note: this is not the project token, this is a whole new type of tokens to reward your onchain activity!

What is Deribet Token (dbTOKEN)?

Deribet Tokens (dbTOKEN) are essentially real tokens that represent a direct claim on the assets you hold on the Deribet platform. Each dbTOKEN is pegged at a 1:1 ratio with the value of the corresponding asset you've supplied to the platform, making them fully redeemable and tradable on Deribet.

For example, consider dbDEGEN, a specific type of Deribet Token. When you do some social activity, like engaging in this post you can receive an amount of dbDEGEN tokens directly into your wallet. These tokens serve as a virtual representation of your DEGEN assets on Deribet. Just like the assets they represent, dbDEGEN tokens can be traded, used in transactions, or redeemed back on Deribet.

This token concept draws inspiration from cTokens used in the AAVE lending platform. When you lend assets on AAVE, you receive cTokens, which represent your lent assets plus accrued interest. Similarly, dbTOKENs represent ownership and the ability to manage your assets directly through the Deribet platform.

Deribet Tokens are effectily "IOU" tokens (which reads I owe you).

Why Do We Need DeribetTokens?

Deribet Tokens offer a safe and intelligent way to enhance on-chain activity and increase rewards for users. Traditional airdrop mechanisms are flawed; recipients often neglect the tokens or flood the market by selling them, which doesn't benefit the issuing platform or project. Deribet Tokens revolutionize on-chain interactions and foster collaboration and mutual support among projects through reward sponsorships.

What is the First Application of DeribetTokens?

The inaugural application of Deribet Tokens facilitates social interactions through Frames on Farcaster and Warpcast.

We incentivize active on-chain interactions by sending Deribet Tokens directly to users' wallets—completely free of charge, as we cover the gas fees!

Note: the recipient wallet needs to hold at least 0.0004 ETH to avoid spamming.

How to Use Deribet Tokens?

Using dbTOKEN is incredibly straightforward!

1. Visit deribet.io, navigate to the deposit page, and send your tokens to the provided address.

2. You can then use them for trading, gaming, or earning yields throughout the platform.

3. When you're ready to withdraw, proceed to the "swap" section (here: https://deribet.io/swap), select dbTOKEN as the source currency and the desired Token as the destination currency.
4. Complete the swap, and then go to the withdrawal section, enter your wallet address, and within seconds, your tokens will be transferred to your wallet.