We can’t believe Q1 is already over! It was a historic quarter for us at PsyOptions, as we launched the $PSY token in the most oversubscribed IEO on FTX to date, acquired PsyFinance(previously known as Tap Finance) in the first intra-ecosystem acquisition on Solana, launched the first DOV with a bidding process that is open to everyone, and much more. Let’s take a look back on this whirlwind of a quarter.
January
January was arguably the biggest month of the quarter for us, and was highlighted by two major events: the $PSY IEO, and our acquisition of PsyFinance. Each of these were historic moments in our short history for a variety of reasons.
With the release of our token, we took a big step towards our goal of becoming a community owned on-chain financial services platform for users across the globe. You can take a look at all of the details surrounding our tokenomics and governance structure here. Additionally, the PsyDAO is nearing completion as we finish laying out the final pieces of infrastructure.
With the acquisition of PsyFinance, we completed the first intra-ecosystem acquisition in Solana’s brief history. The reason behind this acquisition being that our mission is all about becoming the de facto on-chain financial services platform for DeFi users across the globe. This mission started with vanilla, American style options, but to become the “one stop shop” we will have to expand beyond that. Our users need a way to earn yield that does not rely on token emissions, through bull or bear markets. Since this acquisition we have been hard at work building an open, and transparent DOV that truly puts “Decentralized” into “Decentralized Options Vault”. You can read more about the latest version of PsyFinance here.
February
February was highlighted primarily by everyone’s favorite phrase: “Devs are doing something!” Outside of getting LP farms spun up on both Raydium and Atrix, we also open sourced our front end and American v1 repositories, and really started hitting our stride when developing PsyFinance v2 (which is now live) as well as our next big protocol release: an under-collateralized, cash settled, portfolio margined, European style options protocol.
If you’d like to take a deeper look at what we were working on, you can check out the following Medium articles:
- https://medium.com/psyoptions/psyoptions-biweekly-update-02-09-785f9cece5cb
- https://medium.com/psyoptions/psy-biweekly-update-57c941d0674c
- https://medium.com/psyoptions/psy-biweekly-update-ba57ef290c4
March
We started seeing the fruits of our labors in March after grinding away all of February. With the successful launch of PsyFinance v2, our $scnSOl Vault released in collaboration with SoceanFinance became the first DOV with an auction process open for everyone. This means that retail traders can now have a seat at the table with the large institutional market makers who are typically the only ones with access to these auctions. Our latest auction highlighted the openness of this model when our community won 35% of the sale! We have added a $SRM Vault built on the v2 model, and will be transitioning our v1 Vaults to the new v2 model over the coming weeks. Additionally, we have some fresh Vaults for v2 in the pipeline, and encourage you all to start bugging us about “wen $FTT?” and “wen $MNGO?”
We’re super excited to keep this momentum going into Q2 and beyond! If you’re interested in what we are building, we encourage you to join our Discord and Telegram Communities which can be found within our LinkTree here.
Previous Quarterly Reviews
Q3 2021: https://medium.com/psyoptions/psyoptions-quarterly-review-q3-2021-517f3e4fdb97
Q4 2021: https://medium.com/psyoptions/psyoptions-quarterly-review-q4-2021-5268f1210a12
