Opyn is an options trading platform built on Ethereum. It currently does not have a token, but the team announced on Discord that they will consider launching one as the protocol matures. As early users, we are in an opportune position to potentially earn massive token rewards. In this article, we will explain what Opyn is and what you can do to position yourself for the airdrop.
Opyn Airdrop Step-by-step Guide
Here’s how to receive a potential Opyn token airdrop:
- Connect Wallet to Opyn
- Trade Squeeth (oSQTH Token)
- Deposit on Crab USDC Strategy
- Deposit on Zen Bull ETH Strategy
- Provide Liquidity on Uniswap V3 SQTH-ETH Pool
See below for more details
What is Opyn?
Opyn is a DeFi options trading protocol that allows users to buy, sell or create options on ERC-20 tokens. It is powered by Squeeth, short for squared ETH, which is a derivative contract that tracks the index of ETH². This allows traders to make a leveraged bet on ETH, while also having protection from losses and not needing to worry about being forced to sell.
Does Opyn have a Token?
As of now, Opyn does not have a token yet. However, the team announced on Discord that they plan to launch one down the line as the protocol becomes more decentralized. Moreover, they also mentioned that most of the tokens will be distributed to the community, DAO, or in the form of grants. This means airdrop opportunities for early users of the protocol!
How to Receive Potential Opyn Token Airdrop?
The best chance to receive a potential Opyn token airdrop is to trade Squeeth (oSQTH token) or use deposit strategies on the platform. It is on the Ethereum mainnet, so you will need some ETH for trading and gas fees. Here’s a step-by-step guide:
- Connect Wallet to Opyn
Go to opyn.co and connect your MetaMask or other supported wallets. Switch the network to Ethereum, and have some ETH ready.
- Trade Squeeth (oSQTH Token)
Use ETH to buy oSQTH at opyn.co/squeeth. You can enter a long or short position, and it will tell how much your profit/loss and breakeven point is if ETH price goes up or down.
You can see all of your open positions at opyn.co/positions, and close them anytime. - Deposit on Crab USDC Strategy
You can earn yields on your USDC on opyn.co/strategies/crab. It is worth noting this strategy favors sideways market conditions for ETH, hence its name.
- Deposit on Zen Bull ETH Strategy
You can earn yields on your ETH on opyn.co/strategies/bull. This strategy favors low volatility markets where the price of ETH trends upwards.
- Provide Liquidity on Uniswap V3 SQTH-ETH Pool
You can provide SQTH-ETH liquidity at Uniswap via opyn.co/lp. It gives you exposure to ETH 1.5x leverage, but you give up some of your Squeeth in exchange for trading fees.
Airdrop Review
When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
Likelihood of Airdrop: Opyn doesn’t have a token yet, but the team mentioned that they will launch one as the protocol grows in the future.
Airdropped Token Allocation: The team mentioned that most of the tokens will be distributed to the community, DAO, or in the form of grants. This means airdrop opportunities for early users of the protocol!
Airdrop Difficulty: The steps are easy to complete, but it will require ETH.
Token Utility: Token utilities are unknown.
Token Lockup: There are no available tokenomics yet.
