Ask or search…
Comment on page


Single Staking Option Vaults (“SSOVs”) are our flagship product that allows users to write (sell) or purchase options.


  • SSOVs allow liquidity providers to write covered calls and cash-settled puts and earn premiums and farm rewards
  • Options can be purchased from SSOVs by paying a premium to liquidity providers

SSOV Liquidity Providers (Option Writers)

Liquidity providers can deposit either the base asset (e.g. $rDPX for the $rDPX SSOV) for calls or stablecoins for puts into an SSOV to write options.
Note that users can zap in with any asset which will swap the asset they wish to pay with for the asset required by the vault.
Before depositing, writers must decide their vault parameters:
  1. 1.
    Underlying Asset: the asset they are writing against
  2. 2.
    Type of Option: call or put
  3. 3.
    Strike Price: the price used to determine settlement
  4. 4.
    Expiry Date: the date that settlement occurs (weekly or monthly expiries)
Writers receive a premium for options sold but have their collateral slashed to pay buyers if they expire ITM. Writers may also earn yield via farm rewards (denoted by APY).
Deposits in an SSOV are locked for the duration of an epoch to ensure options remain fully collateralized.

SSOV Buyers (Option Purchasers)

Option buyers may purchase options from an SSOV if there is available liquidity by option writers. Buyers pay an upfront premium in the form of the base asset (for calls) or stablecoins (for puts).
Option buyers may select underlying asset, option type (call or put), strike price, and expiration (weekly or monthly) whilst IV is automatically generated based on historical volatility.
If the options expire ITM, option buyers receive settlement in the form of the base asset (calls) or stablecoins (puts). Options can only be settled on or after the expiry date.

Vault Specifications

Underlying Supported (Epoch Duration):
  • Calls and puts: $DPX, $rDPX
  • Calls only: $stETH, $MATIC
  • Puts only: $ETH, $BTC, $GMX, $CRV, $CVX
  • Calls only: $DPX, $rDPX, $stETH, $ARB
Strike Price(s): 0, 0.66, 1, and 2 Standard Deviations from spot price at time of bootstrapping
Refer to SSOV walkthrough to see how to use this product via our dApp