The PsyOptions protocol will generate revenue from future fees through partner DOVs, and future trading protocols. Additionally, the PsyOptions protocol generates revenue through fees from volume traded on permissioned Serum markets.
These fees are deposited into an address controlled by the governance protocol with which PSY tokens can make proposals and cast votes.
PsyOptions (PSY): The backbone of the PsyOptions ecosystem. Natively on Solana (SPL token), cross listed as ERC20.
PsyOptions PsyOptions aims to become one of the foundational DeFi primitives on the Solana blockchain by offering completely trustless American style options for any SPL token. Providing this clearing house infrastructure to the Solana ecosystem will allow for increased composability between protocols, helping teams align incentives between themselves, their investors, their community members, and more.
PSY is purely a governance token that manages the smart contracts, and treasury of tokens through on-chain voting. Proposals will be made on-chain, and voted on with the PSY token.
There is currently no staking mechanism, however, this can change in the future through on-chain governance.
PSY Collectively, holders of PSY have the power to upgrade the protocol as they see fit, only constrained by the checks-and-balances of the DAO. This allows PSY holders to create incentives to reward participation and drive usage of the protocol. Anybody with 0.1% of the PSY token delegated to their address can propose a governance action; these are simple or complex sets of actions, such as adding support for a new asset, changing an asset’s collateral factor, changing a market’s interest rate model, or changing any other parameter or variable of the protocol that the current administrator can modify. Proposals are executable code, not suggestions for a team or foundation to implement. They are not limited to the governance protocol itself, but extend to all protocols created by the PsyOptionsDAO including the American v1 and European v1 protocols contributed by the creators at launch. All proposals are subject to a 3 day voting period, and any address with PSY delegated can vote for or against the proposal. If a majority, and at least 2% of the PSY token supply are cast for the proposal, it is queued in the Timelock, and can be implemented after 2 days.