Options protocols built on Ethereum and other networks saw falling volumes and users since the start of 2022 mirroring a fall in the broader crypto market. By shauryamalwa
Options protocols lost millions of dollars in locked value.
While options are predominantly used by banks and investment firms in traditional finance, several options protocols have sprouted in the past two years as decentralized finance – or products that use smart contracts for financial services – gained steam in the broader crypto market. Ether prices fell to under $2,200 at the start of January, losing 37% since November’s lifetime highs of over $4,800. Tokens of other layer 1, or base, blockchains fell similarly, with Solana’s SOL losing 59% and Polkadot’s DOT losing 63% since November highs, CoinGeckoDevelopers behind some crypto platforms said options for crypto – which are themselves a risky asset class – form one of the riskiest strategies in the market, one that sees an immediate exodus if conditions turn bearish.
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