Announcing WBTC Options

This post was originally published on Opyn

Wade Prospere

Apr 2 · 3 min read

We are so excited to announce that WBTC options are coming to the most powerful, capital-efficient DeFi options protocol.

In addition to WETH-USDC options, Opyn users will be able to trade WBTC-USDC options on Opyn v2 starting Thursday, April 1st. Since launching Opyn in February 2020, more than 170 options series have been created with over $160mm of cumulative notional volume traded. Over this time, we’ve continuously listened to feedback from Opyn users and the wider DeFi community, which led to WBTC becoming the second asset whitelisted on the gamma protocol.

Cumulative Notional Volume

WETH and WBTC options on Opyn v2 are European, cash-settled options that auto-exercise for in the money options. At launch, users will be able to trade two options series. In the near future, we will introduce more strike prices, expiration dates, margin improvements, and spreads for WBTC options.

All DeFi traders can use Opyn’s oToken Factory to create any WBTC-USDC or WETH-USDC option they want to quote/market make or trade OTC immediately.

Traders who use limit orders to add liquidity to WBTC options are eligible for the Opyn USDC Liquidity Rewards Program with a reward pool of up to $3,000 USDC per week, distributed every 4 weeks.

All v2 options expire at 8:00 UTC and are settled with the price of the underlying at 8:00 UTC, however users can start to redeem at 10:05 UTC. WBTC calls settle in BTC, and BTC is settled based on the oracle option settlement price (not based on the BTC price when someone decides to redeem/settle their Vault). WBTC puts settle in USDC.


Important WETH & WBTC Options Resources:

In the future, our goal is that anyone will be able to create a new option on any ERC20 asset on Opyn — permissionlessly, trustlessly. We’re excited about the massive possibilities this will create for developers and DeFi traders, allowing users to trade options on many new assets.

One of the main reasons for European, cash-settled options on Opyn v2 is that margin improvements (naked and spread/strategy) are more challenging to implement safely on-chain when you have american, physically settled options.

Opyn v2 requires cash settlement, which means to launch a new series on a new underlying asset, we need an oracle that’s extremely accurate for the price of each underlying asset. For us to get there, we need a protocol that has a reliable oracle for thousands of assets.

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