In a previous article, we heralded the arrival of DeOrderBook, a new protocol that would allow for market-neutral strategies that allow you to make money on otherwise unutilised crypto assets that you want to keep HODLing.

We also introduced you to a core security advantage of DeOrderBook: the fact that it avoids oracles completely, ensuring that users and their funds are safer than anywhere else in the DeFi optionality space today.

With all of that in the bag and our open beta currently active on the Goerli testnet, we’re gradually ramping up the momentum for our grand launch on Ethereum and excited to see what our users have to say about us.

We understand that the world of DeOrderBook may be a lot to take in at once. So we’ve prepared a series of in-depth articles intended to help users understand all the moving parts that make up the DeOrderBook protocol. If you’re excited to get into the meat of the protocol all at once, check out the litepaper for a full overview of DeOrderBook’s world.

All right… let’s start off with a brief overview of what DeOrderBook is and the main tokens that we will be going through in the coming articles. The world of DeOrderBook involves four main token types that users should be familiar with in order to take full advantage of the protocol’s design, so pay attention! 😉

DeOrderBook 101

DeOrderBook is a fully decentralized protocol where users can earn while they simply hold their favourite tokens, place limit orders, or take part in simplified optionality.

By removing oracles from its protocol design, DeOrderBook has removed a key point of vulnerability that has been directly responsible for more and more protocol hacks over the last few months.

At its launch on Ethereum, DeOrderBook will support $WBTC and $USDC. Currently, the protocol is soft launching on the Goerli testnet: join our Discord to learn more and interact with our growing community of users!

So... how exactly does everything work?

How It Works

In a nutshell, the DeOrderBook solution revolves around the four core token types that make up its ecosystem, each with their own important associated actions.

HODL:

To enter the DeOrderBook ecosystem, users must first mint HODL tokens from supported cryptocurrencies. HODL tokens can then be used as collateral to back DeOrders, which are essentially limit orders (on steroids!).

$DOB:

The native governance token of the platform, earned at a continuous rate as placed DeOrders mature. $DOB can be locked back onto the platform for rewards in the form of revenue-sharing and BULLET tokens.

SNIPER:

An option writer obligation token, generated in tandem with BULLET tokens when placing a DeOrder. Can be combined with matching BULLETs to unwind orders at any time before expiry date.

BULLET:

An option right token, generated in tandem with SNIPER tokens. These are awarded to eligible $DOB lockers, and have the unique property of being able to exercise DeOrders. Tradable at the BULLET Bazaar.

If that sounds like a lot to take in at once, don't worry. In the next few days, we’ll be releasing articles on each of the token types above: so keep checking back on our Twitter and our Mirror profile for new content.

But to fully understand how everything works, all users are invited to join the DeOrderBook open beta on the Goerli testnet... check this article for more information!

In our next article, we'll be going into more detail about the HODL token... stay tuned!

Follow us on Twitter at @DeOrderBook for our latest updates, or join our Discord below: