PsyOptions releases PsyFinance V2

The evolution brings European-style options instead

Formerly known as Tap Finance, PsyFinance is Solana based. The platform is a suite of option strategy vaults that are created to generate yields for single token assets that are sustainable. As stated on their website “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.”

Currently, with the new version of their PsyFinance platform, it seems things are taking a bit of a change. With the newer version of PsyFinance users will notice an improved user interface that focuses on capital efficiency and transparency. Another more prominent change is the platform changing from American-style options to European-style options. This is a move meant to improve capital efficiency and should result in higher earnings for users.

The are many more features promised with the update that is meant to boost value and increase the transparency of the project for all crypto structure products. The team is working on the following new features that will build on the future of the platform:

User Experience: Single transaction ability to initialize, deposit and withdraw a receipt. The user can also exchange the receipt next epoch automatically, which will save users not only money but time. Users will also have the ability to cancel any pending withdrawals or deposits.

Fee Structure: The new version will see all vaults in v2 tagged with a 10% performance fee and 0.1% withdrawal fee. These fees will aid in the continued development of the project.

Vault Auctions: Using the order book of PsyOptions x Serum opens up the market of weekly options to anyone that wants to make a bid. Recent USDC bidding was introduced and users only need one asset to bid on a single or multiple auctions.

Psyfinance UI upgrades: The platform now has a landing page, a TVL and Premiums Earned Tracker, A Risk Assessment Page, and online user support.

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