CLEAR Protocol is an open protocol for bespoke derivatives. It is responsible for providing a unified and open risk management and clearing protocol for the application layer. The Derivative Workshop is designed to assist users to rapidly build bespoke structured derivatives while the Derivative Market is responsible for trading. The Risk Management Module absorbs and handles the residual risks generated by the two. Developed by the team at DerivStudio, Clear is a decentralized blockchain protocol for bespoke derivatives. The first batch of derivative products include barrier options and structured notes. Fixed income derivatives such as coin default swap (CDS) and token return swap (TRS) are currently in development. The Clear SDK will be made available to developers to build and launch new platforms powered by the Clear protocol. Futures and vanilla option contracts currently make up most of the derivative trading activities in decentralized finance (DeFi). As a derivative protocol that is open to everyone, Clear aims to introduce a complete suite of derivative products to DeFi, with a focus on making bespoke derivatives available for the very first time. Users will be able to more efficiently manage crypto portfolio risks with the product offerings on Clear. The Clear platform consists of a protocol layer and an application layer, which include Derivative Workshop, Derivative Marketplace, and Risk Management Pool. The platform allows anyone to create and trade bespoke derivatives contracts on the open market that has been historically restricted to accredited investors only. To reduce trading counterparty risks, Clear allocates a portion of the platform fees to the Risk Management Pool to ensure settlement in stressed markets. While DeFi has seen an explosion in liquidity in the past 36 months, it is far from being a complete financial ecosystem. Lack of derivative products and absence of risk management are the structural issues that are limiting capital inflow from traditional finance. Clear is filling these gaps and expanding the boundaries of DeFi.