Axelar

Arbitrum

Hong, Kong, May 29th, 2024, Chainwire 
Ithaca Protocol has launched its live beta platform, aiming to set a new standard for crypto option markets. Ithaca is a composable options protocol founded by an ex-Goldman Sachs partner and Amber Group executive backed by&nbsp; Cumberland and Wintermute Ventures. Ithaca is the first options platform in the industry to offer executable prices across vanilla options, digital options, option strategies, forwards, and structured products, totaling over 250 prices across strikes and expiries.
Ithaca’s key innovation lies in its auction based matching engine; more trades get filled for the same number of orders compared to a standard auction; users are empowered to tailor their exposure for any expected market move as well as desired scenario. For the first time across DeFi, CeFi, and TradFi, users can access advanced financial engineering functionality that was previously reserved for market makers, OTC and exotic desks. Off-chain matching, Arbitrum on-chain settlement and Axelar cross-chain bridging constitute Ithaca’s architecture foundational components.
The beta launch follows the completion of Ithaca’s Open Alpha phase and constitutes another step towards decentralization. Soon, on-chain actors will be able to verifiably spin up and run instances of key Ithaca risk-sharing ecosystem components, including the matching, collateral optimization, and VAR engines.&nbsp;
<blockquote>
 “Today’s launch is a major milestone in our journey to transform the world of options and structured products, and with deeper liquidity now available over and above the financial engineering inherent in the Ithaca Matching Engine, more users will be able to execute on their ideas reliably,” reads a statement by Ithaca Protocol’s founding team.&nbsp;
</blockquote>
<blockquote>
 “By enabling the emergence of a trust-minimized and disruptive ecosystem, we shall unlock new possibilities in risk sharing and empower users with unprecedented access to a broad range of risk sharing instruments.”
</blockquote>
To coincide with the beta launch, Ithaca Protocol is launching a formula-based airdrop program to incentivize liquidity, reward early adopters, and advance ecosystem development. Season One will conclude with an airdrop event. Participants can earn points by executing transactions, submitting orders, engaging on social media, and joining campaigns ( subject to engaging with protocol actions )
Ithaca Protocol has raised 2.8m$ to date, with&nbsp; Cumberland and Wintermute Ventures leading the pre-seed round in q4 2023 and further notable participation by Room40, Andrew Keys, Ghaf Capital, Enjinstarter, Merit Circle, Tradedog, Axelar co-founder Georgios Vlachos, TenSquared managing partner Stan Miroshnik, Woodstock general partner Pranav Sharma, BFF managing partners Mansoor and Aly Madhavji, Existential VC managing partner Yoeri Krom and angel investors Psycho, traderMayne, rookieXBT, and Dentoshi.
About Ithaca Protocol&nbsp;
<a href="https://www.ithacaprotocol.io/" rel="noopener noreferrer nofollow" target="_blank">Ithaca Protocol</a> is a non-custodial composable options protocol. Its auction based matching engine allows for more liquidity for a given number of orders; users are empowered to tailor their exposure to any expected market move and desired scenario. Ithaca levels the playing field by presenting everyone with direct access to risk sharing engineering with a few clicks.
 
<h5>Contact</h5>Ithaca Protocol press@ithaca.finance 
Disclaimer. This is a paid press release. CoinMarketCap does not recommend that any cryptocurrency (bitcoin, ethereum, custom asset) should be bought, sold or held. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

Ithaca Protocol Launches Live Beta, Announces Airdrop Campaign (29 May)

Chainwire

Other articles published on May 29, 2024

Trader who lost $2M with SHIB last cycle now buys $1M of PEPE

European Court of Auditors Criticize EU for Failing to Coordinate AI Investments

Investor SHIB Jadi Milyarder Setelah Hodling 3 Tahun

Bitcoin Price Surges After ETF News

PlayAI Secures $4.3 Million to Innovate Web3 Gaming

IRC Leverages Crypto for Gaza Relief Efforts: A Boon for UAE’s Crypto Donors?

Join our free newsletter for daily crypto updates!