From March 26th, we officially list PsyOptions Token (PSY) on the ONUS application. Soon after PSY is added, users can perform the following features:
- Off-chain transactions: Send and receive PSY with other users in the ONUS network.
- Exchange: Swap from VNDC or USDT to PSY and vice versa.
PsyOptions is an American style options protocol built on the Solana blockchain. Options are represented as SPL Tokens, which means they can be traded on any DEX that supports SPL Tokens. PsyOptions provides American Style Options, allowing holders to exercise the contract at any time till and on the expiration date.
Unlike other exchanges, where users are only able to buy call/put option, PsyOptions is the project that allows both buying and selling options (Option Writer). To write an option, one must lock the underlying asset in the amount specified by the option market. The option writer will receive two SPL Tokens. One represents the option, which the user may sell to generate yield. The other represents the written contract (the claim on the underlying asset) and can be exchanged for the underlying asset post expiration.
What is PSY Token?
PSY is a native token of the PsyOptions ecosystem, operating on Solana according to SPL standard. PSY is purely a governance token that manages the smart contracts, and treasury of tokens through on-chain voting. Proposals will be made on-chain, and voted on with the PSY token.
- Name: PsyOptions Token
- Symbol: PSY
- Platform: Solana
- Standard: SPL
- Type: Governance
- Smart Contract Address: PsyFiqqjiv41G7o5SMRzDJCu4psptThNR2GtfeGHfSq