Announcing Thetanuts Finance v3 Incentivized Alpha

CoinList -

Thetanuts Finance is a decentralized on-chain option protocol with the largest coverage of altcoin options. With their v3 upgrade, Thetanuts will allow users to go long or short on on-chain options.

Today, we’re excited to announce the Thetanuts Finance v3 Incentivized Alpha. In an effort to bootstrap TVL and trading volume while gathering feedback on their v3 product, Thetanuts is offering approximately 2% (200,000,000 NUTS) of their token supply to qualifying participants.

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Rewards:

Around 2% of NUTS tokens are expected to be distributed as part of Airdrop Season 1, anticipated to occur in Q1 2024. Recipients will receive their rewards as veNUTS, a staked representation of NUTS that will have access to the full benefits of being a member of the Thetanuts Finance community. veNUTS will be subject to a vesting period to be unlocked for NUTS, subject to the discretion of the Thetanuts Finance team.

The below actions are eligible for rewards through the v3 Incentivized Alpha:

  • Trade: Trading Volume contribution will be measured in determining a user’s airdrop, with eligible actions being Longs and Shorts.
  • Provide Liquidity: TVL contribution will be measured in determining a user’s airdrop, with eligible actions being Boost, Add Liquidity, and Lend.

Eligibility:

Users must meet the following criteria to be eligible for participation and rewards:

  • Certain jurisdictional limitations apply (i.e. users must be non-U.S./Canada and OFAC compliant), as outlined by Thetanuts Finance’s terms and conditions.
  • Participants will need to complete on-chain transactions on Thetanuts Finance’s v3 Incentivized Alpha, including activities such as trading or contributing liquidity.
  • A non-custodial EVM-compatible wallet (i.e. via Metamask) is required to connect and engage with Thetanuts Finance.

Applications will be accepted on a rolling basis via the CoinList cForm. Only whitelisted addresses will be allowed to participate in the Thetanuts Finance v3 Incentivized Alpha, which will happen on Arbitrum. Users are requested to check back regularly on our Trading Interface, as Thetanuts Finance will slowly whitelist wallets in the order that they register for the v3 Incentivized Alpha.

Timeline:

The v3 Incentivized Alpha Phase II is expected to last approximately 1 - 2 months. This timeline is subject to change at the discretion of Thetanuts Finance as the v3 Incentivized Alpha progresses.

About Thetanuts Finance:

Thetanuts Finance is a leading option vault protocol, and the options protocol with the largest coverage of altcoin options. The first iteration of Thetanuts Finance saw the launch of Basic Vaults — where the Basic Vaults sell out-of-money European cash-settled options to accredited market makers.

With the v3 upgrade, Thetanuts Finance will transition to becoming a decentralized on-chain options protocol focused on altcoin options – allowing users to go long or short on on-chain options.

Our v3 upgrade will see a number of benefits:

  • Decentralized: Unlike other options protocols where implied volatility is input by protocol teams to price options, Thetanuts Finance v3 will feature free-market pricing — where users express their view on what pricing should be. The launch of NUTS will also allow us to eventually achieve our goals for decentralized governance.
  • Our Focus on Altcoins: Most protocols focus on Ethereum Mainnet, utilizing majors (i.e. ETH and WBTC) as underlying assets. There is a distinct gap within the decentralized altcoin options space, as altcoins have higher volatility compared to majors, with users needing an avenue to go long or short on altcoin volatility. Leveraging our prior track record of being a top option vault protocol focused on altcoins, we believe in the ecosystem's ability to fill this gap within the altcoin options space.
  • Additional Incentives: With v3, users will be incentivized to actively participate and engage in the protocol beyond mere option premiums. Through their own individual efforts, users can earn rewards on AMM trading fees, borrowing rates on Lending / Borrowing Markets, and additional liquidity rewards.

Thetanuts Finance previously raised $35mm through Seed and Series A rounds from Polychain Capital, QCP Capital, Deribit, Paradigm, GSR, Wintermute, Jump, GoldenTree, Tribe Capital, and others.

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