The year has started off with a bang after our successful IEO’s on FTX and Gate, both of which were oversubscribed by over 20x! We’re incredibly grateful for everyone who has helped us along the way. From our community to our investors, and in between, we could not have done it without you all! But the work doesn’t stop there.
While the IEO process was underway, we were working on bringing more value to the PSY DAO, the surrounding ecosystem, and it’s community. Our mission has been, and will continue to be, 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 will expand beyond that. Our users will need a way to earn sustainable yield that does not rely on token emissions, through bull or bear markets.
And that’s why PsyOptions is acquiring Tap Finance.
What is Tap Finance?
Tap Finance is a Decentralized Options Vault, DOV, built on Solana that utilizes PsyOptions to automate options strategies for their users. These automated options strategies enable depositors to earn attractive yield by capitalizing on option premiums. Tap vaults execute Covered Call and Secured Put strategies, and they currently offer vaults on BTC, ETH, SOL, stSOL, FIDA, USDT, USDC, and PAI. Tap Finance was developed to ensure a high level of operational security, and has fully integrated their vaults with the Serum Multisig program.
Tap Finance has been live on Solana mainnet since December 15th, 2021, and was one of the first DOV’s to launch on Solana. Although only a month old, Tap Finance has already gained significant traction, with millions in total value locked. We are extremely excited to combine forces with the Tap Finance team and believe that our collective efforts will enable us to become one of the best DeFi structured product teams in the blockchain ecosystem.
What This Brings to the PSY DAO and Ecosystem
Bringing Tap Finance under the PSY umbrella has numerous benefits. PsyOptions users, both options veterans and newcomers alike, will now be able to access sustainable yield under one roof. Additionally, rather than doing OTC trades with market makers to both establish and settle vaults, orders will soon flow through the PsyOptions order book, creating a much more open market. Keeping this liquidity in house is key to providing both order book traders and vault users a better experience when using PSY Ecosystem products. Last but not least, this acquisition brings another incredible team into the fold. With a mission as ambitious as ours, we’re going to need all hands on deck!
What to Expect
As part of the acquisition, Tap Finance will be rebranding to PsyFinance, bringing their DOV offerings under the PSY Ecosystem umbrella. This won’t impact users, as the rebrand will be cosmetic in nature. Users will notice an updated logo and color scheme, with a brand-new domain: https://app.psyfi.io. On the horizon is a v2 DOV architecture that will take advantage of PsyOptions’ tokenized Euros architecture. This will increase the capital efficiency of the protocol which in turn should lead to increased yield for our users.
We are excited to join forces with the Tap Finance team, and believe that this acquisition will drive major value to the PSY DAO as well as our future roadmap. Both teams are thrilled to work closely together and are already seeing some of the immediate synergies. To stay up to date, make sure to follow us on Twitter, and join both our Discord and Telegram communities!
