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The recent explosive growth in the price of native tokens from decentralized exchanges GMX (GMX) and Gains Network (GNS) allowed investors to make good money. The value of $GMX jumped 50% to a record $60.45 following its listing on Binance on October 5. The current price is $42.80, according to CoinMarketCap. And $GNS went from $2 to $3.61 as of October 31.
In order for those who missed the opportunity to make some extra money to not get hit by FOMO
“There’s also a chance existing platforms like GMX and GNS decide to introduce options trading in the future”, he noted.
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An option is a derivative contract that gives the buyer the right (but not the obligation) to buy or sell the underlying asset at a set price on the expiration date.
Essentially, they are contracts that allow traders to speculate on the future price of an asset. A call option = a bet to increase the price. A put option = a bet on a price decrease.
Options trading has many advantages due to the following:
“In traditional finance, traders go from spot > leverage > options. Typically, inexperienced traders start with spot, then “graduate” to more advanced forms of trading. In crypto, since there aren’t many experienced traders (yet), the market for options is comparatively smaller. As time goes on, and crypto participants master the art of spot/leverage trading, options are the next logical step for many of these traders. As more experienced investors migrate from traditional finance to crypto in the future, they’ll need places to trade options. Options are needed as they serve as a powerful risk management tool to hedge against existing positions,” Deutscher tweeted.
The largest platform for crypto-options is Deribit, but you can also trade options through other centralized exchanges (CEX), such as Binance, Bybit, etc.
Here are the advantages of trading on a decentralized exchange (DEX) compared to CEX.
This explains the growth of users on decentralized cryptocurrency trading platforms such as $DYDX, $GMX, and $GNS.
Dopex is a decentralized options exchange that allows users to trade options through its vaults. Atlantics is a revolutionary innovation of the team.
Hegic is a decentralized protocol that allows users to purchase calls and put options on $ETH and $BTC. They recently launched on Arbitrum. HEGIC bettors earn a commission on settlements with option buyers.
Premia allows you to trade call/put options on various tokens. It has a user-friendly interface and 80% of the commissions are paid to $xPREMIA stakeholders.
Jones DAO offers vaults for easy, one-click access to educational options strategies.
One of the leaders in decentralized options, Lyra uses synthesizers to trade options at AMM prices.
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