Dopex
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.
Protocol TVL
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Risks identified
- 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.