Opyn – the decentralized options protocol – has just announced the close of their $6.7M Series A round led by investors like Paradigm, Kain Warwick and Stani Kulechov. The protocol touts it’s capital-efficient options trading structure as it’s the secret sauce and enables users to buy, sell, and create options in the form of ERC-20 tokens.
— opyn (@opyn_) February 3, 2021
While several options for DeFi options are in live development, no clear leader has emerged yet. Opyn is competing in this space with the likes of Hegic, Primitive, Charm Finance, and more but seems to be one of the leaders of the pack thus far.
Since their initial launch in the summer of 2020, Opyn protocol has facilitated the trading of $125M worth of cryptocurrency options. More recently in 2021, the team launch launched Opyn V2 which focused on improving capital efficiency. V2 also enabled users to trade option spreads and combos, auto-exercise at expiry, and create new options on any whitelisted product.
The Opyn team believes that their next focus will be centred around reducing margin requirements, adding additional assets to the protocol, and increasing the existing liquidity for options created through Opyn.
With this new funding, they hope to onboard additional team members that will be able to help the project reach its lofty goals. Open positions at Opyn can be viewed on their AngelList page.
To keep up with Opyn, follow their Twitter.