Decentralized trading platform Opyn launches put options on Curve token


Decentralized options trading platform Opyn has launched put options on Curve Finance’s governance token CRV, allowing traders to short the token.

Put options give traders the right, not the obligation, to sell an underlying instrument at a fixed price on or before the expiry date. Opyn’s CRV put options have a strike price of $3 and expire on September 25, meaning traders would have the right to sell CRV at $3 even if the token’s price drops to zero. One CRV is currently priced at $3.5.

Opyn allows traders to buy a put option by paying a U.S. dollar-denominated premium. In return, buyers receive oTokens, which represent the right to sell underlying tokens. oTokens can be traded on a decentralized exchange like Uniswap at any time before expiry.

Opyn currently also offers put options for Compound’s COMP token, wrapped ether (WETH) and Yearn.Finance's YFI token. Earlier this month, the platform suffered an exploit on the ether (ETH) put options, which resulted in a loss of around 371,000 USDC.

Compound’s Robert Leshner is an investor in Opyn, along with Haseeb Qureshi and Tom Schmidt of Dragonfly Capital, and former Coinbase executive Balaji Srinivasan, among others. Opyn raised $2.16 million in funding this June.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Why BTG Pactual is launching a crypto platform

Brazil-based BTG Pactual, Latin America’s biggest investment bank, is launching its own crypto asset platform that will initially support bitcoin and ether trading. The platform will be called Mynt and allow customers to purchase bitcoin and ether, BTG Pactual’s Head of Digital Assets André Portilho tells The Block. Eventually, the platform will support other digital […]
Read Full Story
Sep 24, 2021, 9:17PM UTC

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post