Smilee v1
After months of research, we switched to custom synthetic engine, allowing to create any type of volatility-based payoff through mathematics.
The biggest benefits of this upgrade were:
📈 Increased capital efficiency — high liquidity utilization, extreme leverage with no liquidations, and more.
🪢 Composability — the ability to decompose just about anything related to volatility into Options and recompose them into more complex derivatives.
🤸♀️ Flexibility — swift & seamless integration of a wide range of assets regardless of their token type & mechanics.
As you might already know, the first two products we rolled out for Smilee are:
Real Yield (short volatility): provide DEX-like liquidity to earn yield in the form of $USDC.
Impermanent Gain (long volatility): turning Impermanent Loss into Impermanent Gain with up to 1000x leverage without liquidations.
Although Smilee v1 was indeed a revolutionary project, it had some limitations:
Being built on the CFAMM model, it wasn't capital efficient enough.
Traders had to wait until Vaults expiry to exercise their IG.
So we listened to feedback and decided to further improve the product...
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