Opyn is a decentralized options protocol that launched in 2019 and is based in San Francisco. The team (about seven people) recently released v2 of its protocol, which focuses on improving capital efficiency within DeFi. Opyn v2 adds features such as trading option spreads and combos, auto-exercise at expiry, and the ability to create new options on any whitelisted product. The company is working to reduce margin requirements for naked options, add options on additional assets, and increase liquidity by developing an options-specific automated market maker (AMM). Financially, Opyn raised $6.7 million in a Series A and has now raised roughly $9.11 million since inception. Leadership emphasizes protocol upgrades and research into capital efficiency, AMM design, and scaling. Opyn builds permissionless crypto-based derivatives, starting with the oToken, a hedging instrument that functions like an insurance policy without adjusters. Users can mint and redeem oTokens to insure assets (for example insuring USDC via oUSDC), and the protocol has processed $36 million in trading volume since launch. The company closed a $2.16 million seed funding round to support its work. Opyn is developing v2 of its platform, planned for later this year, which will add margining for capital efficiency, enable options spreads and combination positions, and create infrastructure to add governance. The product is positioned to bring more stable risk-management primitives to volatile DeFi markets.

Total raised

$9M

Funding rounds

2

Latest round

Series A

Latest activity

Feb 2021