What is Opyn? Complete review of the Opyn project

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2021-03-31 03:27:24

Brothers are familiar with trading (spot exchange), leverage trading or derivative (margin or perpetual). So today I will mention options trading, this is a market worth up to 300,000 billion dollars but there is still no name that can dominate this decentralized market.

Will Opyn – an options trading platform with up to $ 150 million in trading volume the name that will dominate decentralized options trading? Do not ignore the potential of Opyn through the article below.

What is Opyn?

Opyn is an option trading platform that allows users to buy and sell options on the Ethereum platform. With Opyn, users can protect themselves against market risks or execute speculative positions with a variety of cryptocurrencies.

The predecessor of Opyn is the Convexity Protocol project, but the project team has rebranded and improved more features for Convexity Protocol and officially took the name Opyn to launch users. Please find out which outstanding features Opyn has through the following section.

Opyn highlights

Here are the features that differentiate Opyn from other options protocols as well as improved features compared to the previous Convexity Protocol:

  • Allows use of interest and Yield tokens as collateral.
  • Allows trading of the option token before expiration at the most optimal price.
  • Allows flash mint (Mint options but no collateral, free to burn before end of transaction).
  • Allows users to propose and create new options.
  • Allows users to pay with fiat currency.

With these features, I believe Opyn will attract a lot of users in the future. Especially for the feature that allows mortgage interest and Yield token, this is a feature that very few platforms apply. With such a feature, users will not need to perform too many tasks and save a lot of fees for each transaction to be completed in the simplest way.

What can users benefit from joining Opyn?

Generate income

Through the sale of the option, the user can generate income by selling the option before it expires. Two strategies brothers can use are sell buy orders on the assets you own and sell buy orders against the assets you want to buy at a certain price.

Speculative

One reason so many users use options is that they don’t want their assets tied to it. If you can predict the direction of prices in the future. You can buy options and make money speculating.

Reduce risk

If you are holding an asset and do not want to sell it in the near future but still do not want to be affected by the discount, you can purchase an option contract, paying the premium upfront to secure value for your property.

Opyn platform interface

You can see Opyn’s interface quite clearly. The upper left corner will be a place for you to choose property and expiration date. The central corner is the information panel of those assets. After you choose to buy Calls or Puts. On the right corner there will be a table that allows you to enter the position and volume of transactions before agreeing to perform the action.

Opyn is a decentralized protocol that works on the Ethereum platform, so you need a non-custodial wallet. I recommend you to use Coin98 wallet to be able to optimize fees as well as perform the easiest tasks. You can find out the operation on Coin98 wallet here.

Opyn’s ambitions and upcoming plans

In 2021, after receiving capital from Seed round and Series A from well-known funds in the market such as Dragonfly Capital, 1kx, … Opyn will commit to develop and perfect the following features:

  • Reduced margin requirements for net option trades.
  • Increase option trading with a wide variety of assets.
  • Develop a dedicated AMM for token options.
  • Developing tools to provide and exploit liquidity (Liquidity mining).
  • Developed Opyn Monitor that enables position tracking and supports advanced transactions.

In addition, Opyn will devote part of the capital from investors to attract users and developers to its platform through the “Opyn Ecosystem Grants” program, which is a $ 150,000 program. to anyone who contributes to Opyn’s development, including ideas for new features, debugging security systems on the platform, …

Similar projects

There are currently many projects operating in the options market, each with different advantages and disadvantages. Do not ignore potential projects such as Hegic, Opium, Siren, Hedget, …

Based on the information from the table below, except for the lack of support for many assets for option trading, the other ways Opyn’s mechanism dominates through the following features:

  • Liquidity support from both Uniswap and 0x.
  • Supports both Cash and Physical Settelment.
  • Support pricing by AMM and orderbook.

Why hasn’t Opyn issued a token yet?

This is a question not only you ask, but also yourself. Most projects in the field of options trading have issued tokens such as Hegic, Opium, Hedget, … For me, issuing tokens is just a matter of time. However, this gives me more confidence in Opyn when they have a very specific strategy to develop, not just a project to sell tokens.

Currently, Opyn products are still in development phase and there will be more explosive features in the future. I believe that when it is “ripe” enough, Opyn will issue a token and it will be worth many times higher than issuing tokens at the present time. When there is any information about tokens from the project, the Coin98 team will update the information as soon as possible.

summary

Since the official launch of the Mainnet on 2/2020, Opyn has been very successful as users have traded more than $ 150 million in trading volume on Opyn. This may be called a small success for Opyn, but Opyn’s ambitions will be greater than that. Opyn is targeting an options market worth up to $ 300,000 billion.

What do you think if Opyn expands not only in the crypto market? How large will the cash flow and the number of users coming to Opyn will be? Please look forward to seeing the strategies from Opyn.

#Opyn

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