Dopex is an advanced DeFi protocol that specializes in options trading. Its goal is to create a trading environment that can potentially maximize gains for both option writers and buyers. The protocol was initially released in 2021 only on Ethereum, then it expanded to Polygon, Arbitrum, BSC, and Avalanche. According to Defi Llama, Dopex has $27.91 million in total value locked at the moment.
Dopex has one innovative product called Single Staking Options Vault (SSOV). This kind of vault works in a similar fashion to other vaults in DeFi, but the innovative point is that assets deposited into the vaults will be sold as CALL or PUT options at fixed strikes and different expiries. The depositors are able to set the strikes and expiry, thereby selling covered options with higher chances of profits and lower chances of risks.
The protocol employs a dual-token mechanism. Two tokens of Dopex are:
- DPX, used for governance, in addition to fee and revenue accrual
- rDPX, used for rebates
DPX has a capped total supply of 500,000, among which 241,915 tokens are in circulation.
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