Decentralized insurance platform, Opyn, announced the release of “Gamma Protocol,” second version of its options protocol. The new upgrade aims to add capital efficiency and liquidity to the DeFi options market.
Among the changes, Gamma Protocol provides mint options without collateral as long as they are burned before the end of the transaction – similar to a flash loan. The update also allows users to delegate control of their vaults to third-party smart contracts, provides users with the ability to add yield-earning assets as collateral, in addition to enabling anyone to create new options.
Gamma Protocol also adopted European options, which means that option holders can exercise the options only when the contracts expire. The update also enables margin improvements by allowing secure spread creation, and allows for call options without any multipliers so 1 call option oToken will correspond to 1 unit of the underlying asset.
It is worth noting that Opyn was hacked last August, with the attacker managing to steal $ 370,000. Opyn announced a package of measures to prevent the recurrence of the accident, in addition to compensating those affected.