Thetanuts Finance, a prominent option vault protocol, started with Basic Vaults, focusing on selling European cash-settled options to accredited market makers.
Thetanuts Finance, a decentralized on-chain option protocol renowned for its extensive coverage of altcoin options, unveils its v3 Incentivized Alpha. The upgraded version empowers users to take both long and short positions on on-chain options.
In a strategic move to boost Total Value Locked (TVL) and trading volume while garnering valuable feedback on the v3 product, Thetanuts allocates approximately 2% (equivalent to 200,000,000 NUTS) of its token supply to eligible participants.
As a leading option vault protocol, Thetanuts Finance initially introduced Basic Vaults, specializing in selling out-of-money European cash-settled options to accredited market makers. With the v3 upgrade, the protocol undergoes a transformative shift toward decentralization, becoming a decentralized on-chain options protocol with a specific focus on altcoin options. This evolution enables users to engage in long or short positions on on-chain options.
Benefits of Thetanus Finance V3 Upgrade
Key features of the v3 upgrade include:
- Decentralization: Thetanuts Finance v3 adopts a free-market pricing mechanism, allowing users to influence pricing based on their perspectives. The launch of NUTS, the platform’s native token, paves the way for achieving decentralized governance goals.
- Altcoin Focus: While most protocols concentrate on Ethereum Mainnet and major assets like ETH and WBTC, Thetanuts Finance recognizes the gap in the decentralized altcoin options space. Given the higher volatility of altcoins compared to majors, users now have an avenue to express their views on altcoin volatility through long or short positions.
- Additional Incentives: The v3 upgrade introduces extra incentives, encouraging users to actively participate beyond option premiums. Users can earn rewards through activities such as AMM trading fees, borrowing rates on Lending/Borrowing Markets, and additional liquidity rewards.
Having previously secured $35 million through Seed and Series A rounds from prominent investors like Polychain Capital, QCP Capital, Deribit, Paradigm, GSR, Wintermute, Jump, GoldenTree, Tribe Capital, and others, Thetanuts Finance aims to strengthen its position in the decentralized finance (DeFi) space with its v3 upgrade.
Rewards and Eligibility
In Airdrop Season 1, Thetanuts Finance has assigned approximately 2% of NUTS tokens for distribution, scheduled to take place in Q1 2024. They will distribute these rewards in the form of veNUTS, serving as a staked representation of NUTS and endowing recipients with full community benefits. The veNUTS tokens will undergo a vesting period before being unlocked as NUTS, at the discretion of the Thetanuts Finance team.
Participants engaging in specific actions during the v3 Incentivized Alpha will be eligible for rewards:
- Trade: Trading Volume contribution, measured through Longs and Shorts, will influence a user’s airdrop.
- Provide Liquidity: TVL contribution, determined by actions such as Boost, Add Liquidity, and Lend, will impact a user’s airdrop.
Interested users must submit applications via the CoinList cForm, and only whitelisted addresses will have the opportunity to partake in the Thetanuts Finance v3 Incentivized Alpha on the Arbitrum network. Thetanuts Finance encourages users to regularly check the Trading Interface for updates, as wallet whitelisting will occur sequentially based on registration orders for the v3 Incentivized Alpha.