简介：

去中心化外来衍生品协议，是一类将基本期权（例如看涨/看跌）与高级期权特征相结合的期权产品，为投资者创建打包产品，产生卓越的收益的协议。

Cega希望能成为deFi社区中第一家为奇异期权提供去中心化协议的平台。通过我们的协议，用户可以以非常灵活的方式来参与到虚拟货币的衍生品交易。Cega预计将于2022年的4月上线第一批收益池，为用户提供相对高额回报的同时妥善管理用户所承受的风险。

Cega的收益池是建立在我们对大量deFi用户长期研究和观察后总结的用户三大需求上：

1.      deFi用户希望能获得高额的收益。

2.      deFi用户一直在探寻简单易懂的去中心化产品。

3.      deFi用户不希望自己的本金遭到清算。

基于以上三大需求，cega协议旨在为用户提供相对高额收益的同时对用户进行保障。我们借鉴了传统金融中的固定收益产品结构并将deFi的去中心化，交易便捷性以及风险控制等优势与其融合，在区块链上部署固定收益产品协议。

从整体衍生品交易市场来看，各大虚拟货币的衍生品交易量在过去的18个月内增长了10倍，在过去的24个月内增长近100倍。我们研究和观察了大量虚拟货币衍生品交易后总结了三种获取收益的方式：

1.      借贷/权益质押-通过质押自己所持虚拟货币的方式来获取收益。

2.      欧式期权策略-例如Covered call（持有虚拟货币，出售欧式看涨期权）等。

3.      简单的奇异期权策略-例如购买或者出售障碍期权等。

首先，随着越来越多的用户参与借贷和权益质押导致流动性的增加，我们预期第一种方式的收益将不可避免的越来越低。其次，第二种方式的收益大都有固定上限，而可能产生的损失会非常大。最后，第三种方式对大部分deFi用户来说非常新兴。除去流动性低导致收益损失外，奇异期权的复杂程度使得很多deFi用户望而却步。

奇异期权本身的复杂性以及交易所的对流动性的支持不完善会使得在目前的阶段对于这些期权的估值和风险对冲非常困难，然而我们预计随着deFi社区的逐步完善与成熟，对于奇异期权的估值和风险控制的困境将会逐步好转。

基于以上的研究，Cega立志于给deFi社区提供第四种收益获取的方式：通过和各大deFi平台的合作，我们在为用户提供交易奇异期权产品的选择的同时，免去了大部分用户需要对复杂奇异期权研究以及风险控制的了解和学习的繁琐步骤，给用户设计一种在能获取收益同时把控和对冲风险的产品。

我们的中期目标是与各大衍生品交易所进一步合作，将产品风险通过多策略来对冲，将deFi用户所承受的风险进一步的减少并免去用户自己对冲风险所产生的麻烦和额外的费用。

我们的长期目标是将我们的产品扩大覆盖所有的虚拟货币，并将市场扩展到二级市场以及虚拟货币以外的传统金融市场，给予传统金融和deFi社区双向选择权。

我们很高兴的宣布Cega刚以高达六千万美金的估值完成了种子轮融资，由Dragonfly Capital Partners领投，Pantera为第二大投资人和合作伙伴。Cega更是收到了Alameda Research, Coinbase Ventures, Celsius, Robot Ventures, HackVC以及多名知名天使投资人的关注和投资。

Cega的创始人团队由资深奇异期权交易员，具有丰富区块链和去中心化协议开发经验的硅谷程序员以及拥有丰富数据分析经验的湾区科技公司数据分析师构成。

我们欢迎deFi社区通过多个渠道来关注我们。推特:@cega_fi, discord:discord.gg/cega

白皮书

Cega: Decentralized Exotic Derivatives @arisatoyo

Introduction

Cega is the first decentralized derivatives protocol focused on pure exotic derivatives*1. Cega is founded upon four key user insights.

(1) Users have observed that yields are declining in the market as institutional players come in (2) Users feel that existing consumer-facing option products lack in strategic diversity (3) Users feel that crypto project UX can be difficult to navigate (4) Users want to ape and achieve the above without getting rugged.

The Cega protocol aims to offer one of the highest yield products across the crypto market with barriers that help control the risk exposure for decentralized finance users. This is possible through creating a structured note with exotic derivative characteristics and implementing it on a network with fast transactions, availability of derivative liquidity, and strong risk management capabilities.

Opportunity

The decentralized derivatives environment remains nascent. The space has grown from $0.2B to $3B between 2019 and 2021—which is still less than 3% of the entire defi ecosystem and <0.001% of the entire tradfi derivatives ecosystem.

Defi derivs is trailing the evolution of tradfi ecosystem, where the growth of vanilla derivatives liquidity helped create the foundation for exotic derivatives and the growth of synthetic liquidity. Exotic options were previously deemed too complex to implement due to the nature of the value of option shifting too much near barriers. However, Cega believes that the market is now ready with the emergence of high tps cheap networks.

Cega is creating heavy exotic option strategies, which will combine baskets of options with exotic characteristics such as barriers and correlation to structure a retail-focused solution. Cega’s entry point is the retail market by creating an attractive investment opportunity focused on a higher yielding but safer solution.

Cega’s products are attractive positions for market makers. Market makers will have both cheap protection against downside as well as an upside position that provides liquidity for existing option vault strategies in the market.

In the long term, Cega aims to list the solutions on secondary markets, increase product offering to non-crypto markets, and to expand staking capability to cross-chain tokens. Cega also looks to experiment with community-driven structure solutions, pricing models, and hedging solutions. Cega will also create data availability of path-dependent pricing models to expand the DeFi derivatives ecosystem.

Product

Cega is building a structured note, which is a product that behaves like a bond with underlying option baskets. Users are guaranteed daily fixed coupons, with a high yield generated through a put selling strategy. The product includes barriers to mitigate loss; users are less likely to get exposed to the loss of principal stake and more likely to gain compounded interest. *2

For the rest of this paper, we define exotic structures in the following buckets: · Vanilla and exotic options are differentiated by the pricing model. Vanilla is priced through the Black-Scholes formula; Exotic is priced through a path-dependent Monte-Carlo model *3. · Light exotic is defined as a single or a combination of vanilla option strategy that includes one exotic quality, such as a barrier or a basket (i.e. 110% call with a 120% KO barrier) · Heavy exotic is defined as a structure that includes more than one options with an exotic quality (i.e. a 110% call with 120% KO barrier and a 90% put with a 80% KI barrier)

The product will be a basket of light exotics structured into a retail-friendly high-yield solution yielding over 40% at a minimum. The MVP of Cega will have three options.

(1) High risk, high yield (2) Medium risk, medium yield (3) Low risk, low yield

Specifics of the product will differ among the strategies, but a few characteristics will be common:

· End users will generally be taking a short volatility, long delta position of the market · The premium will generally be paid out as fixed daily yield · Barriers will exist on either the upper end and lower end of spot of one or more of underlying, with upper end being a KO and lower end being a KI · If a market experiences a bull run and the product KO, users will re-enter a new product automatically · The asset volatility curve will become available market data, as well as exotic option prices

The levels of yield and risk will be determined by characteristics including but not limited to:

· Underlying assets spanning across asset classes (i.e. crypto, traditional equity, fiat currency) · Distance of barrier compared to spot price of underlying · Number of underlying · Volatility of underlying · Correlation of spot between underlying · Correlation of volatility between underlying · Yield of underlying forward

Operation

Cega’s revenue source will be from two things: fee on trade and spread. Governance token will be a backstop for the insurance fund, fees and revenue will go to the gov token holders.

The on-chain contract will be simple, it will explain the payout profile between two addresses.

Contact

Arisa Toyosaki @arisatoyo

Reference

*1 https://www.investopedia.com/terms/e/exoticoption.asp *2 https://www.dbs.com.sg/private-banking/investments/product-suite/structured-investments/fixed-coupon-notes *3 https://en.wikipedia.org/wiki/Monte_Carlo_method

推特： https://twitter.com/cega_fi

Discord： https://discord.gg/WHsdUzBK

最新动态： Cega Finance（“Cega”）是第一个去中心化金融（“DeFi”）奇异结构产品协议，今天宣布它筹集了 430 万美元的种子轮融资，由 Dragonfly Capital Partners 领投，Pantera Capital、Coinbase Ventures、Alameda Research、Solana 参投风险投资等等。 链接查询地址：https://cegafi.medium.com/cega-raises-4-3m-10c421181dfe

最新的Discord活动： 我们现在拥有@Super Sanics 的角色，他们是发布高质量内容/模型的积极贡献者 它可能是：

1. 视频 这应该是关于 CEGA 及其功能的内容丰富且易于理解的视频。您可以依赖现有的协议信息来创建内容。 2.文章。 您可以在自己或其他人的博客上发表文章，最好与 CEGA 和 DeFi、加密或区块链相关。

2. 信息图 您可以使用图表/图标/模因来解释 CEGA。请确保它易于理解且不会提供过多信息。 4.推特 发布一条关于 CEGA 的深思熟虑的推文，应该会引起其他用户的回应。 您可以分享有关 CEGA 的帖子。确保它是最新的、信息丰富的和/或有趣的。

3. 视频 您可以录制一段视频，讨论 CEGA 以及您对新流动性提供者协议的体验。请确保该视频已被观看并且不包含任何财务建议。 内容可以是什么主题的选项：什么是 CEGA；使命;它解决的问题；它与其他协议有何不同；协议的主要特点等等。

简介：

去中心化外来衍生品协议，是一类将基本期权（例如看涨/看跌）与高级期权特征相结合的期权产品，为投资者创建打包产品，产生卓越的收益的协议。

Cega希望能成为deFi社区中第一家为奇异期权提供去中心化协议的平台。通过我们的协议，用户可以以非常灵活的方式来参与到虚拟货币的衍生品交易。Cega预计将于2022年的4月上线第一批收益池，为用户提供相对高额回报的同时妥善管理用户所承受的风险。

Cega的收益池是建立在我们对大量deFi用户长期研究和观察后总结的用户三大需求上：

1.      deFi用户希望能获得高额的收益。

2.      deFi用户一直在探寻简单易懂的去中心化产品。

3.      deFi用户不希望自己的本金遭到清算。

基于以上三大需求，cega协议旨在为用户提供相对高额收益的同时对用户进行保障。我们借鉴了传统金融中的固定收益产品结构并将deFi的去中心化，交易便捷性以及风险控制等优势与其融合，在区块链上部署固定收益产品协议。

从整体衍生品交易市场来看，各大虚拟货币的衍生品交易量在过去的18个月内增长了10倍，在过去的24个月内增长近100倍。我们研究和观察了大量虚拟货币衍生品交易后总结了三种获取收益的方式：

1.      借贷/权益质押-通过质押自己所持虚拟货币的方式来获取收益。

2.      欧式期权策略-例如Covered call（持有虚拟货币，出售欧式看涨期权）等。

3.      简单的奇异期权策略-例如购买或者出售障碍期权等。

首先，随着越来越多的用户参与借贷和权益质押导致流动性的增加，我们预期第一种方式的收益将不可避免的越来越低。其次，第二种方式的收益大都有固定上限，而可能产生的损失会非常大。最后，第三种方式对大部分deFi用户来说非常新兴。除去流动性低导致收益损失外，奇异期权的复杂程度使得很多deFi用户望而却步。

奇异期权本身的复杂性以及交易所的对流动性的支持不完善会使得在目前的阶段对于这些期权的估值和风险对冲非常困难，然而我们预计随着deFi社区的逐步完善与成熟，对于奇异期权的估值和风险控制的困境将会逐步好转。

基于以上的研究，Cega立志于给deFi社区提供第四种收益获取的方式：通过和各大deFi平台的合作，我们在为用户提供交易奇异期权产品的选择的同时，免去了大部分用户需要对复杂奇异期权研究以及风险控制的了解和学习的繁琐步骤，给用户设计一种在能获取收益同时把控和对冲风险的产品。

我们的中期目标是与各大衍生品交易所进一步合作，将产品风险通过多策略来对冲，将deFi用户所承受的风险进一步的减少并免去用户自己对冲风险所产生的麻烦和额外的费用。

我们的长期目标是将我们的产品扩大覆盖所有的虚拟货币，并将市场扩展到二级市场以及虚拟货币以外的传统金融市场，给予传统金融和deFi社区双向选择权。

我们很高兴的宣布Cega刚以高达六千万美金的估值完成了种子轮融资，由Dragonfly Capital Partners领投，Pantera为第二大投资人和合作伙伴。Cega更是收到了Alameda Research, Coinbase Ventures, Celsius, Robot Ventures, HackVC以及多名知名天使投资人的关注和投资。

Cega的创始人团队由资深奇异期权交易员，具有丰富区块链和去中心化协议开发经验的硅谷程序员以及拥有丰富数据分析经验的湾区科技公司数据分析师构成。

我们欢迎deFi社区通过多个渠道来关注我们。推特:@cega_fi, discord:discord.gg/cega

白皮书

Cega: Decentralized Exotic Derivatives @arisatoyo

Introduction

Cega is the first decentralized derivatives protocol focused on pure exotic derivatives*1. Cega is founded upon four key user insights.

(1) Users have observed that yields are declining in the market as institutional players come in (2) Users feel that existing consumer-facing option products lack in strategic diversity (3) Users feel that crypto project UX can be difficult to navigate (4) Users want to ape and achieve the above without getting rugged.

The Cega protocol aims to offer one of the highest yield products across the crypto market with barriers that help control the risk exposure for decentralized finance users. This is possible through creating a structured note with exotic derivative characteristics and implementing it on a network with fast transactions, availability of derivative liquidity, and strong risk management capabilities.

Opportunity

The decentralized derivatives environment remains nascent. The space has grown from $0.2B to $3B between 2019 and 2021—which is still less than 3% of the entire defi ecosystem and <0.001% of the entire tradfi derivatives ecosystem.

Defi derivs is trailing the evolution of tradfi ecosystem, where the growth of vanilla derivatives liquidity helped create the foundation for exotic derivatives and the growth of synthetic liquidity. Exotic options were previously deemed too complex to implement due to the nature of the value of option shifting too much near barriers. However, Cega believes that the market is now ready with the emergence of high tps cheap networks.

Cega is creating heavy exotic option strategies, which will combine baskets of options with exotic characteristics such as barriers and correlation to structure a retail-focused solution. Cega’s entry point is the retail market by creating an attractive investment opportunity focused on a higher yielding but safer solution.

Cega’s products are attractive positions for market makers. Market makers will have both cheap protection against downside as well as an upside position that provides liquidity for existing option vault strategies in the market.

In the long term, Cega aims to list the solutions on secondary markets, increase product offering to non-crypto markets, and to expand staking capability to cross-chain tokens. Cega also looks to experiment with community-driven structure solutions, pricing models, and hedging solutions. Cega will also create data availability of path-dependent pricing models to expand the DeFi derivatives ecosystem.

Product

Cega is building a structured note, which is a product that behaves like a bond with underlying option baskets. Users are guaranteed daily fixed coupons, with a high yield generated through a put selling strategy. The product includes barriers to mitigate loss; users are less likely to get exposed to the loss of principal stake and more likely to gain compounded interest. *2

For the rest of this paper, we define exotic structures in the following buckets: · Vanilla and exotic options are differentiated by the pricing model. Vanilla is priced through the Black-Scholes formula; Exotic is priced through a path-dependent Monte-Carlo model *3. · Light exotic is defined as a single or a combination of vanilla option strategy that includes one exotic quality, such as a barrier or a basket (i.e. 110% call with a 120% KO barrier) · Heavy exotic is defined as a structure that includes more than one options with an exotic quality (i.e. a 110% call with 120% KO barrier and a 90% put with a 80% KI barrier)

The product will be a basket of light exotics structured into a retail-friendly high-yield solution yielding over 40% at a minimum. The MVP of Cega will have three options.

(1) High risk, high yield (2) Medium risk, medium yield (3) Low risk, low yield

Specifics of the product will differ among the strategies, but a few characteristics will be common:

· End users will generally be taking a short volatility, long delta position of the market · The premium will generally be paid out as fixed daily yield · Barriers will exist on either the upper end and lower end of spot of one or more of underlying, with upper end being a KO and lower end being a KI · If a market experiences a bull run and the product KO, users will re-enter a new product automatically · The asset volatility curve will become available market data, as well as exotic option prices

The levels of yield and risk will be determined by characteristics including but not limited to:

· Underlying assets spanning across asset classes (i.e. crypto, traditional equity, fiat currency) · Distance of barrier compared to spot price of underlying · Number of underlying · Volatility of underlying · Correlation of spot between underlying · Correlation of volatility between underlying · Yield of underlying forward

Operation

Cega’s revenue source will be from two things: fee on trade and spread. Governance token will be a backstop for the insurance fund, fees and revenue will go to the gov token holders.

The on-chain contract will be simple, it will explain the payout profile between two addresses.

Contact

Arisa Toyosaki @arisatoyo

Reference

*1 https://www.investopedia.com/terms/e/exoticoption.asp *2 https://www.dbs.com.sg/private-banking/investments/product-suite/structured-investments/fixed-coupon-notes *3 https://en.wikipedia.org/wiki/Monte_Carlo_method

推特： https://twitter.com/cega_fi

Discord： https://discord.gg/WHsdUzBK

最新动态： Cega Finance（“Cega”）是第一个去中心化金融（“DeFi”）奇异结构产品协议，今天宣布它筹集了 430 万美元的种子轮融资，由 Dragonfly Capital Partners 领投，Pantera Capital、Coinbase Ventures、Alameda Research、Solana 参投风险投资等等。 链接查询地址：https://cegafi.medium.com/cega-raises-4-3m-10c421181dfe

最新的Discord活动： 我们现在拥有@Super Sanics 的角色，他们是发布高质量内容/模型的积极贡献者 它可能是：

1. 视频 这应该是关于 CEGA 及其功能的内容丰富且易于理解的视频。您可以依赖现有的协议信息来创建内容。 2.文章。 您可以在自己或其他人的博客上发表文章，最好与 CEGA 和 DeFi、加密或区块链相关。

2. 信息图 您可以使用图表/图标/模因来解释 CEGA。请确保它易于理解且不会提供过多信息。 4.推特 发布一条关于 CEGA 的深思熟虑的推文，应该会引起其他用户的回应。 您可以分享有关 CEGA 的帖子。确保它是最新的、信息丰富的和/或有趣的。

3. 视频 您可以录制一段视频，讨论 CEGA 以及您对新流动性提供者协议的体验。请确保该视频已被观看并且不包含任何财务建议。 内容可以是什么主题的选项：什么是 CEGA；使命;它解决的问题；它与其他协议有何不同；协议的主要特点等等。