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4th Weekly Twitter Space covering the Optimism ecosystem.
**Collect and own this episode as an NFT!
0.01 ETH mint, limited collection of 10 NFTs.
Proceeds are re-invested to grow the podcast and expand crypto education.
https://open.spotify.com/episode/7xLPeGYhosSaLRqXX97wdM
Featured Guest: Tam from Putty
Tam’s mission is to bring more financial sophistication to the NFT space by building an open-marketplace for ERC-20 and ERC-721 put and call options.
Jrocki read white paper and was one of the first in the discord
Putty is an options platform where you can buy and sell put options on NFTs and ERC 20 tokens.
Putty enables you to hedge your risk and protect your downside for floor price dropping or token price dropping.
For example, if you have an NFT worth 1 eth, and are worried the price might drop, you could buy a put option for a small premium at a strike price of .5 eth for say 1 month.
If the price of the NFT goes below 0.5 eth at any time during the next month, you could exercise that option, and get 0.5 eth from whoever sold the option to you.
Cally is also an options market, but for call options instead of puts.
Cally enables you to sell covered calls on your NFTs by setting a specific duration and premium.
Users can seek to earn a premium on NFT by staking it in a vault and selling a call on it.
Calls can be set based on a dutch auction.
If you set the parameters correctly, you can try to ensure the other side of trade is far out of the money, so you can kind of earn yield. Its a way to avoid being liquidated on your NFTs, although there is still risk.
Putty and Cally have done 50,000 worth of transactions.
FloorDAO sold a bunch of puts to another organization that was wanting to protect themselves on the forgotten runes wizard cult NFT collection.
Launched in January and built in the Solidity programming language, Putty and Cally will both be on Ethereum mainnet and Optimism, although currently MVP stage.
Putty and Cally were released testnet early in the development cycle - no gated or whitelist testnet required. Tam has appreciated users of the testnet version providing feedback and battle testing.
If you want to do something specific with Optimism tokens, reach out to Tam or jump in the Putty discord. They can help you find agreeable terms.
Putty Version 2:
They are developing specifications for version 2.
V2 of Putty will implement a model based on the Black-Scholes options pricing model, a mathematical method (using differential equations) to calculate the theoretical value of an option contract.
The Black-Scholes model requires 5 inputs. These factors determine a user’s likelihood of turning a profit:
strike price of an option
current stock (or token) price
time to expiration (duration)
risk-free rate
volatility of the token of NFT collection
An options protocol for ERC-20s and ERC-721 tokens will enable structured financial products to be built on top of these crypto assets, enabling retail crypto investors to access ERC-20 and ERC-721 based derivatives.
This will ultimately broaden and diversify the type of financial portfolio that can be built in the realm of cryptocurrency.
For example, a user could create a generic floor NFT option.
On top of an option based on the floor price of an NFT, you could create an NFT index that tracks the prices of a group of different NFT collections.
Imagine building an NFT based index fund that tracks the floor price of a set of blue-chip NFTs on mainnet - such as Crypto Punks, Bored Ape Yacht Club, Xcopy, and Doodles.
Another use case for Putty is in GameFI, where users taking damage or health los. Loss of health impacts the price of the NFT when they go to sell it. To mitigate downside risk of damaging your in-game NFT, the user could buy a put option on the NFT before they engage in the task that can damage the price of the NFT. This is a way to hedge potential risk.
A lot of Runescape players got interested in GameFI by way of selling characters and gold online. If we create Runescape on top of a blockchain, it could be a huge use case.
Tam is also stacking optipunks ahead of the OP airdrop
Soul bound NFTs: non-transferable and non-traceable.
ID cards, certificates of completion, building credibility
being non-tradeable, soulbound tokens are not getting the attention they deserve.
soulbound NFTs could facilitate uncollateralized loans, enabling people to building credibility ( similar to how a credit score is used by financial institutions to assess the risk of taking on an individual customer )
Optimism stats:
gas is 95X cheaper on Optimism than Ethereum mainnet
Optimism gas was between 18-32 cents over the last week
60,000 transactions per day, doubled in less than a year.
200,000 unique users per day
OP token soon (had not launched yet)
248,000 eligible wallet addresses for the OP airdrop
Hop Protocol
HOP proposal allocated 1 million OP tokens to subsidize bridging costs for users.
every user that onboards using hop will have those fees paid back to them.
interaction with HOP protocol will enable you to earn OP rewards.
Cryptovania mint - Quixotic created a direct fiat on-ramp to the website.
4th Weekly Twitter Space covering the Optimism ecosystem.
**Collect and own this episode as an NFT!
0.01 ETH mint, limited collection of 10 NFTs.
Proceeds are re-invested to grow the podcast and expand crypto education.
https://open.spotify.com/episode/7xLPeGYhosSaLRqXX97wdM
Featured Guest: Tam from Putty
Tam’s mission is to bring more financial sophistication to the NFT space by building an open-marketplace for ERC-20 and ERC-721 put and call options.
Jrocki read white paper and was one of the first in the discord
Putty is an options platform where you can buy and sell put options on NFTs and ERC 20 tokens.
Putty enables you to hedge your risk and protect your downside for floor price dropping or token price dropping.
For example, if you have an NFT worth 1 eth, and are worried the price might drop, you could buy a put option for a small premium at a strike price of .5 eth for say 1 month.
If the price of the NFT goes below 0.5 eth at any time during the next month, you could exercise that option, and get 0.5 eth from whoever sold the option to you.
Cally is also an options market, but for call options instead of puts.
Cally enables you to sell covered calls on your NFTs by setting a specific duration and premium.
Users can seek to earn a premium on NFT by staking it in a vault and selling a call on it.
Calls can be set based on a dutch auction.
If you set the parameters correctly, you can try to ensure the other side of trade is far out of the money, so you can kind of earn yield. Its a way to avoid being liquidated on your NFTs, although there is still risk.
Putty and Cally have done 50,000 worth of transactions.
FloorDAO sold a bunch of puts to another organization that was wanting to protect themselves on the forgotten runes wizard cult NFT collection.
Launched in January and built in the Solidity programming language, Putty and Cally will both be on Ethereum mainnet and Optimism, although currently MVP stage.
Putty and Cally were released testnet early in the development cycle - no gated or whitelist testnet required. Tam has appreciated users of the testnet version providing feedback and battle testing.
If you want to do something specific with Optimism tokens, reach out to Tam or jump in the Putty discord. They can help you find agreeable terms.
Putty Version 2:
They are developing specifications for version 2.
V2 of Putty will implement a model based on the Black-Scholes options pricing model, a mathematical method (using differential equations) to calculate the theoretical value of an option contract.
The Black-Scholes model requires 5 inputs. These factors determine a user’s likelihood of turning a profit:
strike price of an option
current stock (or token) price
time to expiration (duration)
risk-free rate
volatility of the token of NFT collection
An options protocol for ERC-20s and ERC-721 tokens will enable structured financial products to be built on top of these crypto assets, enabling retail crypto investors to access ERC-20 and ERC-721 based derivatives.
This will ultimately broaden and diversify the type of financial portfolio that can be built in the realm of cryptocurrency.
For example, a user could create a generic floor NFT option.
On top of an option based on the floor price of an NFT, you could create an NFT index that tracks the prices of a group of different NFT collections.
Imagine building an NFT based index fund that tracks the floor price of a set of blue-chip NFTs on mainnet - such as Crypto Punks, Bored Ape Yacht Club, Xcopy, and Doodles.
Another use case for Putty is in GameFI, where users taking damage or health los. Loss of health impacts the price of the NFT when they go to sell it. To mitigate downside risk of damaging your in-game NFT, the user could buy a put option on the NFT before they engage in the task that can damage the price of the NFT. This is a way to hedge potential risk.
A lot of Runescape players got interested in GameFI by way of selling characters and gold online. If we create Runescape on top of a blockchain, it could be a huge use case.
Tam is also stacking optipunks ahead of the OP airdrop
Soul bound NFTs: non-transferable and non-traceable.
ID cards, certificates of completion, building credibility
being non-tradeable, soulbound tokens are not getting the attention they deserve.
soulbound NFTs could facilitate uncollateralized loans, enabling people to building credibility ( similar to how a credit score is used by financial institutions to assess the risk of taking on an individual customer )
Optimism stats:
gas is 95X cheaper on Optimism than Ethereum mainnet
Optimism gas was between 18-32 cents over the last week
60,000 transactions per day, doubled in less than a year.
200,000 unique users per day
OP token soon (had not launched yet)
248,000 eligible wallet addresses for the OP airdrop
Hop Protocol
HOP proposal allocated 1 million OP tokens to subsidize bridging costs for users.
every user that onboards using hop will have those fees paid back to them.
interaction with HOP protocol will enable you to earn OP rewards.
Cryptovania mint - Quixotic created a direct fiat on-ramp to the website.
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