Our Investment in Opyn

Today, we’re excited to announce that Dragonfly Capital is leading investment into Opyn’s seed round.

Opyn is solving one of the largest problems facing the decentralized finance ecosystem today: the problem of risk. Risk is endemic to DeFi, from technical risk of smart contract hacks, to volatility risk in the assets that act as collateral. Everyone knows that DeFi is still in its infancy, and for it to make it to the next stage of adoption, it needs a way for users to hedge against these risks.

Opyn is building a universal options protocol that allows DeFi risk to be bought and sold. With Opyn, traders and businesses can create and trade their own insurance products via options contracts. These options are fully on-chain and trustless, which enables products that simply can’t be constructed by traditional centralized services. With Opyn, any user is free to purchase insurance on their DeFi assets, and any developer is free to integrate options or insurance into their protocols. We believe Opyn will prove to be a critical building block in the burgeoning DeFi stack.

We’ve known Alexis, Aparna, and Zubin since their time as part of the core team at Blockchain at Berkeley and through their time building v1 of Opyn, an early decentralized margin trading platform. We’ve been consistently impressed by their extreme user focus, deep technical knowledge, and tireless speed in product iteration. We’ve gotten to know the team even better over the past few months as we’ve worked closely alongside them to refine the core Opyn product, use data to help understand product usage, and recruit some of the best talent in the crypto space. We look forward to continue helping propel the product forward in Opyn v2 and beyond.

It’s hard to find a team better equipped to tackle this space. We’re thrilled to be supporting Opyn in its mission of tokenizing on-chain risk.