Oddz Fi: A Multi-Chain Options Trading Platform

Making Options trading seamless, less complex, and decentralized will drive more adoption. Oddz Fi aims to redefine Options trading using the decentralized system of the blockchain.

By
Wilfred Victor
on
March 13, 2021
Category:
Project Insight

Introduction

There are numerous establishments of markets that offer multitudes of trading products. Spot trading, futures, margin, derivative trades, and Options are among the popular “products” to trade in financial markets. Options trading has not been widely adopted in the cryptocurrency space. Not too many platforms offer Options trading, both in Centralized and Decentralized Exchanges (CEX & DEX). Oddz Fi will be among the few platforms that allow users to trade Options and allow traders of multiple chains to connect the platform in a decentralized environment.


What is Oddz Fi?

Oddz Fi is the multichain Options trading platform providing a simple, decentralized, and secured Options trading. Oddz caters a seamless UI/UX experience to the increasing number of DeFi users. The Options market is part of the derivative markets. Crypto derivatives have seen continuous growth since the entire DeFi boom in late last year. Surprisingly it’s one of few markets that have experienced quality optimization. Options markets have gotten muted attention. They still pose some challenges to users due to the complexity of operation in platforms offering such services.

The Oddz Fi protocol will offer users a sleek and intuitive decentralized derivate interface. Its features will expedite financial primitiveness, including call and put options, conditional markets, and swap contracts.


Key Features

Key features of the platform include;

  • Multi-chain trades
  • Transparent and premium calculation
  • Simple interface
  • Fraction trades
  • Reduced/zero gas fees
  • In-built oracle for correct price feeds
  • AMM pool to stabilize the price volatility


Project Components

The various project features set aside the Oddz Fi platform from existing solutions already prevalent in the market. The current derivatives market’s growth is mainly due to an increase of Dapps and interest in crypto option markets. The Oddz Fi team believes that a much better approach will lead to further market growth.

Simple interface: A growing concern for most users is the complexity encountered with dominant Options trading platforms in existence. Oddz Fi solves this problem by providing an easy-to-use, clutter-free interface that anyone can start using immediately. A simplified UI/UX is one step towards increasing the rate of adoption.

Multichain trades: The platform is built within three blockchain interoperations, Binance Smart Chain (BSC) Network, Ethereum, and Polkadot chains. Being a blockchain-agnostic protocol, Oddz Fi will allow for seamless integrations with various Defi applications and facilitate multichain trades. Users do not have to move over to a specific chain to carry out Options trading activities, as witnessed in already established solutions.

In-built Oracle: Users do not have to rely on external price feeds for price data. Oddz Fi has already integrated an in-built oracle into its protocol for accurate and reliable data.

Zero gas fees: The integration of multichain will reduce gas fees that have been prevalent for some time in legacy blockchain like Bitcoin and Ethereum. Oddz Fi will enhance users’ experience by making transactions cost-effective and economical. No longer will users have to spend tonnes of resources to carry out Options trading.

AMM Pool: The platform integrates a USD pegged stable coin liquidity pool to stabilize price volatility occurring within assets in the protocol. Users will have some semblance of price stability when carrying out operations.

Customized Option platform: Oddz Fi will offer users a high degree of customization and the benefit of tweaking their automated Options as per their input preference, thus resulting in a high degree of personalization.

Governance: Oddz Fi protocol users will have increasing decision-making processes within the protocol and have their say in future upgrades and additions to the oracle and protocol.

Fractional Trades: Oddz Fi allows traders with low earning power to carry out fractional trades. Allowing traders to chip in smaller amounts of trades will lower the barrier of entry into Options trading.

The platform overhauls the traditional operations using the decentralized approach with its cutting-edge technology and features that stand it out from other existing decentralized protocols already in operation. For example, its Call and Put Options, Exercise Option Flow, and Liquidity Pool are complete revamp of existing solutions:

Users of the platform will have improved earning opportunities when they engage their tokens in Liquidity Provision and Staking to earn rewards.

Conditional Tokens: Oddz Fi also allows users to create and trade conditional tokens for any events with specific outcomes, e.g., political or sports events.

Perpetual Tokens: Users will be able to trade leverage tokens depending on their positions, whether long or short, with transparent price calculations and high liquidity.


Partnerships

Due to its overwhelmingly simplified approach to Options Trading, the protocol has been into several strategic partnerships since it’s over $2 million raised from strategic investors in February, which saw private and seed funding from Seasoned investors and entrepreneurs. Including Frontier, Etiënne (TRGC), Polygon previously Matic Network, Tushar Aggarwal of Persistence.One, Unilend Finance) and Aniket Jindal from Biconomy.

Partnership with ZeroSwap multichain Dex integrates its Option trading protocol in the multichain Dex by leveraging the multi-chain Dex protocol’s power.

Partnership with NGC Ventures, a leading investment firm with offices in Singapore, Shanghai, and San Francisco. The firm lends its support to the decentralized Option trading firms as it highlights crucial areas, Oddz Fi ecosystem is attempting within the Defi landscape.


Tokenomics

$ODDZ is the utility token of the platform. The token is the centralized form of the incentivization and governance structure of Oddz Fi.

  • Total supply - 100,000,000 $ODDZ 
  • Initial supply - 9,200,000 (released at Token Generation Event (TGE)).
  • Seed sale - 8,000,000
  • Private investors - 15,800,000 
  • Early supporters allocation - 500,000 (100% unlocked on listing day)
  • Public sale - 1,200,000 (unlocked)
  • Staking reward - 15,000,000
  • Platform development - 18,000,000 
  • Security and alignment fund - 4,000,000
  • Marketing - 10,000,000

You can find comprehensive breakdowns of the tokenomics and distribution here.


Project Roadmap

The bulk of the roadmap has already been achieved and implemented. We are currently in the first part of the Q1 development phase of the plan; after TGE, liquidity mining, staking, and the trading platform will follow. 

Thus, a look into Q2 and Q3 2021 will bring about much of the implementation of the platform’s cutting edge features:

  • Integration with Polkadot network
  • Release of the Oddz oracle
  • Oddz Options on wallet dapps
  • Release of both perpetual and conditional markets

The release of its custom oracle for price feeds is the most anticipated. Most platforms use the famous Chainlink oracle which has reported high success in providing reliable price data. A release of its custom oracle will increase the Oddz protocol’s value and potentially become well sought after by other platforms for integration.

The Polkadot network is one of blockchain’s fastest-growing networks. Cross-chain integration is a smart move by the team to capture a growing blockchain and its increasing mass of users. This is one of the team’s core value-driven strategies. Especially as it already has cross integration with Ethereum and Binance Smart Chain networks.

Concluding Thoughts

Making Options trading seamless, less complex, and decentralized will drive more adoption. Options trading is relatively new to the crypto space, especially as it hasn’t been presented engagingly by existing solutions. Oddz Fi aims to redefine Options trading using the decentralized system of the blockchain.

For users with interest to learn more about Oddz protocol trustless on-chain Option trading platform, the following resources will be useful;

Website

Twitter 

Telegram

Announcements

Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.

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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.