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Introducing Stryke: The Future of Crypto Options
Emerging from the rich legacy of Dopex in DeFi innovation, we are excitedly unveiling our new chapter as Stryke. This evolution stems from fine-tuning our focus on cutting-edge options products. Building on this solid foundation, we aim to establish the new gold standard for options Trading in DeFi. Let's explore what this entails.
Transition Rationale: Understanding the “Why?”
We are transitioning to Stryke to offer token holders better value, streamline operations, and focus on delivering superior options products that benefit our users. By consolidating our efforts under Stryke, we will remove complexities and create a more user-friendly and efficient options platform.
Transition Impact: Dopex Product Suite
As part of this transition, we are also introducing a new token model for improved governance and cross-chain functionality. We will move from a dual token model (DPX & rDPX), to a unified and efficient single token system (SYK). This change simplifies our operations and sharpens our focus.
With the transformation to Stryke, we are sunsetting some of our products, the details can be seen below:
- Sunsetting SSOVs: As mentioned prior, today marks the last expiry for our Monthly and Weekly SSOVs. Please claim any pending rewards and remove your deposits.
- rDPX V2 bonding: To be deprecated on 29th Feb, 2024.
- You will be able to receive rewards for rtETH staking until 29th Feb. On 1st March we will lift the unbonding fee of 2% and recommend you to unbond your rtETH.
- Perp Put Vault: To be deprecated on 29th Feb, 2024.
- rtETH-WETH LP: Rewards will accrue until 29th Feb. Please remove your LP and unbond your rtETH.
- rDPX single staking: Will be live until 31st March, 2024. Users can continue to claim rewards.
Introducing SYK
SYK isn't just a new token; it's our commitment to a more interconnected and efficient DeFi ecosystem.
Quick SYK Token Summary:
- Simple Conversion: The transition will follow a straightforward conversion rate of 1 DPX = 100 SYK and 1 rDPX = 13.333 SYK. This means that DPX and rDPX holders will all get the equivalent amount SYK once the migration process begins. veDPX holders will also be able to migrate to our xSYK governance (more details below) with ease.
- Token Supply: SYK will have a total supply of 100 million tokens. Aligning with our conversion ratios, 50 million of these tokens will represent DPX and 30 million rDPX.
- Circulating Supply: At the time of the merge, the circulating supply of SYK will be approximately 47.8 million, calculated by scaling the current circulating supplies of DPX and rDPX.
- Strategic Allocation: Of the total SYK supply, 12.2 million tokens will support the Protocol Treasury for operational expenses, with 40 million tokens designated for future emissions and strategic initiatives. This setup aims for an annual inflation rate of ~3%, ensuring sustainable growth and reward distribution.
- Cross-Chain Functionality: SYK tokens will be part of a new contract launched on Arbitrum One, ensuring cross-chain operability and seamless migration, facilitating liquidity utilisation across various chains.
Unified Governance: The xSYK model
Our governance model is taking a significant leap forward with the introduction of xSYK, an escrowed governance token system inspired by Camelot's innovative xGrail. xSYK represents a transformation in how governance tokens can foster a more engaged and empowered community.
Highlights of xSYK include:
- 1:1 Conversion to xSYK: For every SYK token, holders can receive an equivalent xSYK. This enables active participation in governance and decision making.
- Flexible Vesting Options: T To convert xSYK back into SYK, users must commit to a vesting period that ranges between a minimum (MIN) of 7 days and a maximum (MAX) of 6 months. If users choose to vest their xSYK for the minimum period, they will reclaim 50% of their SYK after the 7 days. Conversely, vesting for the maximum period entitles users to reclaim 100% of their SYK after 6 months, thereby incentivising long-term investment and participation in the platform's growth.
- Reward Distribution: In the xSYK model, staked tokens can also be distributed as rewards, adding a dynamic layer to the governance ecosystem. This allows for direct rewards in the form of xSYK, further incentivizing participation and investment in the platform's growth.
- Strategic Staking Rewards: Staking xSYK in different plugins enhances the token utility and aligns with the holder interests, offering a range of benefits from increased influence over protocol decisions to other exclusive perks.
- Community-Centric Approach: This model incentivizes and rewards long-term community members for their commitment, giving them a substantial role in the future direction of Stryke.
By integrating the xSYK system, we are not only offering a robust governance structure but also aligning with the community's aspirations for an options platform that's both inclusive and forward-thinking.
Focused Product Development: The Path Forward
At the heart of Stryke is LPDfi (Liquidity Providing Derivatives), a groundbreaking trend that Dopex is leading. Our dedication to CLAMM, our flagship product, is now enhanced by adopting a LPDfi centric approach moving forward.
LPDfi Centric Product Design Benefits:
- New Chain Deployments: Expanding CLAMM across new chains to offer unparalleled access and flexibility while gaining a larger audience.
- DEX Integration: Leveraging DEXs to boost CLAMM's visibility and usability, where users purchase options directly from the exchange.
- Innovative Functionalities: By utilizing hooks and other advanced technologies to extend CLAMM's capabilities, we can automate trading strategies at a granular level.
- Collaboration for Composability: Building on CLAMM are projects like Margin Zero and others, showcasing its adaptability and potential for the creation of new protocols addressing different options and perpetual use cases.
Through these targeted development initiatives, our aim goes beyond simply enhancing CLAMM; we're pushing DeFi boundaries By doing so, Stryke and its flagship offerings are not just keeping pace but actively setting the LPDfi trend, adapting and growing in tune with both our community's evolving needs and the wider market trends.
This commitment to continuous improvement leads us to the next pillar of our migration strategy: the introduction of an innovative reward gauge system.
Reward Gauges: Tailoring Incentives to Community Values
Through Stryke we are introducing an innovative reward gauge system, designed for fairness and flexibility in distributing rewards. This system is a significant part of our strategy to actively involve our community and ensure equitable recognition for contributions across our diverse product range.
Reward Gauge System Overview:
- Fixed Annual Inflation: With a predetermined amount of token inflation each year, the reward distribution is stable and predictable, allowing us to plan incentives that align with our ecosystem's growth.
- Community-Driven Rewards: Holders of xSYK have the power to vote (via. any chain) on the allocation of rewards to different gauges, ensuring that the distribution reflects the community's priorities and values.
- Cross Chain Rewards: Moving forward, our new Reward Gauge system will also allow us to emit rewards across chains, allowing us to reward participation and drive user growth significantly.
- Adaptable Reward Gauges: Recognizing the unique challenges in our reward structure, especially with asymmetrical rewards in products like Dopex V2 CLAMM, we're starting with one type of reward gauge. This system is built for future expansion, allowing the introduction of new gauge types to suit evolving ecosystem needs.
Transparent and Flexible: Fee Management
With SYK, we're also ushering in a new era of fee management, emphasizing transparency and adaptability. Our revamped fee management approach has been designed after careful consideration of market conditions and user needs.
New Fee Management Approach Summarised:
- Dynamic Fee Allocation: Protocol fees, after the transition, will be allocated in a structured manner—80% to xSYK holders, 10% to an insurance fund for emergency contingencies, and 10% to the protocol treasury to support operations and development.
- Dynamic Fee Structure: While this fee structure will be implemented at the launch phase, it will remain dynamic thereafter. This will allow us to adjust it based on varying market conditions and cater to emerging needs.
- Distribution Token Flexibility: Fees can be swapped into SYK or other designated tokens, allowing for flexible distribution strategies that meet the ecosystem's needs and preferences.
Setting the Stage: DeFi Future
This comprehensive approach to rewards, fees, and new tokenomics underlines our commitment to creating an ecosystem that is not only efficient and sustainable but also focused at creating optimal Options Products catering to the needs of crypto traders.
With the introduction of Stryke, we are not just transitioning; we are transforming. This new approach symbolizes our commitment to innovation, community empowerment, and the creation of more seamless and efficient options products. The migration will occur gradually, ensuring each element of Dopex migrates flawlessly to Stryke.
As of now, no action is required from our users and community. We will be actively providing updates on the migration process, ensuring you remain informed every step of the way. You can also expect new strategic partnerships (protocols, platform integrations, market makers) announcements soon and more. These will be detailed along with our 2024 milestones in an upcoming roadmap announcement.
Follow our official channels for the latest updates.
About Stryke
Stryke is a decentralised options protocol that focuses on maximising liquidity and enhancing gains for option buyers while minimising losses for option writers—all in a passive approach.
Stryke employs option pools that enable anyone to effortlessly earn yield. The protocol provides value to both option sellers and buyers by ensuring equitable and optimised prices for options at various strike prices and expiries, achieved through our proprietary, cutting-edge option pricing model designed to mirror volatility smiles.
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