• PsyFi
  • Posts
  • PsyFi July 2023 Update

PsyFi July 2023 Update

PsyFi's July Recap: Armada's Arrival, and SDX on the Horizon

AuthorAuthor

PsyFi & Nazri Nordin
August 02, 2023

As we close another eventful month, it's time to reflect on our key milestones and achievements in July. From strategic partnerships to platform enhancements, we've continued our commitment to innovation and user experience. Let's delve into the highlights of the past month, starting with PsyFi’s DAO treasury and vault performance.

DAO Treasury Growth and Vault Performance

DAO Treasury: $2,922,133 (+6.53% MoM)

  1. USDC: 685,205.836 ($685,206) (+0.04% MoM)

  2. scnSOL: 160.8808 ($4,267) (+2.89% MoM)

  3. SOL: 68.203 ($1,599) (+4.19% MoM)

Vault Performance: Monthly Overview

  • BTC Secured Put Vault

    • Premiums earned: 2,848.79 USDC (+14.69% MoM)

    • Historical performance (3 months): 4.24% APY

  • SOL Covered Call Vault

    • Premiums earned: 31.36 SOL (+8.39% MoM)

    • Historical performance (3 months): -34.12% APY

  • SOL Secured Put

    • Premiums earned: 194.61 USDC (+50.72% MoM)

    • Historical performance (3 months): 7.65% APY

  • ETH Covered Call

    • Premiums earned: 0.09 ETH (-57.14% MoM)

    • Historical performance (3 months): 0.42% APY

  • scnSOL Covered Call

    • Premiums earned: 58.63 scnSOL (-10.09% MoM)

    • Historical performance (3 months): -35.68% APY

Introducing Armada: A Game-Changer for Token Launches

In our previous update, we revealed an exciting strategic partnership with Hxro Network.

As we venture further into July, we're thrilled to update you on the progress of this dynamic collaboration. We've named our joint venture Armada, a fitting name for our collective ambition to revolutionize the Solana DeFi landscape.

Armada isn't just a project; it's a comprehensive ecosystem meticulously designed to navigate and overcome the hurdles often associated with token launch and management. Through Armada, we aim to provide a seamless, user-friendly experience, bringing a new level of simplicity and efficiency to the DeFi space.

In the upcoming weeks, we're set to share more details about Armada. You can anticipate an array of content ranging from detailed documentation to interactive demos, offering you a clearer understanding of our unique ecosystem.

If you're part of a dynamic team that's gearing up for a token launch, reach out! We're committed to providing the necessary guidance and resources to ensure your token launch journey is seamless and successful.

With Armada, you're not just launching a token - you're launching it the right way!

New look, new languages

As part of our ongoing commitment to enhance educational experience, we have undertaken a comprehensive overhaul of PsyFi. From our landing page to our blog, we've redefined our online presence to be more user-friendly and informative.

We're also excited to announce that PsyFi now supports five new languages, broadening our reach and ensuring that our platform is accessible to a wider global community.

Don't forget to check out our blog here. Not only will you find regular updates, but we've also introduced a new educational series titled 'PsyFi Learn'. With a focus on demystifying the complexities of the crypto world, 'PsyFi Learn' is your go-to resource, making the intricacies of DeFi and derivatives more understandable and accessible.

Looking Ahead: What’s in store for August

As we navigate through the fast-paced DeFi landscape, we're thrilled to share glimpses of what’s in store for us.

PsyFi DAO Delegation Plan: Since last month’s update, we have been diligently preparing for the rollout of our DAO Delegation Plan. We’re excited to announced that we have identified three delegators who will assume critical roles in PsyFi’s governance.

SDX: Behind the scenes, our team has been tirelessly working on bringing options back to Solana.

SDX (Solana Derivatives Exchange) is a DeFi Option Automated Market Maker (AMM) that aims to establish a new trading venue for crypto options.

While full details of SDX will be unveiled soon, here's a sneak peek of what to expect:

  • Buy and sell fully-collaterized, cash settled European options, including calls, puts and vertical spread strategies.

  • Arbitrage options purchased through other venues, such as PsyFinance.

  • Participate as a market maker by supplying assets to AMM Pools, and earn passive yield from bid-ask spread fees and capital utilization fees.

More on this soon!

Join Us in Shaping PsyFi's Future

As we continue to shape the future of DeFi, we invite you to be a part of this journey with us. There are two exciting ways you can get involved:

1. Dive Deeper into Armada: Our recent teasers have sparked considerable interest, especially around bringing 'institutional grade market making' on-chain. With Armada and beyond, we are not just launching a product; we're fostering a community, nurturing a thriving ecosystem, and creating new possibilities for token launches on Solana.

If you're intrigued and want to explore further, don't hesitate to reach out. We'd love to schedule one-on-one calls where we can share more about our vision for Armada.

2. Join the PsyFi DAO Delegation Plan: If you're interested in contributing to our mission and governance, we invite you to consider becoming a delegate. This is your chance to have a significant influence on the direction of PsyFi. We are looking for individuals who share our vision for a decentralized future and who are ready to bring their insights and expertise to our team. Delegates will also be offered a token incentive. If you believe you could be a strong candidate for this role, reach out to us!

Cheers,
The PsyFi Team