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Molly Wintermute Releases Hegic V8888: 0% Trading Fees and Gas Fee-Free Options Trading
Molly Wintermute, founder and solo core developer of Hegic, released a new version of her protocol: Hegic V8888. It is live in mainnet and can be accessed via https://www.hegic.co/
Hegic is an on-chain peer-to-pool options trading protocol built on Ethereum. With Hegic, DeFi and crypto users can trade 24/7 American, cash-settled, on-chain ETH and WBTC call / put options with no KYC or registration required for trading.
Hegic was founded 1.5 years ago in February, 2020. Hegic V888 (the previous version) was live for 10 months. The results achieved by V888:
- $492,075,000 total volume
- $22M record daily volume
- 6,450 options traded
- 2,825 unique users
- $10,415,000 earned by HEGIC staking lots holders
Trading Options on Hegic V8888
0% trading fees: pay only a premium
Hegic V8888 will have zero commissions on trading options. The options buyers will no longer need to pay any commissions on top of the premium. Pay zero trading fees. Pay less on Hegic.
100% gas fee-free options trading
Hegic V8888 will cover 100% of gas fees (transaction fees) for buying and exercising options contracts with the help of Gas Station Network. You won’t need to migrate your funds anywhere. Sign transactions with $0 gas fees. Pay less.
At launch, the minimum option size for gas fee-free trades will be 10 ETH for $ETH calls/puts and 1 $WBTC for WBTC calls/puts. After 10,000 options in total will be acquired on Hegic V8888, the minimum option size for gas fee-free trades will be x2 lower: 5 ETH / 0.5 WBTC.
The lowest prices for ETH and WBTC call / put options
Hegic V8888 will set and keep prices lower than on Deribit. Through adjusting the implied volatility rate parameter, Hegic offers you American, cash-settled, on-chain, no-KYC options with lower prices than on CEXes.
Auto-exercising of in-the-money options
Hegic V8888 will automatically exercise the in-the-money (ITM) options for you. If you acquired options on Hegic V8888 and they are in-the-money, Hegic will automatically exercise them 30 minutes prior to the expiration.
Tokenized options for trading on the secondary market
Hegic V8888 will tokenize all the options as transferable tokens. With tokenized ERC72 options, you will be able to sell contracts before the expiration and receive the time value of your options. Launching soon.
90 days is the new maximum period of holding options
Hegic V8888 will increase the period of holding up to 90 days. It wasn’t possible to buy and hold options for longer than 28 days on Hegic before. Now you can buy options for up to 90 days.
Earning Yield on Hegic V8888
Zero-loss options selling pools with auto-hedging
Hegic V8888 will offer pools with no losses/downside risk. Hedged (zero-loss) pools LPs will be earning 20% of premiums and will always be able to withdraw the same amount of liquidity provided.
x2 higher capital efficiency with flexible collateralization
Hegic V8888 will collateralize options in a range of 50-100%. Hegic V8888 collateralization ratio will be set at 50% at launch. That might double the premiums earned by LPs with x2 more options traded.
Independent pools for selling call and put options
Hegic V8888 will let you choose the type of options for selling. For expressing their opinion LPs need to be able to sell ETH / WBTC calls or puts depending on their projections and for properly hedging their positions.
Individual lock-ups for each liquidity tranche deposited
Hegic V8888 will lock-up each liquidity tranche deposited. There is a required 30 days lock-up for the classic liquidity tranches and a 60 days lock-up for the hedged (zero-loss) liquidity tranches.
Pools’ unrealized profits front-running prevention
Hegic V8888 will protect liquidity providers from the arbitrage. Now there is a new function that will be used to stop any additional deposits for protecting the active liquidity providers’ unrealized profits.
Real-time data on pools APY and P&L per each option sold
Hegic V8888 will provide liquidity providers with free useful data. The liquidity providers will be able to use real-time data on Hegic V8888 historical returns as well as know their APY / P&L calculated in real-time.
Celebrating Hegic V8888 Release
One free option is available for all users of the popular DeFi apps till August 31, 2021.
If you have ever used Aave, Bancor, Compound, Maker, SushiSwap, Synthetix, Uniswap or Yearn you can trade one free option on Hegic in August, 2021 using the same Ethereum address.
How To Trade One Free Option on Hegic:
- Go to Hegic, buy a call or put ETH option with the size of 0.8888 ETH and 1 day period
- Send your Ethereum address in direct messages on Twitter to @HegicOptions and get a refund of the premium + gas fee paid
The free options costs (the premium + gas fee) will be refunded on September 1, 2021. One address can only be used to trade one free option.