Polynomial raises $1.1M to build a DeFi options marketplace.
One-stop DeFi options protocol.
We’re incredibly excited to share that Polynomial Protocol has raised $1.1M pre-seed round led by Acrylic (now Archetype), accompanied by Genblock Capital, and Caballeros Capital.
We are also very grateful for the individuals who participated as angel investors in the round:
⚡️ Paul Veradittakit, Pantera Capital
🚀 Siddharth Jain, Co-Founder of DeFi Dollar & Opeth
🚨 Don Ho, Co-Founder of Quantstamp
⚙️ Richard Ma, CEO & Co-Founder of Quantstamp
🦄 Lito Coen, Cryptotesters
🔥 Sowmay Jain, CEO & Co-Founder of InstaDapp
“Acrylic is ecstatic to be backing the Polynomial team in building the hub for decentralized options. The team is young, wickedly intelligent, and relentless in building a accessible and one-stop shop for decentralized options”
— Ash Egan, Acrylic (now Archetype)
Our story
Mubaris, Salman, and I have always been builders. We have always been fascinated by options contracts that help users hedge, earn income, or speculate on underlying assets; with this thought, we entered HackMoney 2021 by ETHGlobal.
While building an AMM to reduce the existing problem of high premium for on-chain options, we realized the crux of the problem laid in liquidity or the absence thereof. We set out to solve this problem by creating a highly efficient liquidity protocol by using two money DeFi money legos: Uniswap V3 and UMA.
We were lucky enough to be one of the finalists. We would like to thank Uniswap, UMA, Chainlink, and the entire ETHGlobal team for supporting us with prizes and encouraging us to pursue this revolutionary idea.
In the on-chain options space, where a significant number of players exist, liquidity fragmentation further increases the burden on the end-users. We realized that building upon great teams such as UMA, Opyn, Pods, Lyra, etc., and aggregating options could improve the liquidity for DeFi options, allowing users to buy at a fair premium and facilitating arbitrage between existing protocols.
“The options market is tremendous and I believe that Polynomial can provide the entry point and liquidity for this market through their options aggregator product”
— Paul Veradittakit, Pantera Capital
Our goal is to make Polynomial a building block for other protocols to build on top of DeFi options.
We also plan to build structured products for retail users to bootstrap liquidity, bringing down the barrier of financial products for users on-chain. This can also be utilized as a hedging mechanism for liquidity providers. We plan to roll out 2 types of structured products: Income-based strategies: Put selling vault and Call selling vault and Volatility based strategies: Long volatility vault and Short volatility vault to name a few.
What’s next
Community, Security, and Math are the pillars of Polynomial Protocol
Polynomial is planning a testnet launch on the 8th of November. Our code will be audited soon. To ensure no unforeseen bugs, we will be planning a bug bounty after the testnet launch.
We invite you to be part of our community and build Polynomial with us. You can get started by joining our Discord or following us on Twitter!
💻 We are hiring! contact us at contact@polynomial.fi
Special Thanks
We would like to thank Kartik Talwar and the rest of the ETHGlobal team for building a platform for the future of DeFi. Special thanks to Keyur Shah, Aagam Shah, Aashish Kumar, Yenwen Feng, Praneeth Srikanti, Celia Wan, Cole Kennelly, Nelson Ryan, Jon Kol, Graham Friedman, and our investors for their faith in Polynomial Protocol’s vision.
Useful links
🌍 Website
💬 Discord
Polynomial do not have a protocol token or a telegram group, be aware of scams.
