The Anon Powered development team today announced the launch of Premia, the latest DeFi (decentralized finance) options platform available live on Ethereum.
In an interview with Cointelegraph, the group of semi-anonymous developers behind Anon Powered, who jointly moved to be called “Members of the Premia Republic,” the name for Premia’s upcoming DAO – said that from the start, users will be ” American-style covered calls and puts “write, sell and exercise that can be exercised prior to the option’s expiration date.
The launch of Premia is adding to an increasingly crowded market for DeFi options, joining projects like Auctus, Hegic and Opyn. However, members of the Republic of Premia believe their project will be characterized by a mix of features, including an architecture that leverages ERC-1155, a phase of primary bootstrap contribution rather than a VC increase, and a development philosophy they believe reflects broader DeFi ecosystem – one that is open to everyone, regardless of their credentials (or even a verifiable public face).
“I think something that has been central to our ethos in all of this is trying to have a group of honest, anonymous people who want to change the view of anonymity in the landscape and let the code speak for itself,” so the members said.
Members of the Premia Republic – one of whom claims to currently work at a tradfi brokerage, which Cointelegraph was unable to confirm – said they met mostly through crypto-focused chat rooms on Discord and Telegram. The first project they produced under the Anon Powered umbrella, Don’t Buy Rope, was one of the earliest NFT attempts at profitability.
Because of their work on Don’t Buy Rope, the team is proficient in working with ERC-1155s. The ERC-1155 standard is widely used to mint NFTs and allows multiple fungible or non-fungible tokens with a single contract. This standard allows Premia to have more flexible strike times, a feature that many of Premia’s competitors do not currently offer.
“Some of the solutions you see are being implemented in an ERC-721 manner,” said a Republican. “And in the traditional financial sense that is OTC – off-exchange trading. Each ERC-721 will be specific to the strike price. […] By using an ERC-1155 we can keep that listed derivative mentality which is fungible and create that secondary market where you can buy and sell them afterwards. ”
Likewise, their native token has some unique twists. Initially there will be an “Interaction Mining” program similar to Liquidity Mining, where users who write, buy and sell options will have uPremia tokens (“uncut premiums”) “proportional to the fees paid to the protocol ” receive. uPremia is non-transferable but can be used to earn protocol fees that are distributed to the stakers as a transferable, tradable PREM token.
This architecture earned the team a glowing rating from Solidity Finance, the accounting firm that reviewed the Premia contracts.
“Premia was one of the best projects we reviewed in terms of security and the logical construction of code. The project development team is extremely impressive,” said a Solidity Finance representative.
Perhaps more interesting than the technical details of the platform is the vision behind it. Members of the Republic of Premia said there was internal debate over whether or not the launch of the protocol should be booted with a venture capital increase, especially given the potentially wasteful sums some projects have made recently.
Ultimately, they chose a different path.
“In our eyes, the ethos behind Defi is” open to the people, “” said one member – and it does not fit this vision to offer favorable conditions to investors that are deep in their pockets.
Despite the idealism, there are still practical aspects: after the launch of the first product, the team has capital needs to hire developers. As a result, there will be a “primary bootstrap post” open to all.
✅Reward tokens assigned
Houston, we are ready to go!
The site is live here -> https://t.co/ZNHvUsW8Cx
– Premia – Options Platform (@PremiaFinance) February 7, 2021
During the weeklong PBC, users can send ETH to a contract and receive premia tokens on a binding curve. Due to the openness and lack of permission of DeFi, both VC whales and individual investors can participate.
Because of these positions, the team is in some ways facing a steeper adoption curve. After a DeFi summer 2020 full of hacks, rugpulls, and scams, the community is – perhaps rightly – suspicious of projects that don’t have a real reputation behind them.
The Premia team rejects this idea.
“There was this stain inflicted on anonymous teams by competing teams with faces… but a lot of the ones led by people with faces, like FEW, MANY, things like that, were pretty obvious scams and the community still accepts all human beings who have faces. “
Ultimately, Anon Powered hopes to give anonymous developers a positive impact on the space.
“People are starting to see that anonymity or pseudo-anonymity is an asset […] We want to take this organization to the next level and continue to build and deliver services and opportunities for people who want to protect their privacy and still contribute to the Ethereum ecosystem and community. “