Thread by @0xMrFreeze

gm.

#Dopex Epoch 2 ended last night. Let's take a look at how depositors and call buyers did for all 4 SSOV Assets: $DPX, $rDPX, $ETH, and $gOHM

We'll also look at the growth in SSOV from epoch 1 to epoch 2.

1)

Note: For purposes of simplifying the SSOV, farming rewards are excluded from this thread. Farming rewards represent additional upside on top of the yields in this thread.

Yes, depositors did even BETTER than the yields shown.

2)

The Headline: Depositors Dominated Epoch 2.

Continued market chop led to an epoch where depositors (aka writers) won every single strike price on the platform.

2 strikes ( $DPX 1500 / $rDPX 44) ended ITM, but did not cover the initial premium outlay, resulting in a loss.

3)
Looking at the vaults, it's clear that $DPX and $rDPX users learned from Epoch 1.

After selling out of every call (in the first few days) last month, most far OTM calls sat untouched through expiry. Market conditions certainly played a factor.

Final vault snapshots below.

4)
The winners, as measured by premium yield:

1. $rDPX $66 depositors - 29.8% stack increase (358% APR)
2. $rDPX $44 depositors - 24% stack increase (288% APR)
3. $DPX $1500 depositors - 19.5% stack increase (234% APR)
4. $ETH $4000 depositors - 14.8% stack increase (177% APR)

5)

$DPX

Market conditions made buyers weary of OTM strikes.
As a result, $1500 and $2000 depositors both did well, while $4000 depositors only sold 1% of calls.

Of course, the higher yield is from higher risk (writing lower strike options)

6)

$rDPX

Becoming THE expiry show to watch, $rDPX continued its volatility, starting day around $45, racing up to $72, before falling back down and expiring at ~$53.

SSOV has created a speculative market for an asset with low utility as of 12/2021 (>$10M in vol last 24 hrs).

7)

$ETH

Broader market conditions contributed to $ETH declines in December. $4K depositors were the big winners, with 14.8% earned on their stack in one month (in ETH!).

There was minimal buying of far OTM strikes, given the much higher MC of $ETH (vs. $DPX or $rDPX).

8)

$gOHM

The Ohmies joined SSOV this epoch, albeit on a short time frame (only open for a week).

Despite the short epoch, there was over $12 million locked in that short time frame.

The deposits were led by @redactedcartel, who put their treasury assets to work in the SSOV.

9)
Now let's look at growth. To normalize for market conditions moving forward, I'll be tracking underlying token deposits each epoch.

$DPX and $rDPX lock-ups increased 40% and 36% respectively, as users gained comfort in using different SSOV strategies.

10)
In order to give a USD number, I'll also track the TVL at expiry for each epoch.

Expiry TVL increased 38% vs. Epoch 1, driven by new asset releases. Growth would have been greater had $DPX and $rDPX held prices (they declined)

11)

To put these yields into context, check out the below post from @icecreamXBT, who cleaned up this epoch.

https://twitter.com/icecreamXBT/status/1476836702597664790?s=20

12)
Epoch 3 deposits should open in the next 24 hours.

Upcoming SSOV releases (exact timing TBD):
- $BNB
- $AVAX / $JOE
- $cvxFXS
- $FTM

SSOV-P (put vaults) and LPSOV (earn yield on LP and buy token ratio options, such as DPX/ETH ratio) are also on the near-term roadmap.

13)
Hope you enjoyed this summary of Epoch 2.

If you have additional suggestions to add into the write-ups moving forward, please comment or shoot me a DM.