OpenDelta
@opendelta_
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Building OPB: A dollar-denominated, yield-bearing perpetual bond.
Joined September 2023
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OpenDelta Perpetual Bond is coming soon to
@solana
.
OPB is a dollar-denominated, yield-bearing, on-chain asset designed for stable value accrual.
How does it work?
OPB is backed by Bitcoin collateral that's been perfectly hedged with a delta-neutral position on a derivatives
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Today we're happy to announce our $2.15M pre-seed round, led by
@6thManVentures
!
OpenDelta is developing USDO, a yield-bearing synthetic dollar for the Bitcoin ecosystem.
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Bitcoin: The hardest collateral asset with the deepest and most liquid markets.
Solana: The most performant platform for smart contracts and tokenization.
OpenDelta: Combining both for seamless access to yield-bearing assets that are fully composable across the DeFi landscape.
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Today we want to share a bit about OpenDelta's first product: OpenDelta Perpetual Bond (OPB).
OPB is a dollar-denominated, yield-bearing asset designed for stable value accrual.
It is a tokenized representation of a hedged Bitcoin position that earns yield via the derivatives
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The Bitcoin derivatives market is one of the largest and most liquid in all of crypto.
Users holding delta-neutral hedged BTC positions can earn sustainable, market-driven yield from the funding rate.
OPB makes this easily accessible by bringing it on-chain on Solana.
Earn
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Solana's native token extensions provide incredible flexibility for users of the network.
OpenDelta's OPB utilizes the interest-bearing token extension that's built into existing token standards.
That means that users can earn automated yield without requiring staking, lockups,
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OpenDelta is bringing new yield opportunities to
@solana
.
OpenDelta Perpetual Bond (OPB) is backed by a hedged Bitcoin position and earns yield from the derivatives market funding rate.
Perfectly hedged collateral + funding payments = an asset designed for stable value accrual
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One of the core features of OpenDelta's infrastructure is our use of off-exchange settlement.
Users deposit BTC to mint USDO, and OpenDelta uses that BTC to enter into a hedged position on a derivatives exchange. But, that BTC doesn't actually sit on the exchange.
Instead,
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Bitcoin derivatives markets, via the funding rate, provide a sustainable source of yield derived from real economic activity.
OpenDelta bridges this on-chain as OPB: a convenient, liquid asset that allows users to easily access this yield.
All built on trust-minimized
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Research from Axiom's "Orange Is The New Green."
Since the launch of Bitcoin perpetuals, the funding rate has been positive 72% of the time.
A sustainable, market-driven source of yield on dollar-denominated hedged Bitcoin positions.
OPB makes this easily accessible and fully
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OpenDelta operates trust-minimized infrastructure to tap into the largest and most liquid markets in crypto and bridge that yield on-chain.
Let's take a look at how this works.
Multi-Party Custody
All the collateral backing OpenDelta positions is held in institutional-grade
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If you're interested in learning more about OpenDelta, the best place to start is our documentation.
Recently updated with all relevant info about OpenDelta, our products, and our upcoming launch.
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New OpenDelta website is live 👀
Check it out to learn more about OpenDelta and OPB.
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Read the original (excellent) research piece here:
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OPB continues to produce impressive yield across the board, with funding rates going up even more recently.
Even with choppy price action, OPB protects your principal and provides sustainable, market-driven yield from the funding rate.
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@BOf3rp
We use BTC as collateral rather exclusively. Ethena generates additional yield from the use of sETH (which introduces additional duration and smart contract risk).
We will also tokenize across various BTC-native layers to provide synthetic dollars to the Bitcoin ecosystem.
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OpenDelta Perpetual Bond (OPB) is designed for stable value accrual.
BTC collateral is perfectly hedged to create a position that's price-stable in dollar terms. Then this position earns yield when funding rates are positive.
This creates an asset that's dollar-denominated and
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