• PsyFi
  • Posts
  • PsyFi February 2023 Update

PsyFi February 2023 Update

A quick look at PsyFi's February.

Author

Nazri Nordin
March 08, 2023

Hey all! Keeping up with the busy start we’ve had to the new year, here’s a quick update on how our February went.

General Updates & Metrics

  • Our structured product lending protocol PsyLend, previously on private mainnet, went live on mainnet.

  • Since teasing PsyLend in December, we’ve received roughly 100k views across our campaigns, with most of the attention going to our launch video (below). Followed by the use cases of PsyLend. And lastly, PsyLend’s stats while on private mainnet.

  • TVL has remained relatively flat, although we did see about $51k worth of assets supplied to PsyLend post-announcement.

Governance Updates

  • We launched Poseidon, which is an open source feature on Realms that allows for permissionless DAO treasury management. Poseidon opens up a world for decentralized and flexible tokenomics. More details below.

GitHub - mithraiclabs/poseidon

Contribute to mithraiclabs/poseidon development by creating an account on GitHub.

github.com/mithraiclabs/poseidon#readme

Product Updates

  • After spending the last 1.5 months on private mainnet, we launched PsyLend to improve the capital efficiency of our structured products depositors.

  • While on private mainnet, we distributed more than 175,000 $PSY as rewards, further increasing decentralization and the number of token holders.

What’s in store for next month

  • We’ll be introducing a new asset, MarinadeSOL (mSOL), for lending.

  • Our vertical spread strategy products will be live next week. These products allow users to enter into fully-collateralized, multi-leg strategies with a single option token, giving users the ability to lever up their positions at no cost or liquidation risk.

  • Potentially leveraging the PsyFi DAO treasury to provide some humanitarian assistance to the people affected by the earthquakes in Turkey.

Where you can help

  • If you’re interested in bidding on more advanced option strategies like Call/Put spreads, don’t hesitate to reach out.

  • We’ll be putting up a governance vote to further fund rewards for PsyLend and your vote would help expedite the process in getting more $PSY in users’ hands.

Cheers,
PsyFi!