We’re back! It’s been a busy start to the year, but we’re getting back to our regularly scheduled biweekly updates. Every other Wednesday, we’ll be covering what’s going on within the PSY Ecosystem, and what we’ve been working on. Before we get started, here’s a brief rundown of what happened in January:
- The PsyOptions American v1 contract was open sourced! Our front end, and back end repositories are now both open source, and available to all. Checkout the tweet of the announcement here.
- $PSY launched with IEOs on both FTX and Gate. Both of these IEOs were oversubscribed by over 20x, and $PSY became the most oversubscribed IEO in the history of FTX! $PSY spot markets are now live on FTX, Gate, and AscendEX.
- The $PSY-USDC Fusion Farm went live on Raydium. Users who deposit their $PSY-USDC LP tokens into the farm are currently earning 188.84% APR in $PSY rewards!
- We also made waves across the Solana Ecosystem by acquiring Tap Finance, now known as PsyFinance! This was the first intra-ecosystem acquisition in Solana’s history, and proud to be making historical strides in such a young ecosystem. Checkout our official announcement, as well as the CoinDesk article covering this acquisition.
- We also released our high level roadmap for 2022. Options are just the beginning for us, and we’re excited to be working towards bringing even more product offerings to our users! Check it out here.
- Last but not least, we were rapidly hiring in January! In addition to the former Tap Finance team members joining us to continue running PsyFinance, we also onboarded two frontend engineers, a product designer, and a strategy lead.
Product Updates
On the product side of things we have three primary focuses at the moment: developing the UI for our upcoming under collateralized European style options protocol currently dubbed “PsyMarkets”, wrapping up our tokenized European options infrastructure, and bringing PsyFinance v2 to mainnet.
The tokenized European options infrastructure is nearing completion, and we aim to have that live within the next couple of weeks. This new infrastructure will increase capital efficiencies for both our users, and our market makers, as well as ease a pain point some of our users have been experiencing: forgetting to exercise in-the-money options before expiration. With this in mind, we started development of this tokenized European infrastructure as a fix ahead of our larger PsyMarkets protocol. These in-the-money options will now be exercised automatically for our users!
PsyFinance v2 will take advantage of these “tokenized Euros”. This will increase the capital efficiency of the PsyFinance vaults which in turn will lead to increased yields for depositors. We are aiming to bring PsyFinance v2 to market by the end of February. Additionally, we are working closely with a few key partners to develop a liquidity mining initiative for PsyFinance v2! We’re still ironing out the finer details, but essentially, depositors will be earning token rewards on top of the yield they are already receiving from their vault deposits! More information will be provided once everything is fully fleshed out.
Community Updates
We’ve started a Bounty Board for anyone within the community looking to get their hands a littler dirty, and contribute to PsyOptions. We’re still working on fleshing it out a bit more, but the bare bones are there. You can check it out here.
Additionally, make sure to follow our YouTube channel if you’re interested in video content. All of the Twitter Spaces we host with special guests are uploaded there, and we’re also going to begin ramping up production of other content such as tutorial videos!
Finally, we have weekly community chats every Monday at 17:00 UTC in our Discord. Mark those calendars, and come join us!
As always, make sure to follow us on Twitter and join our Discord and Telegram servers. We’re looking forward to having you as part of our community!
