Outside of the project updates we post here on Medium, we have essentially been building in silence. You all know we are aiming to bring options to the Solana ecosystem, but how exactly are we planning to do it? As we work to create a quality launch plan with some partners, we wanted to share a public PsyOptions roadmap. This is a working, high level road map and all feedback is welcomed. There are other details along this road that are left out for brevity, like a forum we plan to launch in the next couple weeks.
Speculator UI — Q3
One of the primary things we have been receiving feedback on during the alpha testing phase is our mobile UI. In response to this we have started the design process for a simplified UI that will not only serve as our mobile UI, but will also give desktop users the option to use a simplified version of PsyOptions. The following image is a sneak peek of our simplified UI design.
On-boarding Market Makers — Q3
Arguably the biggest problem facing on-chain option protocols is the lack of serious liquidity. Without liquidity, it’s essentially impossible for anyone to trade options with a large amount of funds. Providing sufficient liquidity from launch is one of our primary goals here at PsyOptions, and strategically partnering with market makers will help accomplish this.
Private Round — Q3
PsyOptions v1 is 100% collateralized, which means users writing options must lock up the entire amount of the underlying asset. This is not capital efficient, but is done to keep the settlement layer completely trustless. Market makers are generally hesitant to allocate funds towards capital inefficient strategies.
In order to mitigate this, we’ll be taking on some funding from strategic partners to align incentives around growing the protocol and its usage.
PsyOptions v1 — Q3
The moment you have all been waiting for: PsyOptions v1. We’ve been working tirelessly ever since the hackathon, and finally being able to bring this product to all of the Solana faithful is something we have been looking forward to ever since we set out to create PsyOptions.
PsyOptions v1 will, in our opinion, be one of the most important DeFi primitives on Solana. The protocol makes no assumptions on price or size of contracts, making it extremely flexible, composable, and allows others to build on top of it. PsyOptions supports options markets for any and all SPL tokens. This means that developers can build NFT option markets, tokenized stock option markets, and more on top of PsyOptions v1.
Token Launch — Q3/Q4
We set out to build a community driven protocol and platform. With that we plan to launch a governance and utility token in the near future. We aim to create as fair a launch as possible and want to encourage our community to be as vocal as possible.
Make note that we are product focused. Product first, then token.
Governance v1 — Q4
Our vision for PsyOptions has always been for the protocol to be community driven. Solana Labs is building some incredible governance infrastructure to manage program updates, mint authorities, transfer authorities, etc. We will be contributing to the governance protocol so all can benefit from a robust and flexible governance system. We’d like to get governance launched in the 4th quarter of 2021.
PsyOptions v2- Q4/Q1 2022
It’s no secret that the physically settled v1 is capital inefficient. It will always have its place on-chain, but to create a world class options protocol capital efficiency is key. We have learned an incredible amount through building our v1 and we are architecting a more capital efficient v2.
To make it the most capital efficient it can be, it will contain some constraints that v1 has the luxury of operating without. We hope to get this new protocol to mainnet by Q4 2021 or Q1 2022.
There will be more updates for each of these events as they come along, so make sure to follow us on Twitter and join our Discord and Telegram communities!
