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Opyn is the first project in decentralized options with automated market maker (AMM) liquidity from Uniswap. Opyn options are tokenized and can be easily combined with various strategies, both for buying and selling options. Unlike peer-to-pool models like Hegic , Opyn option sellers and writers can sell options on their own terms. Opyn options can be settled upon expiration time, automatically.This mechanism allows Opyn to maintain all the collateral necessary to fully back their call and put spreads based on the maximum potential loss. It is more capital efficient and flexible when complicated options combination strategies are employed.Using yielding or interest-bearing tokens as collateral allows options sellers to maintain 2 sources of return. They can earn interest, as well as any mined governance tokens, while simultaneously earning from selling options premiums.

Opyn doesn’t have a token yet but the protocol is already being used by strategies like Ribbon finance’s Theta Vault to mint and trade the options tokens on-chain.