Looking back and forward. April 2021 was a turbo month.
This month, Opium launched two brand-new Turbo products, that proved to be a success, on Polygon (ex-Matic), moved protocol to Polygon and more.
Opium protocol is on Polygon (ex-Matic)
As was mentioned in March ‘Looking back and forward’, we had plans to move the Opium protocol to Polygon to tackle the so-called blockchain trilemma — an assumption whereby the three main properties of a peer-to-peer system (security, decentralization and scalability) cannot be all improved at the same time.
The move to Polygon was an essential step to facilitate large-scale user adoption. The same reason made us integrate PNetwork and launch Opium on Binance Smart Chain earlier this year.
We plan to keep up with further developments in the space: in fact, Polygon represents just the first, yet important, step of the Opium ecosystem’s layer-2 roadmap.
There is a handy tutorial on how to find new products on Polygon, you can find it in the article below:
Product updates
Two new products: Turbo on WETH and AAVE
In April, we came up with a way to marriage desires of risk-takers with those of a more conservative part of our community, launching Opium Turbos.
Turbos are financial products that offer a chance of a high return, that comes with a risk to lose limited funds in a short time. Turbo buyers get highly leveraged exposure to the underlying asset, so buying a fixed-price Turbo, they can hope for 10-30x return in a day or a week — or lose money they paid for the product.
Turbos are covered by a liquidity pool, formed by stakers. Stakers bring their crypto to the pool in exchange for a daily return plus money generated by selling Turbos.
Currently, we offer two Turbos: daily Turbo WETH and weekly Turbo AAVE.
We launched daily Turbo WETH a week ago, and in the first three days, it generated the APR of 272% for stakers, plus fees of Turbos that were selling out daily. Lately, APR decreased to 126%. No Turbos were paid as for now.
For the second Turbo, we collaborated with our long-time partner Aave, the largest protocol for lending and borrowing crypto with millions in turnover and one of the largest and most loyal communities. Aave’s governance token –that staked in the AAVE pool on Polygon version called amAAVE–serves as collateral for Opium Turbo AAVE in the staking pool.
We will be listening to your feedback to improve staking pool and add more collaterals for Turbo. Let us know your first impressions and what Turbo would you like to see next — contacts are at the bottom of this article.
NFTs for active community members
As we keep on repeating over and over, Opium is first and foremost a community. We are proud to have active and creative community members that participate in the life of the project.
To give back, we have launched a series of NFTs and have awarded the first two tokens to Panzer and Dennis for their active position in the community and constructive feedback on how things can be improved. Dennis also participates in building instruments, so it was a well-deserved recognition!
You can see the tokens below. Cheers to Panzer and Dennis!
Media & Events
Andrey was a guest in TX Tomorrow Explored podcast
The TX Tomorrow Explored Podcast focuses on web 3 technologies and their role in the emergence of data economies, as well as the next generation of internet technologies. For their series on DeFi, they invited Andrey to explain derivatives and decentralized derivatives, and tells us about the exciting things that Opium Protocol has on the horizon.
About Opium
Opium Protocol is a universal and robust DeFi protocol that allows for creating, settling, and trading decentralized derivatives.
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