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PsyDAO Update Jan 2023

Author

Ata
February 09, 2023

Hey Everyone - The PsyDAO has started the year off strong by launching new products to support the PSY ecosystem. Read on for updates.

General Updates & Metrics

  • Our structured products lending protocol PsyLend has officially launched in private mainnet, drawing over $300k in TVL.

  • Our limited-time $BONK vault, launched on 5th Jan, has been deprecated and put into withdrawal-only mode after a successful 4 weeks of yield being paid out on an average of 124.2% APY. We received over 70k views on socials over BONK related announcements, successfully driving attention to the other product offerings on PsyFinance.

  • TVL has over doubled from early Jan lows to roughly ~$2.4M USD from an increase in asset prices and a full-fledged migration of V1 vaults into the V2 PsyFinance protocol.

Governance Updates

  • No major updates on the governance front, other than the first round of investor tokens unlocking earlier in the month.

Product Updates

  • PsyLend launched in private mainnet to improve capital efficiency for users vault positions. Users can now borrow against their vault positions to lever up, hedge, or perform interest rate arbitrage.

  • Launched $PSY liquidity mining program on PsyLend. $PSY tokens emissions are backed by market purchases, making it an anti-inflationary LM program.

  • Unlocked all existing PsyFi locked vault positions after the deprecation of SRM staking rewards.

  • Launched a Wormhole integration for direct cross-chain deposits into the whETH covered call vault.

What’s in Store For Next Month

  • We’re approaching the launch of another new primitive for the DOV space, Call and Put spread strategy vaults. These vaults will allow users to enter into fully-collateralized multi-leg strategies with a single option token, effectively giving users the ability to lever up their positions at no cost or liquidation risk.

  • Developing the an open source feature to trade Realms treasury assets through any liquidity venue on Solana. This opens a world of decentralized and flexible tokenomics.

Where can you help

  • If you're interested in bidding on more advanced option strategies like call/put spreads, don't hesitate to reach out.

  • If you're interested in trying PsyLend in private mainnet, drop us a line and we'll give you a PsyLend early access NFT.

Cheers,

PsyDAO