Dopex

Derivatives · Option Vaults · DPX

NetworkDerivativesOption VaultsAuto-Strategy0 coinsVerified

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.

Decentralized options exchange with single-staking vaults.

Protocol TVL

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Research

Components, facts, FAQ, timeline, and tokenomics in one place

Main components (5)

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.

Differentiator

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

Organizational structure

Units & roles

Team Dopex (pseudonymous)
Dopex was built and run by a largely anonymous/pseudonymous team publishing under 'Team Dopex'. Public founder identities were not disclosed; the project and early seed backers were described as anonymous DeFi participants.
Founding/core team

Similarity to traditional finance products

How Dopex maps onto established TradFi structures, and where it diverges.

TradFi product	Similarity to Dopex	Key differences
Listed equity options exchange (e.g., CBOE / options market maker)	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.	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)	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.	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.