The most flexible decentralized options

Like leading industry players and the most trusted trading firms, gain a competitive edge by leveraging the market’s leading options instrument.
Non-custodial
The structure enables any number of participants, from one to an unlimited amount, to deposit funds in exchange for shares.
Smart contract
Enzyme Vaults are smart contracts that can be tailored to the owner's objectives and specific requirements.
ERC20 Shares
These shares are issued as ERC-20 tokens, with transferability and lock conditions configurable by the Vault owner.

The modular Vault Layer for boundless digital asset management

Built for the innovators of modern markets, Enzyme.Onyx gives enterprises the freedom to create and manage fully tokenized strategies — across any asset class, network, and financial systems.

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covered calls

A covered call allows a seller to sell an option to buy their asset if the asset reaches a certain price (Strike Price). Let's break it down step by step.
1
On-chain Settlement
You sell an option to purchase an asset you own at predetermined conditions, including the Strike Price and Expiry Date, either through our automated matchmaking system or OTC.
2
earn instant income
Once the transaction is settled, you receive the premium from the buyer, and the underlying asset is transferred to an escrow smart contract. The option token is then minted by the escrow contract and delivered to the buyer. Every step is fully automated and fully executed on-chain.
3
possible outcomes
a) If the underlying asset reaches the Strike Price, the buyer can exercise their option directly within our app, resulting in the sale of your asset at the agreed price.

b) If the Strike Price is not met by expiry, you retain your asset, and the option expires worthless.

Covered calls to manage large token positions

Covered Calls can be a powerful strategy to generate income while retaining exposure to potential price appreciation. However, it’s just one of several approaches available to generate yields on substantial token positions.

Covered calls

Earn upfront income by committing to sell your tokens at a predefined price all while keeping ownership.
Key Benefits
Immediate income
Retain upside until strike
Automatically convert if strike price is reach and buyer exercises their option
Cons
Upside is capped at strike price
Perfectly adapted to large positions
Selling tokens outright is the simplest way to realize gains and generate cash.
Key Benefits
Instant liquidity
Flexibility to reinvest
Key Risks
Market impact
Slippage risk
Position liquidation
Lock tokens to earn rewards and support network operations.
Key Benefits
Passive yield for long-term holders
Key Risks
Lock-ups and liquidity constraints
Slashing penalties
Providing liquidity on Decentralized Exchanges allows you to earn trading fees while keeping exposure to your tokens
Key Benefits
Passive income
Key Risks
Long-term investment strategy
Risk of impermanent loss
Often requires active management (can be mitigated through 3rd party protocols)
Lending tokens through DeFi protocols like Aave or Morpho offers a passive way to earn yield.
Key Benefits
Passive income without impermanent loss
Key Risks
Counterparty risk
Variable yields
Bad dept risk
1
On-chain Settlement
You sell an option, granting the buyer the right to sell an asset they own to you under predetermined conditions, including the Strike Price and Expiry Date, either through our automated matchmaking system or over-the-counter (OTC).
2
earn instant income
Upon settlement, you receive the premium from the buyer and lock stablecoins in an escrow contract, ensuring sufficient liquidity to purchase the asset if the buyer chooses to exercise their option (hence, cash-secured). The option token is then minted by the escrow contract and transferred to the buyer. Every step is fully automated and executed entirely on-chain.
3
possible outcomes
a) If the underlying asset reaches the Strike Price, the option buyer can exercise their option to sell their asset directly within our app, resulting in the sale of your asset against the stablecoins you locked.


b) If the Strike Price is not met by expiry, you retrieve your stablecoins, and the option expires worthless.

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cash-secured puts

A covered call allows a seller to sell an option to buy their asset if the asset reaches a certain price (Strike Price). Let's break it down step by step.

Cash-secured puts for cost-efficient acquisition engineering

Sideways or Mild Downtrends
Earn yield on stable coins in sideways moving markets.
Elevated Volatility After a Price Decline
Capitalize on increased volatility levels by writing short-term put options at market bottoms.
Gradual Accumulation During Market Dips
Acquire assets systematically at lower prices without incurring slippage.

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