Dopex

Dopex is an Arbitrum-native decentralized options protocol whose Single Staking Option Vaults (SSOVs) let users write and buy options with pooled liquidity, automating options yield strategies.

SSOV design concentrates option liquidity at chosen strikes, with rebate mechanics to offset writer losses.

- Single Staking Option Vaults (SSOV): Dopex's flagship product. Depositors lock a single asset into a vault and effectively sell covered call (SSOV) or cash-secured put (SSOV-P) options at a set of fixed strikes chosen for a monthly or weekly epoch. Deposits are also staked to farm rewards, so writers earn option premiums plus yield without needing to manage option Greeks. SSOVs concentrate option liquidity at chosen strikes, giving buyers on-chain options across assets such as ETH, BTC, DPX, rDPX, gOHM and GMX. - DPX (governance token): Finite-supply governance and value-accrual token capped at 500,000. DPX holders vote on protocol proposals (including rebate percentages) and the token accrues fees/income from pools, vaults and custodial accounts. Migrated to SYK at 1 DPX = 100 SYK in the 2024 Stryke rebrand. - rDPX (rebate token): The Dopex Rebate Token, designed to compensate option writers for losses. Each epoch a percentage of rDPX relative to the value of writer losses is minted and distributed to option-pool participants; the rebate percentage is set by DPX governance. rDPX V2 later added a bonding/synthetic-asset (dpxETH/rtETH) design. Migrated to SYK at 1 rDPX = 13.333 SYK in the rebrand. - Atlantic Options: Capital-efficient options whose collateral can be borrowed against while the option is live. Atlantic puts can be used as collateral by other protocols/strategies (e.g., alongside GMX) to build leveraged positions with a defined maximum loss. Atlantic Straddles were also deployed. - CLAMM (Concentrated Liquidity Automated Market Maker options): Dopex/Stryke's LPDfi product that lets concentrated-liquidity LP positions (Uniswap-v3-style) be lent out and exercised as American-style on-chain options, letting traders buy calls/puts against real DEX liquidity. CLAMM became the core product carried into the Stryke rebrand and is integrated with DEXs including PancakeSwap.

- DPX (DPX) — Token, Governance & utility token - rDPX (rDPX) — Receipt, Dopex rebate token

- Smart Contract: Dopex/Stryke is a complex options and LPDfi (CLAMM) system with many interacting contracts (SSOVs, rDPX V2 bonding, CLAMM). Bugs in option settlement, collateral accounting or the CLAMM lending logic could cause loss of writer/LP funds; the codebase required multiple audits and a public Code4rena contest on rDPX V2. - Governance: Key economic parameters (notably the rDPX rebate percentage) were set by DPX-holder governance, and the 2024 decision to sunset products and force-migrate DPX/rDPX into SYK shows governance/team decisions can materially and unilaterally change token value and product availability for holders. - Oracle: Option pricing, strike settlement and CLAMM exercise depend on external price feeds. Inaccurate, stale or manipulated oracle prices could misprice premiums or trigger mispriced exercises, transferring value between writers and buyers. - Counterparty: SSOV writers are the counterparty to option buyers with a capped-but-real payoff obligation; the rDPX rebate only offsets a portion of writer losses. In sharp moves, writers can realize losses that the rebate mechanism does not fully cover, and the rebate token itself must retain value for the mechanism to compensate. - Systemic: The protocol is Arbitrum-native and deeply integrated with the broader DeFi/DEX stack (Curve for rtETH liquidity, GMX for Atlantic strategies, Uniswap-v3-style liquidity for CLAMM). Stress or failure in those dependencies, or the winding-down/rebrand of Dopex itself, can impair liquidity and product continuity.

- Listed equity options exchange (e.g., CBOE / options market maker): similar — Both let participants buy and sell standardized call/put options at defined strikes and expiries, with writers collecting premium and buyers gaining leveraged directional/hedging exposure.; differs — Dopex is fully on-chain, permissionless and non-custodial with automated vault-based writing (no KYC or clearinghouse). Liquidity is pooled at pre-set strikes via SSOVs rather than a continuous order book, and settlement/collateralization is enforced by smart contracts rather than a central counterparty. - Covered-call income funds / buy-write ETFs (e.g., a covered-call strategy fund): similar — SSOV depositors run essentially the same payoff as a systematic covered-call/buy-write strategy: hold an asset, sell calls against it, and earn premium income.; differs — The Dopex vault automates strike selection per epoch and pays premiums plus on-chain staking rewards, with rebate-token compensation for writer losses; a TradFi buy-write fund has a manager, custody, fees and no token-based loss rebate.