Opyn

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Opyn is a Options market

OpynV2

Opyn V2 (Gamma Protocol), allows anyone to buy, sell, and create options on any ERC20 asset.

Gamma Protocol is the most capital efficient and flexible options protocol allowing for:

  • Partially collateralized options
  • Spreads
  • Flash Minting oTokens
  • Operators (useful for rolling over vaults, creating perpetual positions, and more)
  • Option strategies
  • In addition to buying & selling single options outlined above you can also hedge / leverage / earn yield with combined positions like straddles & strangles, the wheel, principal protected notes and more.

What kind of options are available on Opyn?

Opyn v2 offers European, cash-settled options that auto-exercise upon expiry.

  • European options mean that option holders can exercise options only upon expiry
  • Cash settlement means that option holders don’t have to provide the underlying asset in order to exercise. Rather, the options are settled in the collateral asset, and option holders receive the difference between the price of the underlying asset at expiry and the strike price from option sellers.

Can I create a new oToken?

Yes, anyone can create new oTokens if a product has been whitelisted. A product is a combination of specifying the underlying asset, strike asset, and collateral asset for an option and whether it's a call or a put. For any of these whitelisted products, anyone can create a new option, specifying the strike and expiry. Expiration times are currently fixed to 8:00 AM UTC to prevent fragmentation of liquidity across a variety of expirations within the same day.

What can i build with Opyn V2?

Opyn v2 allows you to create put and call options with spreads for capital efficiency, and is great for applications ranging from protection and hedging to taking views on different cryptocurrencies. Options are an incredibly versatile financial instrument

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