Dopex

Derivatives

Dopex (Decentralized Options Exchange) is an on-chain options protocol built on the Arbitrum network.

Risk Rating
Watch Out
Protocol Code Quality
Protocol Maturity
Protocol Design
What is Dopex?
What we like
The Dopex team is constantly innovating with new options products, most recently with Atlantic Straddles, to provide users with new yield generating options.
What we like less
Lack of decentralization as DPX holders have limited governance powers and team multisig only requires 2/4 signers.
What it means for you
Dopex leverages its option pools and Single Staking Option Vaults (SSOVs) to allow you to easily buy and sell options in a capital efficient manner.

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Information
Exploit/Hacks
None
Info
  • Website
  • Token: DPX
  • Tags: Derivatives
Key Metrics
  • TVL: $34.3K (Rank #249)
  • TVL Ranking by Derivatives: #0
  • Blockchain: Arbitrum, Binance, Ethereum, Avalanche
  • Chain TVL
    • Arbitrum: $34.26K
    • Binance: $0
    • Ethereum: $0
    • Avalanche: $0
Risk Assessment
Watch Out
Protocol Code Quality
  • Code reviewed by at least one experienced auditor; Solidified audited in June 2021
  • Anonymous team reduces transparency
  • No documented protocol hacks since launch
Protocol Maturity
  • Latest protocol version launched in 2022; maturity over one year minimizes technical risk as smart contracts are well battle-tested
  • Top 20% by total value locked slightly reduces risk
  • Multisig wallet controls protocol upgrades
  • Multisig consists of less than 4 signers, which makes the protocol more susceptible to centralization risks
  • No timelock exists or no information documented, which mean a malicious actor could approve upgrades without any delay
  • At least one critical governance issue documented
  • Low voting power concentration reduces risk
Protocol Design
  • No death spiral concerns
  • Robust controls to mitigate oracle price manipulation
  • This protocol is susceptible to risks related to decentralized options, such as loss of principal if they were to expire in-the-money (ITM)
Things to know about Dopex

How Dopex works

Dopex is a decentralized options protocol built on the Arbitrum L2 network. The protocol is designed to maximize option liquidity minimize losses for option writers, and maximize gains for option buyers. The platform's first flagship product, Single Staking Option Vaults (SSOVs), allow users to lock up tokens for a specified period of time (monthly/weekly) and earn yield on their deposited asset. When users deposit an asser to a SSOV contract, it then sells the user's deposit as call options to buyers at fixed strike prices that the user selects for a set expiration date at the end of the epoch. SSOV call options are either ATM, OTM or far OTM. The contract then deposits the user's asset into a single staking pool to yield farm rewards in addition to earning option premiums.

How Dopex makes money

The Dopex protocol collects fees from its option vaults. All the fees collected are distributed to DPX token holders at the end of every weekly epoch. Fee accrual can be boosted through staking Dopex's secondary token, rDPX.

How you make money on Dopex

You can generate yield by depositing assets into Dopex's SSOVs to collect option premiums and staking rewards. For more advanced DeFi users, you can leverage the protocol's several option strategies to generate yield based on your market outlook.

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