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Author: Revelointel Source: SUBSTACK Translation: Shan Ouba, Bitchain Vision
The option trading in the encryption market is mainly led by the Central Exchange (CEXS), especially Deribit.The 24 -hour transaction volume of Bitcoin options only exceeded 500 million US dollars, and the futures transaction volume exceeded US $ 240 million.This far exceeds any decentralized alternatives established in this field.DEFILLAMA shows the name of 24 -hour transactions for cross -chain options transactions for about $ 270,000.In the early days of this industry, the new agreement is more likely to appear more likely to appear in the field of more mature DEFI.This is particularly correct, because there may be motivation decentralized activities. It is impossible to be healthy that an exchange occupies almost all options transactions, especially considering that Deribit is a CEX.
Stryke is a new brand version of DOPEX. The vision is still the same, and the focus has not changed.The team is still focusing on options transactions, just give yourself a new beginning and get rid of some burdens related to the previous agreement.Unlike AEVO, AEVO is famous for its options through its permanent trading and pre -market transactions, and options have become a post -reference consideration.With migrating to Stryke, the new tokens also followed, with new charts, which have proven many times in DEFI, from AEVO to MNT and so on.
Overall, as more institutions enter the field, the DEFI market may prepare for more options.The prediction market has attracted more and more attention, and popular markets like Polymarket as a prediction market for binary option operations.Especially with the catalyst driven by events such as elections, the vitality of writing encryption options is obvious; the challenge is to build a good product to persuade traders to board and bear the risk of smart contracts instead of using Deribit.
Stryke background
Stryke is a decentralized option exchange. Based on DOPEX, it focuses on enhancing option transactions and liquidity provision in DEFI.It introduces innovation tools, such as concentrated liquidity automatically as a market business (CLAMM), making options on the chain intuitive and seamless.Stryke’s platform design promotes cross -chain options transactions, which aims to maximize liquidity, minimize the loss of optional writers, and maximize the maximum income of options for options.Overall, this improves the capital efficiency of the underlying ecosystem.
The project re -branded in 2024 was Stryke, formerly known as DOPEX.After experiencing a platform like Deribit, Dopex’s founder TZTOKCHAD became interested in the option agreement, and found many shortcomings, such as low liquidity, broad trading difference and harsh deposit requirements.To cope with these challenges, the development of the agreement began in 2019.
At that time, only a few players provided an opportunity to create a user -friendly solution in the field of market segments to surpass the centralized exchanges (CEXS) and decentralized agreements.During the initial development stage, the decentralized exchanges (DEXS) faced many liquidity -related issues, including the unfair pricing of buyers, the depletion of assets during the fluctuations, and it was difficult to be due to the high GAS fee of Ethereum.Use arbitrage opportunities.In addition, there are significant slippery points when the options are rolling to different exercise prices or prices.
After the initial conception period, the project began to build a protocol that can provide the following functions to achieve its vision:
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With automatic rolling option pool, Enhance the liquidity and ease of use of participants.
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European options, By using specific market dynamics to perform arbitrage activities with CEXS.
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Deployed on the second floor solution of EthereumIn order to reduce the impact of Ethereum’s high GAS costs on arbitrage.
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Options swap to minimize slide pointsUsers can more effectively execute transactions and manage their positions.
Although the re -brand is Stryke, the vision is still the same: the main participants of DEFI innovation, focusing on the development of cutting -edge option products that cannot be provided under the chain.
The transition aims to provide tokens with higher value, simplify operations, and provide users with better options products.By integrating efforts under the Stryke brand, the project aims to simplify operations and create a more user -friendly and efficient option platform.
The reason for re -branding is to provide higher value to tokens and focus on providing top options.Through the double -generation currency models ($ DPX and $ RDPX) used from DOPEX to a unified single -generation currency system ($ SYK), Stryke aims to improve governance and cross -chain functions while simplifying operations.
Please note that in order to simplify operations and concentrate resources in core products, the transition represents the end of old products.This includes discontinued SSOVS, $ RDPX V2 bonds, sustainable decline dating libraries, and RTETH-WETH LP.
Stryke’s CLAMM (concentrated liquidity automatic as a city merchant)
CLAMM integrates the concept of liquidity provision and options transactions to form a single, unified platform.Inspired by the innovative innovation in liquidity management in the Uniswap V3, CLAMM enhanced options transactions by combining options transactions with centralized liquidity provision mechanisms.
CLAMM Features
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LP range selector: This function allows users to choose a deposit range in a single transaction.In this way, there is no need to manually choose each price file, which significantly simplifies the process of liquidity management.Eliminate obstacles related to the selection of token ratio and manual price files, and improve the efficiency of liquidity management and option trading experience.
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Liquidity reserve system: In other systems, LPS needs to actively monitor its liquidity to ensure that it is not used for active options contracts.Using a liquidity reserve system, LPS can reserve the liquidity provided by it.Once the options are exercised or expired, the liquidity will be reserved and extracted from the option LP, which is kept in the UNI V3 LP and can be extracted at any time.This liquidity cannot be purchased or locked by anyone.
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Multiple DEX support: In line with Stryke’s wider vision of cross -chain compatibility, this function aims to deepen liquidity and introduce large -scale marketing and strategic DEX partners into the LPDFI field.With multi -DEX support, CLAMM’s liquidity will be available on the chain and different DEXs.
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CLAMM HOOKS: The current options users are limited by predefined strategies and lack flexibility and customization.The “HOOKS” function allows custom logic to integrate custom logic into trading activities, allow personalized control trading strategies and meet personal needs and market conditions.For example, users can set up to avoid trading on weekends with lower volatility, or create their own time framework.
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Native $ USDC support: Although $ usdc.e (cross -chain bridge connection) is still used in the traditional pool, the platform is completely compatible with native $ USDC, allowing cross -protocol compatibility.
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American: American options allow the pool instead of individual opponents to settle.This setting ensures that traders can exercise their options according to the liquidity in the pool, rather than relying on potential and less predictable market value.This settlement method improves the predictability of prices, especially in a market with low options.
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Refine the exercise price: V3 DEXS runs on the basis of Tick, which means that LPS can provide liquidity in multiple TICK range of its preference.On the other hand, buyers can choose their exercise price very specifically.
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Full support options: Each option is supported by the pool itself where the exchange occurs.No other risk of opponents may affect options transactions.
$ SYK token economics
SYK is the native currency of the Stryke platform. As part of the strategic transformation, it is introduced to integrate the previously used DPX and RDPX tokens into a more efficient token system.This transition aims to simplify the token structure and improve the economic operation in the Stryke ecosystem, and promote transactions, governance and incentive mechanisms.
XSYK tokens are SYK’s hosting version, which aims to promote the long -term holding and governance participation of the holder.The pledge SYK is allowed to participate in the ecosystem in depth to allow users to allow users to participate in the ecosystem more deeply, affecting the decision -making of reward distribution and protocol updates.The XSYK pledge structure aims to motivate sustainable participation and platform stability.
The conversion rate is 1: 1, which means that each Syk user can get a Xsyk.The XSYK framework has a unique redemption mechanism, which balances instant liquidity demand and long -term ecosystem interests.
Xsyk holders who choose to lock their tokens will get benefits.Raising Xsyk requires a period of belonging.Stryke provides two options.The holder can choose to lock its Xsyk for at least 7 days or a maximum of 6 months.Xsyk’s goal is to reward the project’s long -term participation and increase governance participation.To achieve this, Xsyk holders are motivated through various forms, including governance, enhancement of locking rewards, reward measurement and other community -driven interests.
Migration to SYK involves transition from DPX and RDPX tokens to SYK according to the predetermined conversion ratio to ensure the seamless conversion of existing interests.The conversion ratio is as follows:
1 $ DPX = 100 SYK1 $ rdpx = 13.333 SYK
This process is implemented through smart contracts and allows automatic casting SYK tokens.The migration contract will be open to all DPX holders within 1.5 years after deployment to convert its tokens.
Stryke sets a simple process for the previous DPX and RDPX holders to migrate its token to the new ecosystem.The process was carefully designed so that the previous holders maintained the same value of their token. At the same time, the team provided users with better value and tokens to achieve its new vision.
