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Dopex is a decentralised crypto options exchange that allows users to speculate on the price level of an underlying asset without having actual exposure to said asset.






Options Exchange



Token Strength.

Token Utility:

- Governance token: users have to lock DPX, thus receiving veDPX, the token with the governance rights. This includes being able to change rewards rebates for SSOVs, SSOV DPX emissions distribution, and the strike threshold for options. 

-  Rebate token: issued to options writers if they incur losses via their options expiring ITM. This rebate is issued in the form of dbrDPX which is decaying bondable rDPX. Writers have to bond this along with ETH if they want to recover loss

Demand Driver:

- Options buyers pay a service fee, this gets converted to DPX and distributed to veDPX holders

- When dpxETH de-pegs to <0.85 ETH users who hold >1k veDPX can perform arbitrage via the Peg Stability Module

- Required to mint dpxETH via bonding, meaning that its demand is tied to the demand for dpxETH

Strong holdability 
- Since rDPX never hits the market and gets burned along with bonding, it has an attractive supply/demand dynamic

Value Creation:

The value Dopex creates is that of bringing one of the most profitable options platforms to the crypto market via their interesting design, which allows for increased cost efficiency, attractive risk profiles vs. simply holding and even LPing a token, and potential of higher ROI (if you know what you’re doing). As the DeFi space grows and options become more attractive, Dopex could capture a considerable portion of this growth. 

Value Capture:

- Bonding results in the accrual of PoL

- veDPX (locked DPX), a less appealing value capture profile due to governance utility

- Since rDPX is issued in dbrDPX it side-steps the sell pressure that a rebate token normally experiences. 
- It uses a favourable burn mechanic where an equal USD value of assets bonded is burned from the rDPX supply
- rDPX is also linked to dpxETH minting which is to be used in Dopex products, thus somewhat mapping Dopex’s product demand.

Business Model:

Bonding POL
- Dopex allows users to bond assets in order to mint dpxETH (synthetic ETH). These bonded assets are handed off to the Liquidity Provider Module where some assets get directed to the permissioned AMM and the rest go back to the Treasury as PoL. 

- The permissioned AMM has a 5% sell side fee on rDPX, charged in ETH. Furthermore all trading fees from said AMM go back to the treasury.


Protocol Analysis.

Problems & Solutions
- Lack of options markets in crypto. The options market is almost 20 times the size of regular equity markets in traditional finance (TradFi). Thus, it is fair to assume that the same shift will eventually occur in crypto.

- Dopex brings options to crypto, furthermore they're goal is to simplifying the process of getting exposure to options to increase adoption

Investment Take

... coming soon

Tokenomics Timeline.


    Allocation and Emission.

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