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Siren

SIREN Deep Sea Updates May and June 2021

Oh the seas have been busy! This is a combined Deep Sea update for May and June 2021 and there is a lot to report about these two months. As you may have noticed our tridents and merfolk colours have changed with the rebrand. This will help us explore the seas with more confidence and help SIREN’s growth.

Our main focus has been our v2 contracts. They have been finished and been submitted to Quantstamp for auditing! This was the main objective as outlined in our Q2 Roadmap to make the protocol more gas efficient and move to a more secure European Styled options.

Markets 🌊

  • Our biggest market news is our MATIC/USDC Call Options launch under the Tradewind Program. Polygon Network (formerly known as Matic) has been a growing L2 Solution that many protocols have been integrating and we are proud to have launched with them. The MATIC LP pool currently sits at a deep ~200% APY.
  • SIP-11 was implemented to evolve our SI Rewards mechanisms.
  • SIP-12 was implemented to consolidate our separate Puts pools to a single WETH/USDC pool. It helps us to aggregate USDC liquidity along with switch a focus from a bearing speculation to hedging against a market fall.
  • The SIREN Pool performances for LP’s were published. Our two best performing pools since March were SUSHI at 16.1% yield (~51% APY) and WETH at 6.6% yield and (~47% APY) All others pools except YFI performed well and generated strong returns for LPs. YFI performance was impacted by a sharp volatility and short time since the pool inception.

Protocol Development ⚙️

The product and tech team have working on Siren V2 as outlined in our recent product roadmap.

  • V2 Contracts have been submitted to Quantstamp for auditing. The ETA for it been completed will be in ~few weeks.
  • SIREN User Interface (UI) has been updated to be more user-friendly for the trading and staking experience. We also added an interface for users to sell wTokens directly back to the AMM.
  • Siren switched from the Uniswap v2 to the Sushi Onsen Staking program. We launched together for the Masterchef v2 Double Rewards Staking. This move is a great way for SIREN and Sushi to grow our respective communities and give LPs an even bigger reason to HODL. To note: SI rewards are being provided however the Sushi Double Rewards are set to start from July 20 due to technicalities!
  • New v2 Nautilus Documentation for the protocol is in progress as we make it easier to understand and build upon the network?
  • Small update: we have changed the word “Market” to using the word “Series” to refer to a particular option with a certain underlying asset, strike price, and expiration date. Readers of our v1 documentation were confused by this ambiguity in terms so we hope to make it precise with this change

Community & Marketing💬

  • New SIREN Branding was released to be in line with our future plans to navigate the deep seas and swim with all!
  • We had our first Community Working Call with several SIRENians to discuss the future SIREN Grants Program. Several grants applications have already been submitted.
  • Working on Snapshot voting for tighter community feedback integration.

In our next Medium post, we will be outlining our Q3 Roadmap with rewards to how the protocol will evolve and what we aim to accomplish!

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.

Join the conversation: Twitter | Siren App | Discord | Telegram

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Siren is elevating the experience of cryptocurrency traders and yield farmers by bringing battle-tested financial primitives to the world of DeFi.

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