$DPX
- 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. 

$rDPX
-  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

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

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

$rDPX
Bonding 
- 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

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. 

Treasury
- Bonding results in the accrual of PoL

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

$rDPX
- 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.

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. 

Fees
- 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.