We’ve already had a fantastic start to the new year at PsyOptions with our successful IEO’s on FTX and Gate, both of which were oversubscribed by over 20x! You can now trade $PSY on both of these exchanges, as well as AscendEX. Holders can also participate in the PSY-USDC Raydium Fusion Farm to earn PSY rewards!
The acquisition of Tap Finance, now known as PsyFinance, was also a huge success for both of our teams and our communities. Now we can unite under one roof, and bring our users a better experience. Whether you are an active options trader, or someone who is more passive and just looking for sustainable yield, we’ve got you covered! We’ve taken two big steps towards achieving our goal of becoming the de facto on-chain financial services platform for DeFi users across the globe, but we’re just getting started. Let’s take a look at what else 2022 has in store for us!
The Remainder of Q1
There are four primary items for everyone to look forward to in Q1: Launching PsyFinance v2, launching a liquidity mining initiative for PsyFinance v2, Psy Markets v1 live on Devnet, and the launch of an Options Portfolio Manager with a non-trading UI.
First we have the launch of PsyFinance v2. This new and improved version of the DOV protocol will take advantage of PsyOptions’ upcoming tokenized European style options architecture. Making the switch from the American style options architecture to a European style will dramatically improve capital efficiencies which in turn will provide higher yields for our users! PsyFinance v2 is already under development, and we hope to get it to mainnet soon! Additionally, we are working with a few key partners to develop a liquidity mining initiative for PsyFinance v2 so that users can earn additional yield on top of what they are already earning from their vault deposits.
Psy Markets v1 is a protocol with portfolio margined European style options. Additionally, this protocol will be under collateralized which will make it dramatically more capital efficient for both traders and market makers! One of the features we’re most excited about is the strategy-based margining system which will allow you to do things such as buy a spread on the asset of your choice. This is a great way to limit your max loss in an options trade while maintaining the upside if the asset moves in your direction. We hope to offer basic spreads, condors, and butterflies right out of the gate!
The Options Portfolio Manager with a non-trading UI will be geared primarily towards helping protocols and their users manage their options liquidity mining rewards. One key feature we plan on offering is an “exercise recommendation” feature for recipients of these options based liquidity mining initiatives.
Q2
The second quarter of 2022 will be highlighted by a few key events. Firstly, our primary focus will be bringing Psy Markets v1 to Mainnet. This protocol will be key to the long term success of the Psy Ecosystem, and having a successful launch is of the utmost importance. An under-collateralized, cash settled, European style options protocol with a strategy-based margining system will be key to keeping the Psy Ecosystem of products competitive with the rest of the market.
We’ll also be looking to expand the PsyFinance DOV’s beyond short vol strategies. Currently, the PsyFinance DOV’s are based around covered call and secured put strategies. Bringing these products to market has been a huge success, and extremely beneficial to our users, but there is an entire world of strategies beyond these. The team plans to expand the product offering to more exotic strategies.
Finally, we’ll be looking to launch a swap based DEX within the Psy Ecosystem of products in Q2.
Looking Forward to Q3 & Q4
To complete the mission of becoming the de facto on-chain financial services platform for DeFi users across the globe, we can’t stop at options, DOVs, and swaps. We have to bring it all together.
We aim to bring Psy Markets v2 to Solana Mainnet sometime in Q3. We’re currently planning for the major addition to be futures trading. Futures and options go hand in hand, and providing the ability to access both of these derivatives in the same place, within the same margining system, will be extremely beneficial to our users. Additionally, we will be looking to take PsyOptions and PsyFinance cross-chain during Q3.
Finally, in Q4 our goal is to bring Psy Markets v3 to Solana Mainnet with the addition of spot markets alongside the options and futures markets. These roadmap items are subject to change as the year progresses, and we gain more clarity about the wants and needs of our community members.
We’re extremely excited for the year ahead and are eager to get these products shipped out to our community! Come join us on this journey by following us on Twitter, and joining our Discord and Telegram communities.
