BIOPset
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BIOPset

The Key To Onchain Price Speculation with Binary Options (Photo by Michael Dziedzic on Unsplash)
The Key To Onchain Price Speculation with Binary Options (Photo by Michael Dziedzic on Unsplash)

BIOPset 101

The Essence Of Speculation Via BIOPset

What’s So Special About BIOPset?

Betters gain access to the first accountable non KYC binary options platform. There are centralized platforms without KYC but they have no accountability and are risky. Using them means depositing first and then betting. You don’t know if you will be able to withdraw your money if you win or decide to cut your losses.

BIOPset is the first binary options platform to offer instant access and no holds on betters funds. As soon as your option is ITM you(or someone else who receives a small fee for their work) can exercise it and you get ETH right in your wallet.

Instant payouts. I haven’t found that available anywhere.

Liquidity providers (“LPs”) get to be a part of the action. Up until now, you had to be connected with a centralized platform as an investor/owner to act as a house in binary options gaming.

BIOPset enables LPs to back the house and make its rules. By being an LP users earn BIOP tokens. Those tokens will allow direct control over the protocol through governance contracts.

Who Are Centralized Competitors?

Yes, there are endless lists of such platforms. All of which require KYC, or have account minimums, or have withdrawal holds. Three examples are https://www.binarycent.com/, https://iqoption.com/, and https://www.binary.com.

Here’s a list of 20 more: https://evokefinance.com/best-binary-options-brokers/

What’s In It For Those Not Interested In Speculating?

There are multiple “fees” involved in BIOPset. Here’s a brief rundown of each:

- Bet Fee: A variable fee is charged on each bet. This amount is transferred to the developer fund. When ownership of the protocol is transferred to the governance contracts they will become the new recipients of it. That value will be available to BIOP holders who have staked BIOP into governance.
- Exercise/Expire Fee: This fee is paid out of the winning/losses of a bet. It is paid to the user who executes the transaction to unlock the funds from that bet.
- Early Withdraw Fee: This fee is paid by liquidity providers who wish to withdraw their funds before their next withdrawal is available (24 hours, after the initial launch period).

As you can see there is no direct fee for the liquidity providers initially. That’s not how binary options works. The fee they earn is from betters losing bets.

Option time length and available pairs are the levers LPs can use to entice betters to play, while keeping the odds stacked in the pools favor. This is why control of governance (available to all early adopters through the reward mechanism) is important.

What’s BIOPset’s Market Positioning?

Again as we can see from the list of all the binary options services operating around the world lots of people want to play. Regulations on binary options makes it hard for some.

BIOPset has no minimum, maximums only capped at the pool balance, no KYC, and competitive return rates (89.8% at the time of writing as compared with 83–95% of the 20 other services listed above).

BIOPset is also safer for betters than traditional solutions. Fraudulent platforms are a rampant problem in binary options trading. https://binarytradingclub.com/binary-option-scams/.

Across every category I used when searching for a binary options trading platform for personal use BIOP offers the best terms for betters.
— No withdrawal rate.
— Withdrawal guaranteed on-chain
— Instant access with no need to sign up
— No “credits”. You can bet straight from your Ethereum wallet and receive funds at option closing.

What Are Product Risks?

The code is not currently audited, DYOR.

I am in favor of audits and think the people doing them are much smarter than me. That being said, I don’t know how to pick a good auditor from a bad one, and let’s be honest, the real audits are those conducted by all of the sharp developers and automated programs probing every contract on mainnet for a juicy bug to exploit with flash loans and opcode tricks.

Frankly, I don’t have money to spend on an audit without some sort of guarantee the auditors would take the liability in paying for critical bugs they may overlook.

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