Thetanuts Finance is a decentralized on-chain options protocol focused on altcoin options, allowing users to go long or short on on-chain options.
The first iteration of Thetanuts Finance in September 2021 saw the launch of Basic Vaults — where the Basic Vaults sold out-of-money (“OTM”) European cash-settled options to accredited market makers, and generate yields for users in the form of option premiums.
With the v3 upgrade, Thetanuts Finance will pivot toward a decentralized on-chain options protocol focused on altcoin options. Our first-to-market v3 architecture uses our existing Basic Vault LP Tokens to extend new use cases in on-chain options trading — enabled by a Lending Market and Uniswap v3 Pools, which are all housed within the v3 interface.
$XYZ-C (Call Vault LP Token) and $XYZ-P (Put Vault LP Token) represent these tokenized Basic Vault positions, and form the backbone of all trading strategies on Thetanuts Finance v3.
A Multi-chain Protocol
Looking across the on-chain options landscape, we see that most option protocols focus on Ethereum Mainnet and only support majors (i.e. $ETH and $WBTC) as underlying assets.
We see a distinct gap within the altcoin options space, given that altcoins have:
- High Volatility: Altcoins have higher volatility than majors, with users needing an avenue to speculate or hedge on altcoin volatility.
- No Means of Generating Yields: Certain altcoins have no means of generating yields (i.e. through block rewards), with option premiums representing one way of doing so.
We seek to fill this gap in the altcoin options space, by leveraging our prior track record of being a leading Option Vault protocol with the largest coverage of altcoin options.
Thetanuts Finance currently integrates ~10 networks, supporting trading of native altcoin options.
Launch of Basic Vaults, enabling users to sell OTM Europaen cash-settled options to accredited market makers.
Raised a $18mm Seed round — with participation from QCP Capital, Deribit, Paradigm, GSR, Wintermute, Jump, GoldenTree, Tribe Capital, and others.
Launch of Thetanuts Finance Stronghold, an index product aggregating multiple Basic Vaults.
Launch of other Vaults — including Long Vaults (Buy-side vaults), Degen Vaults (Exotic vaults), Wheel Vaults (European physically-settled vaults).
Raised $17mm Series A round, led by Polychain Capital.
Launch of Thetanuts Finance v3 Incentivised Alpha.
Launch of Thetanuts Finance v3 Mainnet.
Launch of [Redacted].