DIVA App Launch

By Walodja1987 at July 12, 2023

We are thrilled to announce the launch of the DIVA App (app.diva.finance), a one-stop solution for creating, trading and settling bespoke derivative contracts in a peer-to-peer manner. With the release of the DIVA App, users can now discover and leverage the features and capabilities of DIVA Protocol via a user-friendly interface.

This blog post covers everything you need to know about the DIVA App.

🧩 The Power of Money Legos

The DIVA App is harnessing the power of decentralized finance by combining three protocols to offer users a seamless and fully trustless experience for managing the entire lifecycle of derivative contracts:

DIVA Protocol - for the creation and settlement of derivative contracts
0x Protocol - for trading the corresponding derivative positions
Tellor Protocol - for outcome reporting

The best part is that users retain full custody of their assets at all times, unlike centralized solutions.

🎯 Market Creation

DIVA Protocol offers unparalleled customization options when it comes to creating derivative contracts. With DIVA Protocol, users have the freedom to select virtually any metric as the underlying and can choose from a diverse range of payoff profiles including different slopes, barriers, and ranges.

DIVA Protocol offers two ways for creating derivative contracts / markets:

Pre-funded (“CREATE POOL”): With this option, the creator of the derivative contract fully funds the contract and receives both position tokens - LONG and SHORT - in return, rendering them fully hedged. This option is useful for market makers seeking to provide liquidity on both sides of the derivative market.
Priced offer (“CREATE OFFER”): In this option, the creator specifies the contribution from each party to the derivative contract and commits to the offer terms by signing it with their private key, which is an off-chain process. The derivative contract is created on-chain only if a counterparty is found, thereby optimizing gas efficiency for users. This functionality particularly caters to use cases centered around bets and predictions.

Head over to the Create page in the DIVA App to try it out yourself.

🔮 Oracles

The Tellor adapter (0x7950DB13cc37774614B0AA406e42a4C4f0BF26a6) was released as the first oracle integration for DIVA Protocol and is made available for users in the DIVA App for secure and decentralized outcome reporting. Learn more about the DIVA Protocol integration with Tellor Protocol in this Twitter thread.

As the DIVA ecosystem continues to grow, additional oracle integrations will be developed, offering users a wider selection of reliable data sources.

📸 Visualizing derivative contract offers

After creating offers through the "CREATE OFFER" option in the DIVA App, users can use the DIVA ViZ app to generate eye-catching visualizations of their derivative contract offers, and share them on Twitter, accompanied by the offer link.

Here's an example visualization:

📈 Trading

The DIVA App is using 0x Protocol, a decentralized limit order protocol, to facilitate the exchange of the derivative assets. Leveraging an off-chain matching mechanism and an on-chain settlement process, users can create limit orders without incurring any gas fees (note that approving token transfers may involve a one-time gas cost, though).

Check out one example market here.

💸 Settlement

Once the outcome of a market has been reported by the Tellor oracle, DIVA Protocol determines the payouts for participants and users can conveniently claim their payouts directly through the DIVA App.

🔗 Chains

The DIVA App is currently available on Polygon, and Mumbai for testing. On Mumbai, users have the freedom to create and test any market using any oracle of their choice. On Polygon, the available underlyings are currently limited to BTC/USD, ETH/USD and TRB/USD, with the Tellor adapter as the only oracle to ensure a smooth initial user experience.

The team plans to extend the range of underlyings based on community feedback over time. Users that wish to create custom markets on Polygon should reach out in our Discord.

🔒 Decentralized frontend hosting

Many Web3 frontends are hosted on centralized platforms like Vercel, which exposes them to various risks such as censorship, phishing, and DNS hacks. To eliminate those risks, the DIVA App frontend was deployed on IPFS, a decentralized storage solution, using dappling.network. By hosting the DIVA App frontend on IPFS, users will have indefinite and secure access to the application.

Each release of the DIVA App is associated with a unique IPFS hash, providing a verifiable and immutable reference for accessing the application. The current version of the DIVA App is associated with the IPFS hash bafybeia4cfovjl3ufwik4nfdizwmxrkfb5xk3popevagsjchbof2owo57y and can be accessed via any IPFS gateway with the following subdomain:

New releases of the DIVA App will be associated with different IPFS hashes, which we will regularly publish. To improve the user experience, the dAppling team is actively working on a solution to provide a stable naming system using IPNS, ensuring even easier access to the IPFS version of the DIVA App in the future.

⚓ Open-source Development

The DIVA App is open-source, inviting developers to contribute to the existing repository or draw inspiration for building similar applications on top of DIVA Protocol.

If you're interested in contributing to the DIVA App, we encourage you to reach out in our Discord and get involved in our development community. Collaborate, share ideas, and be a part of shaping the future of decentralized finance.

🛣️ What’s Next?

In the upcoming weeks, we have exciting plans to launch diverse derivative markets, engaging our community and gaining valuable insights and experience.

Additionally, we will be releasing comprehensive video tutorials, providing in-depth guidance on every aspect of the DIVA App, to ensure users have the resources they need for a seamless experience.

If you encounter any challenges while exploring the app, don't hesitate to reach out to us on Discord for assistance.

🌔 Conclusion

With the launch of the DIVA App, users can now fully unlock the possibilities offered by DIVA Protocol. Whether you're an individual seeking to create and trade derivatives or a business seeking to expand your service offerings with bespoke derivative solutions, the DIVA App is your gateway to a secure and non-custodial derivatives platform.

The DIVA App marks the beginning of an exciting journey. Join us and help us unlock a world of innovative derivative financial applications fueled by DIVA Protocol. 🚀

📃 Disclaimer

Participation in derivative contracts involves inherent risks, including the potential loss of invested capital. It is crucial to carefully review and comprehend the terms, conditions, and associated risks of any derivative contract before engaging in trading activities. Please only invest funds that you are prepared to lose.

Further, please note that derivatives trading may be subject to legal restrictions and regulations in certain jurisdictions. It is your responsibility to ensure compliance with applicable laws and regulations before interacting with the DIVA App.

🔗 Links

🌐 Website: divaprotocol.io/
🍏 Github: github.com/divaprotocol/diva-protocol-v1
📚 Docs: docs.divaprotocol.io/
🦜 Twitter: twitter.com/divaprotocol_io
🤖 Discord: discord.gg/8fAvUspmv3