Decentralised Options Protocol Opyn Raises $6.7 Million In Paradigm Led Funding Round
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Opyn announced on Twitter and in a Medium post that it has just closed a Series A funding round led by Paradigm. Dragonfly Capital also participated along with backers Kain Warwick and Stani Kulechov.
Opyn will use the funds raised to develop and secure their Gamma Protocol. Also, Opyn will be looking to further decentralise the protocol and hire new team members for research and engineering roles.
“Options are a $300 trillion market that Opyn is reimagining by making it more inclusive, fair, and transparent” said Zubin Koticha, Co-Founder and CEO of Opyn. “Working with Dan and Matt at Paradigm has been incredible — they have helped us design elegant upgrades to the protocol, and are our secret sauce in building code that forever changes the way options are thought about and traded.”
Matt Huang, Co-Founder and Managing Partner at Paradigm said:
“We are thrilled to partner with Zubin, Aparna, Alexis and the rest of the outstanding Opyn team as they build the primary DeFi options protocol,” - “Options are a key primitive in financial markets, and we are particularly excited to help the team research cutting-edge topics such as capital efficiency, AMM-design, and scaling.”
Dragonfly Capital, along with other major DeFi investors, led a seed round back in June of last year, which raised $2.16 million. Opyn has since attracted users who have traded more than $125 million in options through the platform.
V2 of the Opyn protocol has recently been launched. It focusses on making DeFi capital more efficient, and has other technical features enabling users to:
“trade option spreads and combos, auto-exercise at expiry, and create new options on any whitelisted product”
Future plans include:
“reducing margin requirements for naked options, adding options on even more assets, and increasing liquidity through the development of Opyn’s options-specific AMM.”