How to Setup Your Options Trading Account on Optimum
Optimum.network is a platform for trading decentralized options on Ethereum via a peer-to-peer over-the-counter exchange.
First you are going to need an in-browser Ethereum wallet. MetaMask is great, ledger nano support is coming soon via Ledger Manager. Once you’ve setup an in-browser wallet you’re ready to proceed.
Now you’re going to need to setup your account. Head over to the Optimum Sandbox to get started. You may see a screen that says “Network Mismatch”. The sandbox uses the Kovan Test Network. Simply switch over to the same network and you’ll be good to go.
Once on the Kovan network, you should see the home page pictured below. Under “Deposited Balanced” you can see how much ETH and how much DAI you have in the smart contract. This number will update as you buy and sell options.
Under the “Deposited Balances” component you should see the “Deposit/Withdraw” component. This allows users to deposit and withdraw assets from the exchange. Assets are deposited into the exchange so that the smart contract can manage decentralized escrow when users sell options (this is how our smart contract guarantees the availability of underlying assets).
Note: You will see a “Depositing DAI not enabled” along with instructions on enabling deposits. This is due to a deficiency in the ERC20 spec.
Deposit/Withdraw
Contracts are paid for in DAI. To buy puts and calls, or to sell puts, you will need to have DAI deposited into your account.
Selling a call incurs a decentralized escrow of ETH, to sell calls you will need to deposit ETH into your account.
That’s it. Now you’re ready to begin trading. To learn about how to buy call options see our article How to Buy an Ethereum Call Option with Optimum.
