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$rDPX v2: Now Live
I lay hunched at my desktop, tears streaming out of my eyes; my hands trembling as I attempt to tippy tap away at my Cherry MX keyboard (mechanical btw haha).
Its happened. It has finally happened.
Good mnueenis my beloved readers and welcome to the most long-awaited (literally years) launch in Cryptographic Currency History.
rDPX v2.
What is rDPX v2?
This is a very high level overview of the v2 system - to understand where the yield comes from, whether or not $rtETH is safe, and how perpetual put vaults work, we encourage you to read the full rDPX v2 System Specification and make your own decision.
Read: Image
To be specific, rDPX v2 is an upgrade to the $rDPX token that will allow it to be bonded with $ETH to mint “Receipt Token $ETH” ($rtETH).
For Dopex, this provides a self-reinforcing source of PoL that allows for the vision of $rDPX as a sustainable rebate and incentive system to be realized. For $rDPX and $ETH holders, it is an opportunity to contribute to the system and earn yield in the process.
We also introduce the concept of Perpetual Put Vaults that allows users to deposit $ETH to earn yield from the whole system while buying $rDPX in the event of a dip.
Splendid.
How do I use rDPX v2?
The new system is composed of multiple features depending on what tokens you have and what you want to do with it - here is a table I prepared earlier that outlines some possible scenarios:
Token | Feature | Outcome | Why would I do this? |
$rDPX and $ETH | Receive $rtETH (and its yield) | I like yield and I don’t mind holding synthetic $ETH | |
$rDPX only | Receive $rtETH (and its yield) | I do not have $ETH but I like yield and I don’t mind holding synthetic $ETH | |
$ETH only | Receive $rtETH (and its yield) | I do not have $rDPX but I like yield and I don’t mind holding synthetic $ETH | |
$ETH only | Receive yield (and don’t mind purchasing $rDPX if its price falls) | I like yield and I don’t mind holding $rDPX |
Fascinating stuff indeed.
What do I do with $rtETH?
Other than being a synthetic version of $ETH that is intended to track its price, $rtETH has a number of utilities for our beloved readers.
Staking
Stake your $rtETH on Dopex to earn yield from the v2 Treasury’s underlying tokens - that’s the tokens that you originally bonded in with.
You will also be eligible for additional rewards including a share of 3k $DPX/year and a share of 675,000 $ARB during the STIP period.
rtETH/ETH LP
An rtETH/ETH liquidity pool will be created on Camelot which will be incentivized with 10 $DPX/day.
This will allow $rtETH holders to exit their positions at any time or LP to earn yield.
Redemption
You faded $rDPX and you think that you have a chance at redemption? Sure, go ahead.
$rtETH may be redeemed for 75% $ETH and 25% $rDPX from the v2 Treasury. The amount of $rDPX to be returned is based on the rDPX/ETH ratio at the time of redemption.
Note that there is a redemption fee of 2% at launch (variable)
What other changes are happening now?
Beyond the immediate utility for $rDPX and $ETH holders, there are a number of important changes that will be happening to various Dopex users.
$rDPX Holders
We will be introducing a 5% sell-side tax (variable and subject to change) on $rDPX.
Don’t like taxes? Simply bond into the system and this can be avoided!
What other changes are happening later?
Is this where the so-called “buck” stops? Nay, reader, there is a world of growth available to your favourite blue coin.
rDPX/ETH LPs
Our incentives to the rDPX/ETH pool on Camelot will be ceasing as v2 will bootstrap our own PoL. These incentives will move to an upcoming rtETH/ETH liquidity pool.
Want incentives? You already have $rDPX and $ETH - just bond into the system!
$rtETH as Option Collateral
Dopex v2 has a portfolio margin system with cross-collateral support, allowing you to use $rtETH to buy or sell options (on leverage too if you so desire). $rtETH collateral will remain staked allowing you to continue earning yield on your margin.
Wen? Soon.
Of course, this is only the tip of the integrations of $rtETH - as supply grows, we intend to integrate with any and all protocols.
Rebate System
The $rDPX vision was to act as a rebate system for Dopex LPs with sustainable utility.
We have the sustainability. Now give us the rebates.
We will soon be introducing Decaying Bondable $rDPX as a compensation mechanism for Dopex LPs, allowing our option writers to offset their costs by subsidising new $rtETH minting - something never before seen in the DeFi options space.
Wen? Also soon.
I want to know more!
If you still have any questions, your beloved CEO has prepared some more brainlet-level articles to walk you through the systems individual mechanics:
If you fancy yourself an intellectual, a full rDPX v2 System Specification has also been prepared.
Closing Comments
We are incredibly excited to finally release this behemoth of a product to our beloved and doting community.
For those that have stuck around through the easy times and the tough times, we extend our heartfelt gratitude and appreciation for your patience.
Onwards and upwards, people.
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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