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Optix Launch Plan
Getting from here to there.
There will be quite a few changes over the next few weeks so I’d like to share with you the details for launching Optix.
Overview of the Launch Plan
15 Nov 2022: Guarded launch on Polygon
The exchange will be open for buying & exercising options. The amount of collateral in the vault will be limited and capped. Participants who want to become option sellers should reach out in Discord. New markets will be added continually each week.
15 Jan 2023: Full launch on Polygon
Significant increase in liquidity. Start of incentive programs. The ability to create a vault and sell options for whitelisted markets & collateral tokens will be made permissionless and immutable(we can’t change it back!)
TBD: Permissionless markets & collateral tokens
As there are significant risks with making the ability to sell options against any market or any token for collateral we need to first ensure the front end limits the risks users are exposed to. Until then, if you want something whitelisted please reach out on Discord.
Trade, earn yield & get downside protection on:
Navigate to https://app.optixprotocol.com
Connect to the Matic Network
Connect your wallet
Type of Options
Optix supports cash settled American style options that can be exercised at any time.
There is currently no secondary market so it is only possible to extract intrinsic value from in the money options. Implementing a secondary market is in the roadmap for 2023.
Markets & Collateral
At launch on Polygon the following will be supported:
Markets: AAVE, ADA, AVAX, BNB, BTC, DOGE, ETH, LINK, MATIC, SNX, SOL, SUSHI, TRX, UNI & XRP
New markets will be whitelisted progressively over the next few weeks.
If there is a new market you would like added please make contact on Discord.
Providing Liquidity / Selling Options / Market Making
It is possible for anyone to be a market maker and earn yield selling options on Optix.
The vault creator/operator is responsible for selecting the markets to sell options against, setting the price surface for that and performing any hedging activities.
During the soft launch the ability to permissionlessly create vaults is restricted to a whitelist.
If you are interested in being a market maker please reach out on Discord.
We will open source our own pricing functions and Hummingbot scripts so you will be able to leverage these.
There will be an incentive program offered from the full launch in January. Stay tuned for more information about it.
A referral system has been implemented into the smart contracts. If you refer someone then you receive 0.5% of any options they purchase for 1 year. (eg. a 1 BTC option would pay 0.005 BTC to the referrer automatically on purchase).
To find out more about the referral system and how to use it please join the referral channel in Discord.
Token: implement staking for fee reduction
Multichain: deploy to Arbitrum, Optimism, BSC & Avalanche
Secondary market for options
Optix is a decentralized, multi chain option protocol.
The goal for Optix is to make risk transfer available to all crypto participants where:
Option markets can be created permissionlessly for any oracle and erc20 token
Option selling is capital efficient as a single vault can provide liquidity across the entire pricing surface for puts & calls on multiple oracles simultaneously
Protocols and treasuries can sell covered calls to earn yield on any token
Leveraged upside exposure can be bought by anyone
Token holders can buy downside protection and manage risk
Anyone can create structured products with existing defi primitives