PsyOptions Has Acquired Tap Finance!
PsyOptions’ mission is to become the de facto on-chain financial service platform for DeFi users across the globe, and rapidly expanding their product offerings beyond vanilla, American style options is a key first step on that journey.
Tap Finance (now PsyFinance) offers Decentralized Options Vaults built on Solana, that utilize PsyOptions to automate options strategies. These automated options strategies enable depositors to earn attractive yields by capitalizing on option premiums.
At the moment, these vaults execute Covered Call and Secured Put strategies, and they currently offer vaults on $BTC, $ETH, $SOL, $stSOL, $FIDA, $USDT, $USDC, and $PAI!
What This Brings to the PSY DAO and Ecosystem
Bringing Tap Finance under the PSY umbrella has numerous benefits. PsyOptions users, both options veterans and newcomers alike, will now be able to access sustainable yield under one roof. Additionally, rather than doing OTC trades with market makers to both establish and settle vaults, orders will soon flow through the PsyOptions order book, creating a much more open market. Keeping this liquidity in a house is key to providing both order book traders and vault users a better experience when using PSY Ecosystem products. Last but not least, this acquisition brings another incredible team into the fold. With a mission as ambitious as ours, we’re going to need all hands on deck!
What to Expect
As part of the acquisition, Tap Finance will be rebranding to PsyFinance, bringing their DOV offerings under the PSY Ecosystem umbrella. This won’t impact users, as the rebrand will be cosmetic in nature. Users will notice an updated logo and color scheme, with a brand-new domain: https://app.psyfi.io.
On the horizon is a v2 DOV architecture that will take advantage of PsyOptions’ tokenized Euros architecture. This will increase the capital efficiency of the protocol which in turn should lead to increased yield for our users.
PsyOptions are excited to join forces with the Tap Finance team and believe that this acquisition will drive major value to the PSY DAO as well as their future roadmap. Both teams are thrilled to work closely together and are already seeing some of the immediate synergies.
⏬ SOURCES
