Derivatives finally in crypto sauce – FTX unveils IEO PsyOptions (PSY)


The FTX crypto exchange is organizing an auction of PSY tokens, the governance token of the PsyOptions protocol built on the Solana (SOL) blockchain. Investors who wish to participate must fulfill the conditions defined by FTX as soon as possible.

PsyOptions and Solana: a touch from traditional finance to DeFi

PsyOptions is a decentralized protocol built on the Solana blockchain, which allows the issue of “American-style options”“. This particular type of option consists of financial derivative products which give their holders the right, and not the obligation, to buy (call option) or sell (put option) an underlying asset at a price and at an agreed date.

PsyOptions comes in particular to exploit the possibilities offered by the decentralized stock exchange Serum in terms of trading options on an order book. The DEX Serum is also built on Solana. PsyOptions comes like this bring to decentralized finance this option trading opportunity which is one of the “classics” of traditional finance.

The options are represented by SPL tokens which are fungible tokens using the Solana program library or the Solana program library. SPL tokens can be stored in wallets compatible with Solana such as sollet.io. SPLs can be traded on decentralized exchanges like Serum which support the token.

PsyOptions V1 does not currently allow the use of leverage, the options being 100% guaranteed when they are issued. This leverage could however be available in the future by crossing the functionalities of PsyOptions with those of a loan protocol.

>> To be able to buy the PSY governance tokens of the PsyOptions protocol, register today on the reference of crypto exchanges FTX <<

PSY tokens IEO: the rules to follow to participate in the sale

The FTX exchange leads an IEO – for Initial exchange offering – for PsyOptions with the sale of 10,000,000 PSY. The sale begins January 18, 2022 at 1:00 p.m. UTC. Participants will be able to bid for one hour – until 2:00 p.m. UTC.

The sale is open to investors with created their account on FTX and who completed the KYC level 2 process. Note that FTX has indicated that the platform could refuse the participation of accounts created after 13:00 UTC on January 11, 2022, due to the significant increase in new registrations.

IEO participants must must be staker at least 150 FTT, the native FTX token, before January 17, 2022 at 13:00 UTC.

The participants in the sale, fulfilling the conditions mentioned above, will receive 1 ticket. Each ticket allows you to bid for 5,000 PSY tokens to win. Participants may possibly book additional tickets, “Depending on the number of FTT staked above the minimum required” of 150 FTT.

Number of tickets depending on the amount of FTT staked before January 17, 2022 at 13:00 UTC

≥ 150: 1 ticket

≥ 290: 2 tickets

≥ 420: 3 tickets

≥ 540: 4 tickets

≥ 650: 5 tickets

≥ 750: 6 tickets

The minimum bid for auctions is $ 500, and the maximum supply is $ 600 + 5 FTT ($ 0.12 per PSY + 5 FTT). At the end of the auction on January 18, 2022 at 2:00 PM UTC, the 2,000 highest bidding tickets will win 10,000,000 PSY. If there are more than 2,000 tickets each offering the maximum bid of $ 600 + 5 FTT, a random allocation between these tickets will be made.

PSYs will be registered in the winners’ account a few hours after their allocation. The buyers winning the auction will be able to transfer the funds (non-PSY) from the PSY-IEO sub-account. The funds of participants who lost at auction will be returned. Participants who won auctions by bidding unnecessarily with FTT – so they could have won the auctions without them – will see their FTT returned. All FTT paid, not returned, will be burned.

FTX does not provide any guarantees in terms of the right to participate in the IEO or to an allocation of PSY to its users. In addition, IEO is prohibited to residents of the United States, as is the subsequent resale of PSY tokens to such residents.

Those who wish to know more about the FTX stock exchange, or to have more information about Solana can click on the corresponding links mentioned above.

PsyOptions enriches the DeFi functionalities offered by Solana, a contribution that is far from negligible for the SOL ecosystem and the cryptosphere in general. Some investors will seize this opportunity to buy the protocol’s PSY governance tokens during this IEO organized by FTX. If you are one of them, Register without delay on FTX and also benefit from a lifetime reduction on your bitcoin and other cryptocurrency trading fees (affiliate link, see conditions on official website)

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