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CLAMM MVP Public Testing
The CLAMM MVP is a barebones version of the full CLAMM product meaning functionality will be limited compared to the full launch. As this is just the public testing phase, please only use funds you are willing to lose. The product will be iterated on based on your valuable feedback.
Greetings my beloved readers and CLAMM MVP testing.
The CLAMM is the first half of the Dopex v2 upgrade which aims to tap into a broader market of liquidity, simplify the LP process, and give more flexibility to our option buyers. The Options AMM component of Dopex v2 is not included in this MVP and will be integrated at a later stage.
What is the CLAMM?
CLAMM refers to v3 AMM positions such as Uniswap or Camelot v3. An interesting point here is that standard v3 LPs have identical payoff profiles to option writers while earning a meager 0.05% on trading volume instead of premiums.
In most scenarios, LPs are undercompensated relative to writers for the identical risk they are taking.
This is what the Dopex v2 CLAMM will solve.
How do I provide liquidity on the CLAMM MVP?
The CLAMM MVP will launch with markets for ARB/USDC.
Option writers may deposit the base asset (e.g. $ETH) for calls or quote asset (e.g. $USDC) for puts and select a strike price. Once deposited, their liquidity will be deposited into the CLAMM tick that corresponds to their strike price.
If their position is utilized by option buyers, their liquidity will be removed from the DEX and they will earn premiums. If their position is not utilized, their liquidity will remain on the DEX where it can continue to earn trading fees.
Simple stuff.
How do I buy options on the CLAMM MVP?
The buyer experience is very similar to Dopex v1 - select a market (e.g. ETH/USDC), select a side (i.e. call/put), select a strike price (e.g. $1,750) and select an expiration (e.g. in 24 hours).
Super simple stuff.
The difference with the CLAMM is that purchasers now have the option to close positions when ITM at any time. This is much more flexible than our original design where options had to be ITM at expiration for settlement to be earned.
You now have nobody to blame but yourself.
How is the MVP different from the full launch?
The CLAMM full launch will allow LPs to deposit price ranges - for example ARB/USDC in the price range from $0.7-$1.1. This is excellent for lazy LPs as it allows them to earn fees even on out-of-range liquidity.
From the buyer’s perspective, the MVP launch only allows for standard option positions to be created, similar to our current SSOVs. As we move on with the full launch, buyers will be able to create multi-leg strategies that combine multiple options with different parameters.
It should also be noted that the MVP will only support expiries from 20 mins-24 hours while the full-scale launch will support longer-dated options.
What should I do when I am testing?
The purpose of testing is to see if the CLAMM MVP is in line with your expectations of the future direction of your favorite Decentralized Options Exchange. As a tester, we ask you, nay, beg you, to use the dApp as though you are an options trading aficionado and give feedback on where things may be improved.
You can test out LPing by depositing tokens and choosing your strike price.
You can test out option trading by purchasing options and bask in the glory of closing positions at any time.
Feel free to play around on the MVP and see what breaks and what doesn’t.
How do I give feedback?
We will be opening a channel on the Discord where testers can provide feedback on the CLAMM model.
Did all the buttons work?
Was the process intuitive?
Is this an improvement on our original system with 50 different SSOVs, 12 different product lines, and isolated liquidity for all of these to boot?
Please be as critical as you want (within reason HAHAHA) and we will be sure to take this on board as we move to the full launch.
Closing Comments
We are excited to bring the CLAMM MVP to our beloved community and wait eagerly for your feedback.
I would like to reiterate that this is an MVP meaning this is not the final implementation and your feedback is crucial in shaping it into the best Decentralized Option Exchange in the universe. Additionally, the Options AMM part of Dopex v2 will be integrated at a later date which will give far greater functionality including portfolio margin and cross-collateral.
Looking forward to hearing back from you all and please stay tuned for more details.
Warm regards,
CEO
About Dopex
Dopex is a decentralized options protocol that aims to maximize liquidity, minimize losses for option writers and maximize gains for option buyers — all in a passive manner. Dopex uses option pools to allow anyone to earn a yield passively. Offering value to both option sellers and buyers by ensuring fair and optimized option prices across all strike prices and expiries. This is thanks to our own innovative and state-of-the-art option pricing model that replicates volatility smiles.
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