Opyn is a decentralized options trading platform, built on the Ethereum blockchain.
What is Opyn?
Overview of Opyn
Opyn is a pioneering project in the Options field. With a simple way of operating, Opyn connects Option sellers and buyers through an Orderbook market. By tokenizing Option positions into oTokens, Opyn creates more trading opportunities and optimizes capital. The project has also built a strong ecosystem with partners such as Ribbon Finance, StakeDAO and Gamma Portal. Opyn is developing unique products such as Everlasting Options and Power Perpetual, opening up a promising future in the Derivatives field.
Mechanism of action
Like other Options Exchanges, Opyn also creates a marketplace where buyers and sellers can easily buy and sell different types of options.
If you are an Options seller, the first thing to do is determine the underlying asset type, expiration date, tick price, order size and premium. After determining the above factors, you need to mortgage your assets to be able to sell your Options. In case of selling Call Options, the asset that needs to be collateral is USDC, in case of selling Put Option, the asset that needs to be collateral is ETH or BTC. After mortgaging assets to mint Options, you will be given oTokens representing your Options. People can sell oTokens on the market to others, lend them or use them as collateral.
If you are an Options buyer, you just need to buy the appropriate Options according to your prediction and then wait until the expiration date to take profit or Opyn also allows you to sell the purchased Options before the expiration date if you feel like it. enough words.
Features of Opyn
- Buy and sell options contracts
- Automatically renew the contract when it expires
- Accept Yield bearing tokens as collateral while people can still receive interest from these tokens.
- Flash mint: People can mint contracts without collateral but must make sure to burn them all before the transaction is completed.
- Use Oracle to determine the price when the contract reaches maturity.
Development Roadmap
- Opyn was launched in 2019
- In February 2020, Opyn v1 was released, it is built on the Covenxity platform.
- In December 2020, Opyn v2 was launched, built on the Gamma platform.
Coreteam
Zubin Singh Koticha is the CEO and co-founder of Opyn. Zubin attended middle school at Harvard High School. Went to college to study at the University of California, Berkeley, majoring in Blockchain and Marchine learning. After graduating, Zubin worked as a Researcher at Behavioral Economics. Internship as a software engineer at Cantos Venture. Director of blockchain research and development at Berkeley. Scientific research at ThunderCore. Co-founder of Mechanism Labs
Alexis Gauba is co-founder of Opyn. Alexis studied Computer Science at UC Berkeley College of Engineering. After graduation, Alexis interned in UI/UX design at eBay. Data Science Internship at The Hive, LLC. Research assistant at Stanford Institute for Economic Policy Research. Internship as a software engineer at the Hive. Research internship at ThunderCore. R&D at Blockchain Berkeley. Research at Mechanism Labs. Co-founder of she256. Co-founder of Opyn.
Backer and Partners
On June 22, 2020, Opyn raised $2.16 million from Dragonfly Capital, 1kx, Version One Ventures, CoinFund, DTC Capital, Uncorrelated Ventures and A.Capital.
On February 3, 2021, Opyn continued to successfully raise capital for Seria A with an amount of $ 6.7 million from investment funds Paradigm, Dragonfly, Synthetix co-founder Kain Warwick and Stani Kulechov founder Aave.
Tokenomics
Currently, the project has not yet launched tokens
Exchanges
Update…
Opyn Information Channel
- Website: https://opyn.co/
- Twitter: https://twitter.com/opyn_
- Discord: https://discord.com/invite/2NFdXaE
- Github:
summary
As one of the inaugural projects and has many outstanding features such as allowing users to mortgage Yield Bearing tokens to create options contracts, this will unlock liquidity for the project greatly. much. Please follow Weakhand to read the latest information about the project.