Derivatives · Option Vaults · DPX
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.
SSOV design concentrates option liquidity at chosen strikes, with rebate mechanics to offset writer losses.
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.
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.
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.
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.
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.
500,000 DPX (finite governance-token cap)
Gate Learn - What is Dopex ($DPX)?1 DPX = 100 SYK; 1 rDPX = 13.333 SYK; SYK total supply 100,000,000
Stryke blog - Introducing StrykeHow Dopex maps onto established TradFi structures, and where it diverges.
Listed equity options exchange (e.g., CBOE / options market maker)
Dopex
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.
TradFi analogue
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)
Dopex
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.
TradFi analogue
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.
Team Dopex (pseudonymous)
Founding/core team 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.
Key milestones: launches, upgrades, exploits and governance events.
DPX token generation event
ExecutedDopex conducted its token sale/IDO in June 2021, generating the DPX governance token (500,000 max supply).
SourceSSOV launch
ExecutedSingle Staking Option Vaults introduced as Dopex's core option-writing primitive on Arbitrum.
SourcerDPX V2 Code4rena audit contest
ExecutedCommunity audit contest reviewing the rDPX V2 smart contract system (9 contracts, ~2,264 lines of Solidity).
SourceRebrand to Stryke; migration to single SYK token
ExecutedDual-token model retired in favor of SYK; conversion at 1 DPX = 100 SYK and 1 rDPX = 13.333 SYK; protocol refocused on CLAMM/LPDfi options.
SourceDopex is an Arbitrum-native decentralized options protocol. Its core innovation, Single Staking Option Vaults (SSOVs), lets liquidity providers passively sell options (covered calls or cash-secured puts) at chosen strikes for fixed monthly/weekly expiries, concentrating option liquidity so buyers can trade on-chain options while writers earn premiums and staking yield.
DPX is the finite-supply (500,000 cap) governance and fee-accrual token. rDPX is the rebate token minted to compensate option writers for a portion of their losses each epoch, with the rebate rate set by DPX governance. Together they formed Dopex's dual-token model.
Yes. In 2024 Dopex rebranded to Stryke and collapsed its dual-token model into a single token, SYK. Holders migrated at 1 DPX = 100 SYK and 1 rDPX = 13.333 SYK. The rebrand centered the protocol on its CLAMM options product and sunset legacy products (monthly/weekly SSOVs, rDPX V2 bonding, the Perp Put Vault).
A Single Staking Option Vault. Users deposit one asset, the vault sells that deposit as call (or put) options at fixed strikes chosen for the epoch, and simultaneously stakes it to farm rewards. Writers passively earn option premiums plus yield with a capped, defined risk profile.
Atlantic Options are a Dopex design in which the option's underlying collateral can be borrowed against while the option is still active. This enables capital-efficient, defined-maximum-loss leveraged strategies, for example using Atlantic puts as collateral in trades alongside GMX.
