DeFi Digest: Siren, uGAS, and Degen Derivatives

If the recent issues of DeFi Digest haven’t made it clear enough, decentralized options are coming and the project teams developing them are maturing by the day.

Siren is another new decentralized options project that has popped up on the Ethereum mainnet. Siren works by tokenizing both the long and short side of an options contract — in the form of bTokens (for buyers) and wTokens (for writers, a.k.a sellers). The bToken gives its holder the right to exercise their options at the predetermined strike price. The wTokens give its holder the right to withdrawal collateral (liquidity) and the premium paid by buyers.