Prix Dopex 

DPX

Dopex was founded in the spring 2021 and is run by an anonymous group of developers. Although the size and makeup of the team remains unclear, several team members can be identified via their Twitter accounts:

• TzTok-Chad (senior developer)
• Casio (product)
• Witherblock (developer)
• Halko (probably also developer)
• Hakho (UI)
• Psytama (developer)

The project also enjoys the backing of several pseudonymous, well-known whales from Crypto Twitter, such as Tetranode, DefiGod, and DCV Capital, a proclaimed collective of angel investors. Dopex stresses that it is not supported by VC funds and has no interest in cooperating with them.

Options on Dopex are designed to mirror Deribit, the market leader in cryptocurrency options. Dopex offers European style options, meaning they can only be exercised at expiry. Options are fully backed by collateral either in the base asset (currently ETH and BTC) or the quote asset (USDT is used for settlement). They are issued as ERC-20 tokens and can be purchased from the Dopex Options AMM. This enables buyers to exchange them on any other AMM like Uniswap or SushiSwap, or potentially trade them over the counter and on centralized exchanges.

Dopex uses “epochs” for accounting assets, option flows, and reward/rebate distribution of the DPX token as incentives for providing liquidity to the platform. Options have either weekly or monthly epochs. Options pools are permissionless, and anyone can become a liquidity provider and add options by adding base or quote assets to the pools. Liquidity providers can withdraw their liquidity at the end of an epoch. This allows LPs to earn passive yield with minimal interaction with the protocol while collecting rebates if the written options were not profitable. Moreover, options writers benefit from liquidity rewards in the bootstrapping phase of the protocol. Therefore, in contrast to traditional centralized options exchanges, users don’t have to look for liquid markets to provide liquidity manually, but can do so in an automated and simplified manner.

Buyers can swap their options for a different expiry and/or strike price and benefit from volume pools, allowing them to deposit funds before weekly global epochs. Moreover, buyers can use funds from the pool to purchase options from any option pool at a 5% discount. This allows for the creation of sophisticated option hedging strategies. In addition, Single Staking Options Vaults permits users to stake their DPX and rDPX while simultaneously selling them as call options to buyers. DPX holders can, thus, continue earning yield on their tokens and utilize them as productive assets.

The total supply of DPX is 500,000. DPX is the protocol’s governance token used for voting on protocol and app-level proposals, which also accrues fees and revenues from pools, vaults, and wrappers built on the protocol. DPX is distributed as follows:

• Operational allocation (17%): distributed over five years. Governance community development, platform upgrades, operational costs.
• Liquidity mining (15%): distributed over two years.
• Platform rewards (30%): distributed over five years, incentivizing the use and maintenance of the protocol.
• Team (12%): 20% staked in liquidity pools, 80% vested for two years.
• Early investors and token sale (26%): 11% to early investors vested over six months, 15% to token sale.

Check out dYdX (DYDX) — a decentralized perpetual futures exchange.

Check out Ribbon Finance (RBN) — another decentralized options protocol.

Read our deep dive into Injective Protocol, a decentralized trading exchange.

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