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SIREN is a distributed protocol for creating, trading, and redeeming fully-collateralized options contracts for any ERC-20 token on Ethereum. The protocol has a governance token called SIREN (SI) allowing holders to create new option markets, and determine the fee rate for writing, closing, and redeeming an option.

Earlier this month, SIREN Markets announced they raised $4MM in private funding, raising the total of private funding obtained by the project to $5.2M, which was closely followed by a distribution sale through an LBP. The code was recently open sourced following the launch of the protocol and while the team is staying anonymous, audits and private funding are reassuring. As more and more players are entering the option trading space in DeFi, Siren seems well geared to take its share of the market. The token SI is currently trading on Uniswap.

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