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SIREN V2 Brings DeFi Options Trading to Polygon!

SIREN has launched V2 Lyonesse on Polygon! 🎉

SIREN first unlocked the seagate for DeFi options trading with our v1 launch in Q1 2021. Since then, SIREN has been working continuously to improve our trading experience, and today we are proud to announce that Lyonesse, the V2 release of SIREN, is now live on Polygon. For purposes of scaling and bringing more traders into the space the team has deployed. This new platform will bring to traderswider asset availability, lower gas fees, and overall improvements to the trading experience and will allow SIREN to scale as we bring more traders into the space.

Lyonesse is a kingdom of lore which legends say was lost to the sea, swallowed whole in a cataclysmic tsunami caused by a violent storm summoned at the whims of a vengeful God. We’ve named V2 Lyonesse to signify raising from the water treasures long considered out of reach, drowned in the blue depths.

V2 Lyonesse Release

All milestones for the V2 Lyonesse release are completed and the entirety of new smart-contract code has passed the Quantstamp audit. The Lyonesse Protocol has several upgrades:

  • Moving from American to European-style options
  • Converting from physical to cash settlement, enabling more convenient exercising of options for traders
  • Implementation of EIP-1155 for lower gas costs and simpler deployment of on-chain assets, opening the way for a proliferation of new strikes, expirations, and asset listings
  • Redesign of the user interface

Polygon Deployment

Polygon has become the industry standard for a full-stack scaling solution on Ethereum. Over 43 DeFi protocols have deployed on Polygon to date, demonstrating its efficiency and viability. These include top-tier projects like Aave, SushiSwap, Curve, Balancer, Kyber, and now SIREN.

Deploying on Polygon has multiple benefits for SIREN::

  • Out-of-the-box EVM and Subgraph compatibility
  • Strong community support and user familiarity
  • 1000x improvement threshold on transactions
  • Significantly reduced gas fees
  • $8 Billion+USD of liquidity available

The V2 Lyonesse release on Polyon will empower traders to surf the next wave of DeFi options trading. As the DeFi-rivatives and options space continues to mature, traders will demand an increasingly seamless experience. With Lyonesse, SIREN brings a product that delivers instant trading, withdrawals, and liquidity providing. Higher-quality trading experiences will provide even more users with the confidence to harness the power of DeFi options.

Seamless Trading Experience

SIREN trading on Polygon now takes less than 25 seconds, a vast improvement over SIREN V1 deployed on the L1 Ethereum chain. 🙌

Moving to Polygon is just the first stroke towards improving the trading experience. Future SIREN improvements will be announced in the upcoming Roadmap Report. Keep your eye on the spyglass.

How To Trade on SIREN V2

In order to use SIREN V2, assets need to exist on the Polygon network. This requirement means users must bridge their assets onto the new network. The following guide demonstrates the steps necessary to bridge assets between the Ethereum and Polygon networks.

Let’s take the example that you want to deposit UNI into the UNI/USDC Calls pool.

Visit: http://app.sirenmarkets.com to get started 🔱

1. Configuration: Configure your Metamask browser to include Polygon Mainnet which should result in the image below.

2. Getting MATIC for gas: Just like ETH on Ethereum L1, MATIC is needed to pay for gas transactions on the Polygon network. While gas is comparatively expensive on the Ethereum network, Polygon requires only a small amount of MATIC, which can be acquired here.

3. Buying a UNI Call Option: In this scenario, you will purchase UNI calls to participate in the potential upside of a price increase. The premium for a UNI/USDC call on SIREN is denominated and paid for in UNI, which will be used to buy the call on the SIREN V2 interface on Polygon.

There are two methods to acquire UNI on the Polygon network to pay for the call:

  • Transfer current UNI from Ethereum mainnet using the Official Polygon bridge
  • Swapping tokens already on Polygon for UNI using a trading interface such as Quickswap

4. Follow the steps in the above Loom video to purchase your UNI call option.

5. Congratulations, you have purchased an option for UNI with SIREN on the Polygon Network 🙌

The SIREN community is available to answer questions in our Discord or Telegram!

SIREN is bringing DeFi Options into the future with efficient gas and a seamless trading experience. Thanks for coming along with us on our journey! 🔱🧜‍♀️

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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