PsyOptions Biweekly Update: Ignition Edition
First things first: congratulations to all of the hackers for seeing the Ignition Hackathon all the way through to the end! We remember those days fondly. While it may seem like you’ve reached a finish line, it’s actually just the beginning. Give yourself a pat on the back, and keep on building!
We also have some great news on our end as well; we just closed our funding round! Thank you to all of the people who have supported us along the way, we couldn’t have done it without you. Special thanks to our community as well, who has been with us through thick and thin. We’re excited to keep building out this product for you all. If you’re interested in reading more, check out the press release from CoinDesk.
Now let’s get into this update.
This past sprint was a busy one as we onboarded more developers to our team, and really started ramping things up. We knocked out our new landing page, which you can check out here! We were also focussed on fixing the bugs that were cropping up in both our traditional UI as well as the beginner UI. Things should be good to go now, however, if you run into any issues please let us know in our support channel. Additionally, we partnered with Slope Wallet to bring PsyOptions to mobile users! We will be joining them in their Discord on October 29th at 1pm UTC for an AMA, don’t miss it!
We’ve also broken ground on two new projects, and our focus these next few weeks will be getting these to mainnet as soon as possible. We’ve mentioned these two projects in some of our past Twitter spaces, but here’s a hint for our readers: we want to make options liquidity mining and incentivized token options management simple for both protocols and users/contributors, and we want to take our options “across the pond”.
Finally, we’ve been working on getting more market makers up and running on PsyOptions. This will boost liquidity, and allow us to roll out more strikes and expirations more quickly. On that note, we’ve added a $70k Bitcoin strike to the October 29th expiration, and have opened up the December 31st expiration with $40k and $100k Bitcoin strikes. There are also new Ethereum markets as well! Alpha leak: SOL options will be here soon.
We just recently gave away 50 Golden Tickets in collaboration with our friends at SolRise! 20 of these were given away to the lucky winners of our Twitter giveaway, while the rest were given away to members of our Discord community. Congratulations to the winners! If you’d like to read more about what the deal is with these Golden Tickets, checkout the SolRise post on the matter.
We’ve also introduced a ranking system to our Discord. You can check your rank in the #rank channel, and rank up through active participation within our server. There’s also a new YouTube video up! In this one we walk through buying a call option on the PsyOptions platform. You can check it out here. Finally, we will be starting up the “PsyAcademy” (name subject to change) in an effort to educate our community on the intricacies of options and trading them. To start, we will be doing a series of Medium articles, and plan to expand this into YouTube videos. We will also be looking for individuals with a high level understanding of options to contribute to this initiative by providing insights into the market that they have gained with their experience!
Now that we’re through with the update, we’d like to wrap this post up with a shout out to the four teams that have publicly announced they’re building on top of PsyOptions! Apologies ahead of time if we missed you, just let us know and we’ll fix that right away! Projects listed in alphabetical order.
The Friktion Labs team is composed of quant traders, researchers, and crypto engineers that set out to build Friktion when they saw the need for risk management and sustainable yield in DeFi. They aim to bring the first structured products protocol to the Solana Ecosystem. You can check out the full thread of their announcement here.
Katana is an asset management protocol built on Solana and integrated with Serum, Raydium, Mango Markets, and PsyOptions. They aim to bring passive yield to their users, with an initial product offering of structured products and vaults. Fun fact: Katana was built in only 6 days! You can check out the full thread of their announcement here.
Tap Finance built an automated BTC put selling vault on top of PsyOptions for their Ignition Hackathon submission! They will be releasing a Medium article soon covering what they’re doing along with some sneak peeks. Stay tuned! Check out their announcement here.
Vovo Finance is a structured products protocol, enabling passive investing with customizable risk-return. The first few products they will be offering are a Principal Protected Product, a Yield Enhancement Product, and a Long Volatility Product. Check out the full thread of their announcement here.