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Introduction
DeFi options have failed to take off. While we can point to the success of dYdX as a blueprint for perpetuals, or GMX for synthetic margin trading, there is no single DeFi options venue that has achieved scale in a meaningful way. Options trading is currently dominated by centralized exchanges (CEXs), specifically Deribit, with a small percentage of trading being executed on-chain.
Options are a key financial derivative that allow investors to effectively manage risk by buying them or earn premiums by selling them. However, the sophisticated nature of options can be daunting for those unfamiliar with them.
Ribbon Finance started out as an asset management protocol that specialized in simple structured products. They initially gained traction for their decentralized options vaults (DOVs) and have since diversified into various products li
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