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PsyFi April 2023 Update

Here's a quick look at PsyFi's April 2023.

AuthorAuthor

PsyFi & Nazri Nordin
May 11, 2023

As we approach the middle of the year, it’s time for our monthly update on the progress we've made towards our goals.

In this update, we’ll be highlighting some of the most important developments from the past month and what you can expect in the coming weeks.

PsyFi 🤝 Katana

We started April strong with the announcement of our acquisition of Katana.

The acquisition of Katana is a significant milestone for PsyFi, and it reflects our commitment to staying at the forefront of innovation in the DeFi space.

With the addition of Katana's technology and expertise, PsyFi is well-positioned to capitalize on the growing demand for structured products in the ecosystem.

Special thanks to MarketWatch, Business Insider and Seeking Alpha for sharing the news.

PsyFi mobile dApp

The launch of Solana Saga brings about an opportunity for PsyFi to put our products in the hands of new users. This is why we’re committed to launching a mobile dApp that will increase accessibility and engagement to PsyFi.

Although we only started building it a few weeks ago, PsyFi is quickly approaching dApp store ready state, so make sure to keep an eye out for it on out Twitter!

Crypto Options Pricing Calculator

As part of our initiative to innovate within the options space, we are excited to announce a new Crypto Options Pricing Calculator that will help traders and investors generate fair value prices and Greeks for more than 100 cryptocurrency assets.

While option calculators aren’t new, there is a gap in the cryptocurrency space for a product like this, as only Deribit offers an “Option Discovery” pricing tool.

Deribit, however, only supports the pricing of 2 assets—BTC and ETH.

With over 100 assets supported, from $BTC to $SOL to $GMX, this calculator is designed to help crypto traders and investors make more informed decisions.

While we regularly update the calculator to ensure it remains relevant and useful, do let us know if:

• there’s something you’d like to see
• you need help navigating the tool
• you have any feedback in general

Vault Performance

For the month of April, our BTC Secured Put vault earned a total of 2,670.19‬ USDC in premiums, while our scnSOL and SOL Covered Call vaults earned a total of 62.73 SOL and 27.95 SOL, respectively.

Accelerating investor vesting

In last month’s update, we opened up discussion to accelerate investor vesting as a way to weed out paper hands from within the DAO, thus improving tokenomics. Some of the concerns raised were largely directed towards the potential consequences of such a move, however, there seems to be a general consensus that it would decrease token overhang.

Given the lack of strong support, and the dev work required to unlock these tokens, the team will likely opt to not go ahead.

If you have a strong opinion either way, please don't hesitate to reach out.

What’s in store next month?

Aside from PsyFi mobile (which we are really excited about), we ramped up our efforts to reach out to both participants of the Solana Grizzlython Hackathon and will be announcing some exciting partnerships over the next few weeks.

In addition to that, we’ll be pushing out some interesting stuff with Lido Finance.

Thanks for reading, and if there’s any way we can help out, please don’t hesitate to drop us or anyone in the team a DM! As always, nothing in this post or follow up discussions should be taken as financial advice or an endorsement of any token/asset.

Cheers,
PsyFi