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A few extremely astute and autistic members of our community have discerned that we are very close with the Dopex team. That is true, and today we are formally announcing our planned integration with Dopex for a fruitful future together.
About Dopex
Dopex is a permissionless, decentralized and on-chain options protocol that is on the Arbitrum network (layer 2 of Ethereum mainnet). They are building an options protocol that will enable, cheap, deep liquidity, and on-chain options in DeFi. The protocol is governed by the DPX token with an additional rDPX token that is used for rebates and also for opening synths using rDPX as collateral.
They are the first and only options protocol on Arbitrum enabling fast and cheap fees while still retaining the security of Ethereum mainnet. The first product released is Single Staking Option Vaults (SSOV). Users can currently deposit DPX or rDPX into these options vaults and earn yield on these assets. The SSOV is an automated strategy that the assets are used to sell options from users while also earning yield from the single-staking pools for these respective assets on Dopex. This enables other users to speculate on the DPX and rDPX tokens but purchasing call options on these assets. More assets are planned to be added to SSOV in the future.
Possible Integrations
JPEG is happy to announce that we are planning to launch a SSOV for the JPEG token on Dopex. Users will be able to purchase call options on JPEG using the liquidity pools and options management suite provided by Dopex.
In addition, we hope to make it seamless for minters of PUSd to purchase ETH call options (or other assets provided by Dopex) using their NFTs as collateral. This opens up additional yield possibilities for holders of PUSd and also the ability to gain leverage by purchasing options on Dopex.
Other ideas we have are using punks as collateral to sell call options (covered calls) using Dopex liquidity pools. Punk holders that open CDPs on JPEG’d would be able to have the right to buy an option that could sell their punks using Dopex. Alternatively, we may offer naked call options that would enable users to buy punks at a specified strike price. All options would be sourced and managed using Dopex liquidity pools.
More ideas are planned and we strive to work very close with the Dopex team to create novel primitives using both NFTs and options.
About JPEG’d
JPEG’d is a novel and revolutionary lending protocol that will enable NFT holders an opportunity to obtain credit on their assets while still retaining ownership of them. The protocol is completely decentralized and is governed by token holders of the native platform. JPEG’d will also form several synergistic relationships with other protocols within DeFi to increase the value generated by users. JPEG’d has developed a creative insurance mechanism that will allow depositors to repurchase their NFTs back from the DAO in the event of a liquidation.
