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Hegic is an on-chain options protocol created by solo anonymous developer known as Molly Wintermute. Hegic is currently run by Molly alone.

Trading on Hegic does not require KYC and the frontend is not region locked. Option traders can use the mainnet version to buy ATM call/put on wETH/wBTC.

Hegic is also live on Arbitrum, Hegic HardCore Beta offers traders ATM/OTM call/put on wETH/wBTC, at very low gas costs.

Hegic uses a simplified pricing formula and IV is updated manually using Deribit as reference.

All Hegic options are American style options.

HardCore (Beta)

Launched on Arbitrum on 23rd February 2022 (tweet), Hegic HardCore Beta offers:

  • OTM options (ATM added later tweet)
  • Expiry up to 45 days
  • One-click options strategies
  • New staking mechanism

65% of total Hegic token supply was also burnt (etherscan).

Audit by PeckShield here.

Code here.


Launched on ETH mainnet on 11th Aug 2021 (tweet), Hegic V8888 offers:

  • ATM options only
  • Gas subsidies for options sizes of 10 wETH or larger and 1 wBTC or larger
  • USDC pool added for put options
  • Up to 3 months expiry (later turned off due to selling volatility too cheaply)
  • Hedge LP tranche
  • Microlots
  • Auto exercising (with limit orders added later for ITM options tweet)

A revamped incentive system was also introduced, the Hegic Long Term Pool (HLTP) aims at locking in long term minded liquidity providers. Full details here.

Audit by PechShield here.

Code here.


Genesis tweet made on 20th February 2020. Hegic begin as a hedging protocol that aims to help traders protect their asset in down markets.