PsyOptions Raises $3.5M for Options Liquidity Mining and NFT Derivatives

0
69

A Solana-native choices platform constructed by twin brothers Tommy and Taylor Johnson has closed its preliminary fundraising spherical in the present day – step one in the direction of a number of distinctive choices merchandise together with derivative-based liquidity mining and non-fungible token (NFT) choices.

Liquidity mining is a DeFi (decentralized finance) mechanism during which members provide cryptocurrencies into liquidity swimming pools, and being rewarded with charges and tokens primarily based on their share of the whole pool liquidity.

According to a press launch offered to CoinDesk, PsyOptions has closed a $3.5 million increase led by Alameda Research, with further participation from CMS Holdings, Ledger Prime, MGNR, Wintermute and Airspeed18.

In an interview with CoinDesk, the founders mentioned they targeted on members recognized for liquidity provision and market making.

“The majority of this round was all strategic liquidity providers. They have all agreed to provide liquidity and we’ll have a few more coming online soon,” mentioned Tommy.

Likewise, Taylor famous that not all members had the infrastructure prepared to supply liquidity on Solana, however that the staff is sharing information on not simply their platform but in addition Serum, the order book-based change on which PsyOptions is constructed.

“It’s been a two-way street,” mentioned Taylor.

The staff will probably be utilizing the funds to increase on new product varieties, which is likely to be novel in decentralized finance: liquidity mining choices and NFT choices.