Gate.io AMA with PsyOptions-An Ecosystem of Financial Products

2023-05-17, 11:33

Time: Feb 4th, 2022, 13:00 UTC
Gate.io hosted an AMA (Ask-Me-Anything) session with Tommy,Core Protocol Developer of PsyOptions in the Gate.io Exchange Community.
Official Website: https://www.psyfi.io/
Twitter: https://twitter.com/PsyOptions
Follow PsyOptions on Twitter and Discord

Guest

Tommy — Core Protocol Developer of PsyOptions

Q&A from Gate.io

Q1: What is PsyOptions? How does it work?

Tommy: PsyOptions started out as an American style options protocol. But we’ve recently expanded to structured products with call and put selling vaults.

So if you want to be an active options trader you can use the trading interface at trade.PsyOptions.io or you can find structured products at app.psyfi.io to deposit to earn volatility based yield.

Q2: PsyOptions are built on Solana, correct? If so, why did you choose to build on Solana instead of other alternatives?

Tommy: That’s correct! Solana was showing promise for incredible throughout and speed, so that got our attention. Then we saw the serum team launching their order book, so we knew there was incredible infrastructure being built. That’s ultimately what got us over the edge to focus on Solana.

Q3: Can you talk about PsyOptions key differentiators vs other competitors?

Tommy: With the completion of our tap finance acquisition, we are the first fully integrated options offering. For those familiar with ETH L1 platforms, PSY DAO owns the opyn and ribbon platforms of Solana.

We also offer an American style option product which is the first of its kind. It’s completely trustless with no dependencies like oracles.

Q4: What can options on Solana accomplish for retail traders? Tradfi traders?

Tommy: Options can be used for many different reasons. I don’t think i need to explain the use cases for tradfi traders lol, they’ll know what they can do.

But for retail we have simple structured products that can manage positions for them. So we have a sustainable yield product for auto compounding your assets that really trades options beneath. You can also go long or short various options or baskets of options to hedge your portfolio.

Author: Rio Fu., Gate.io Community

*This article represents only the views of the researcher and does not constitute any investment suggestions.

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