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Decentralized Finance Options Smart Pool: A New Investment Approach in Web3 with Returns of 15-50% Igniting the Market
DeFi Options Smart Pool: An Innovation that Changes the Game
In the second half of 2021, the DeFi Options Smart Pool (DOV) rapidly emerged, attracting not only retail investors but also catching the attention of large institutional investors. Since its launch, DOV has shown explosive growth, dominating the total locked value of DeFi options, with monthly trading nominal amounts reaching billions of dollars.
The Essence of DOV
The biggest advantage of DOV lies in its ease of operation. Investors only need to stake their assets in the Smart Pool to automatically allocate options strategies for these assets. Before the emergence of DOV, eligible investors could only execute options strategies through over-the-counter trading or by using specific options exchanges.
The main strategies currently adopted are ordinary covered call options and cash-covered put options, which provide the highest base yield in the DeFi space (typically between 15-50%). In addition, users can also receive additional token rewards, further enhancing overall returns.
In some cases, the collateral in the Smart Pool can also earn staking or governance rewards, which means that the same Smart Pool can generate three types of returns: options premiums, token rewards, and staking rewards. This combination creates an unprecedented sustainable high-yield model in the Decentralized Finance sector.
On the other hand, market makers are also actively purchasing these Options from the Smart Pool, and the premiums they pay in advance further increase the underlying yield.
The Revolutionary Impact of DOV
Traditional DeFi yields mainly rely on token rewards, which has sustainability issues. In contrast, DOV's base yield does not rely on token rewards at all, but rather enhances returns by monetizing the high volatility of the underlying assets. This model not only addresses the diminishing yield problem but also provides more investors with the opportunity to leverage the high implied volatility of cryptocurrencies.
DOV adopts a hybrid DeFi model, conducting investment, collateral management, price discovery, and settlement on-chain, while performing nonlinear risk management off-chain. This model effectively addresses the sell-side issue by introducing collateral and pairing it with market makers, while eliminating the need for clearing. This innovation could fundamentally change the structure of financial products and the way they are traded.
DOV is rapidly becoming a major trading venue and source of liquidity for token Options, with this liquidity expected to extend into the centralized finance space. Additionally, DOV provides a new income source for various token holders, which is expected to significantly improve the spot liquidity of the tokens.
The Future Development Potential of DOV
DOV is not limited to the current simple strategies; it also has various development potentials:
More complex options structures and exotic options can be introduced, and it may even develop into more complex nonlinear products.
Options contracts can be tokenized and traded in the secondary market, potentially forming a complete decentralized options exchange.
DOV is changing the way asset management operates, allowing ordinary investors to participate in complex trading strategies.
DOV abandons the high fee model of traditional hedge funds and achieves true disintermediation through a token reward mechanism.
Overview of Mainstream DOV Protocols
Ribbon.Finance: A pioneer in DOV, based on Ethereum, with a total locked amount of nearly $200 million.
Thetanuts.Finance: Focused on multi-chain operability, supporting multiple EVM-compatible chains.
StakeDAO: Currently operating on Ethereum, with plans to expand to Polygon.
Other DOVs worth paying attention to include Friktion.Finance and Katana Finance on the Solana chain, Opium.Finance on the Polygon chain, and Arrow Markets on the Avalanche chain.
With the continuous development and innovation of DOV, it is expected to continue to drive the evolution of the DeFi ecosystem, providing investors with more diverse and efficient financial tools and strategies.