We have been busy swimming in Q2 and are happy to announce our next quarter roadmap. This post aims to outline the technical and community direction of SIREN Protocol for the upcoming Q3.
Q2 and v2 Lyonesse Release
Details of our previous Q2 upgrades can be found in this article. The SIREN Protocol v2 Lyonesse release, named after the long lost underwater kingdom near England, had several protocol upgrades.
- Moved from American to European style options
- Switched from physical settlement to cash settlement
- Switched to EIP-1155 for lower gas costs
- Redesigned our user interface
We will be focusing our strategy on increasing trading volume, deploying more pools and series (strikes & expirations) to provide our community with a diversity of assets to choose from. Listed below are the list of upgrades and activities we will be working on:
- Organic APY Returns: Displaying Liquidity Pool (LP) earnings from premium and slippage
- Series suggestion widget: Allow users to specify desired strikes / expirations
- Pool Profile page: Provide extra data on pools regarding asset structure and historical performance
- Other UX improvements: Transaction status and notification center
- Polygon + Arbitrum Integration: We will be integrating with Polygon and thereafter with Arbitrum (see SIP-16 for more information) to solve the problem of high L1 Eth gas costs. This will facilitate a better user experience when trading and providing liquidity to pools.
- SirenExchange: A new mechanism to allow users to pay an option premium with an ERC-20 token they possess as the option’s collateral token.
Marketing | Community
- Tradewind Partnerships: Under the Tradewind program we are collaborating with several blue-chip DeFi protocols to launch their options on our platform so their community can leverage the benefits.
- Trading Focused Marketing Campaigns: Comprehensive marketing campaigns (i.e. a trading competition) to trade DeFi options on SIREN platform. Further educational guides will also help traders execute more sophisticated strategies.
- Community Grants: We launched SIREN Grants and will continue to fund as many SIREN grantees to further increase the growth of our community and decentralization efforts.
- Documentation: For general and developers specifically, we will be improving them to make them more ecosystem friendly. We believe in making it easy for other developers to build on our protocol.
- Community Updates: Regular community calls with publication updates via Medium and Substack to update our community about our activities for further transparency.
Additional Upgrade Information
Organic APY Returns
LPs earn yield in two ways:
- Collecting options premiums when traders buy options
- SI reward tokens via the SIREN LPP (Claim button on the Pool tab)
Until the recent Lyonesse release we were showing only the SI token distribution part in the LP rewards however this only represents one the part of the total returns.
In Q3, we aim to show that pools have more than just SI rewards. There is an “organic” yield from selling options to traders. These are the main yield earnings for an options writer.
Series suggestion widget
A user-interface (UI) widget for users to provide feedback on their preferred strikes and expirations. If a user cannot find their desired options, they can use this widget and this will be immediately sent to the SIREN team for feedback.
Pool Profile page
We would like to include more historical data surrounding each LP’s profits and losses. LPs will have more transparency into their liquidity’s performance, and learn which pools are the best investments.
Currently if a trader wishes to purchase an option from an AMM for some underlying token (i.e.WETH), they must pay the premium in the collateral token of that AMM. For Put AMMs this is USDC, and for Call AMMs this would be WETH. This restriction adds some friction to the trading process when the trader does not possess that token.
This will no longer be a problem with the upcoming SirenExchange. It will allow a trader to purchase any option if they possess at least one of the tokens from a list of DeFi’s most popular tokens. Behind the scenes, the SirenExchange finds the most efficient swap between the trader’s token and the AMM’s collateral token, performs the swap, and then purchases the option. We hope the SirenExchange will ease the process of purchasing options in a significant way.
In Q3, we look forward to swimming deeper and making SIREN and DeFi options accessible to all across the deep sea. 🧜♀️🔱
We welcome any feedback below ⬇️
SIREN is a decentralized platform for trading cryptocurrency options designed for the sophisticated degen. As a trader, come participate in market upside while limiting your risk by buying options on your favorite DeFi tokens. As an LP, come pool your favorite DeFi assets to passively earn rewards when people bet on the markets.