1inch Network has partnered with the Opium derivatives platform. This will allow customers to work with Opium derivatives directly in the 1inch dApp.
“Crypto derivatives is a promising segment in the DeFi space, and this collaboration with Opium will open up new opportunities for 1inch users,” says Sergey Kuntz, co-founder of 1inch Network.
Opium API with derivatives pools will now appear in the 1inch app, with all transactions performed via an Opium smart contract.
What are crypto derivatives
Crypto derivatives work similarly to options contracts. They allow users to buy insurance against, for example, a significant drop in the value of ETH or, conversely, to bet on an increase in the price.
For example, a user buys Turbo ETH with a starting price of $2200. If the price of ETH exceeds $2200 on a specified future date, the user will automatically receive the difference between the price at the time of purchase and the $2200 price.
Users who provide liquidity to derivatives pools will receive income from commissions paid by derivatives buyers. Given the performance at launch, the annual return for such a Turbo 1INCH pool on Ethereum is projected to be 8.9%.
Initially, Turbo 1INCH derivatives will be available on Ethereum. On Polygon, users will be able to choose between Turbo1INCH and Turbo ETH.
A detailed guide to using Opium derivatives pools on 1inch can be found in this article.
Opium is a protocol that facilitates the creation, settlement and trading of decentralized derivatives. It is based on a set of Ethereum-based, open-source smart contracts. Users can launch or invest in decentralized derivatives.
The protocol released its OPIUM token in early 2021. The project raised $3.5 million in a private round and pre-sale, and the startup’s investors included Mike Novogratz, Galaxy Digital, QCP Soteria, HashKey, Alameda Research and others.
One of Opium’s first products was credit default swaps for Tether (USDT). They were intended to insure customers in the event of a Tether default.
Programmer. Recently, the main activity is programming smart contracts on Solidity in the Ethereum blockchain. Development of websites using smart contracts as part of their functionality.
Has experience in developing services using Lightning Network technology.
Actively interested in everything related to blockchains and cryptocurrencies.
