Solana-Based PsyOptions Makes Headway to Decentralized Options

Source : coinquora.com

DeFi News

    • Solana-based options protocol PsyOptions acquires Tap Finance.
    • This is the first step for PsyOptions’ goal to become the go-to on-chain financial services provider for DeFi users all over the world.
    • The company is actively developing the v2 DOV combining both technologies.

PsyOptions, an options protocol built on Solana, has entered the Decentralized Options Vault (DOV) space by acquiring Tap Finance.

As a result, Tap Finance will be rebranding to PsyFinance. The DOV company will bring its offerings under the Psy Ecosystem umbrella. The new infrastructure allows the team to spin up vaults immediately to match market and user demand. PsyOptions Core Contributor Tommy Johnson shared his excitement about bringing Tap onboard.

Our team is extremely excited to bring Tap under the PSY DAO to lead structured products. This deal isn’t just great because of these incredible developers and people, we are also quickly expanding the PSY DAOs geographical footprint to increase censorship resistance and create an ecosystem with no bounds. We’ve created an incredible roadmap together, and have already begun executing!

Meanwhile, Tap Finance Co-Founder Jerry expressed his own optimism about the acquisition.

The Tap team is excited to be bringing the future of DeFi structured products under the PSY DAO. Joining the PSY DAO will allow us to rapidly scale, and provide our customers with a new generation of option strategies that will reduce risk and provide superior returns.”

This acquisition is Psy Option’s first step in fulfilling its vision to become the de facto on-chain financial services provider for DeFi users internationally. As a result of this acquisition, users can now access options-based yield under one roof.

Psy Options is also actively developing a v2 DOV that will take advantage of the company’s technology. Additionally, the company is also working on liquidity mining initiatives for the v2 DOV.

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