<p>Decentralized options trading platform Opyn has launched put options on Curve Finance’s governance token CRV, allowing traders to short the token.</p> <p>Put options give traders the right, not the obligation, to sell an underlying instrument at a fixed price on or before the expiry date. Opyn’s <a href="https://twitter.com/opyn_/status/1299137727456325632?s=20">CRV put options</a> have a strike price of $3 and expire on September 25, meaning traders would have the right to sell CRV at $3 even if the token’s price drops to zero. One CRV is currently priced at $3.5.</p> <p>Opyn allows traders to buy a put option by paying a U.S. dollar-denominated premium. In return, buyers receive oTokens, which represent the right to sell underlying tokens. oTokens can be traded on a decentralized exchange like Uniswap at any time before expiry.</p> <p>Opyn currently also offers <a href="https://opynmonitor.xyz/#/options/">put options for</a> Compound’s COMP token, wrapped ether (WETH) and Yearn.Finance's YFI token. Earlier this month, the platform <a href="https://www.theblockcrypto.com/linked/73935/opyn-uniswap-liquidity-exploit-eth">suffered</a> an exploit on the ether (ETH) put options, which resulted in a loss of around 371,000 USDC.</p> <p>Compound’s Robert Leshner is an investor in Opyn, along with Haseeb Qureshi and Tom Schmidt of Dragonfly Capital, and former Coinbase executive Balaji Srinivasan, among others. Opyn <a href="https://medium.com/opyn/opyn-raises-2-16mm-to-bring-protection-and-risk-management-to-defi-fcf226d12c18">raised</a> $2.16 million in funding this June.</p>