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About Enhanced
Enhanced builds on-chain structured products around an auction engine where institutional market makers compete. A user deposits into a vault or submits an RFQ, whitelisted makers bid on each option overlay or binary position, the best quote wins, and premium settles on-chain to the user's wallet immediately. The first product is a PAXG volatility income vault: deposited tokenized gold sells two-week out-of-the-money calls struck 3% to 7% above spot, premium is paid in USDC, and holders can withdraw it or swap back into PAXG to compound.
It sits between real-world assets and options: gold pays no staking or lending yield, so selling volatility is one of the few ways to generate cash flow, and competitive bidding rather than a fixed schedule keeps makers from compressing implied volatility ahead of the sale. Users initiate, makers quote and contracts settle, with the vault charging 0.019% per epoch. Since launching in August 2026 the lineup has stayed at one asset and one strategy, notional volume is about $478,000, and returns depend on call buyers continuing to show up for PAXG.
Enhanced completed a $1M strategic pre-seed round led by Maximum Frequency Ventures, with participation from GSR, Selini, Flowdesk, etc. Funds were used for product development and operational groundwork.
Launched its first vault product — the PAXG volatility yield vault — as a proof of concept. The vault employs a covered call option strategy, auctioning deposited assets in batches to market makers via an RFQ system. Users can customize parameters such as strike price (103-107% OTM), duration (bi-weekly), and choose between compounding or non-compounding settlement modes. This is the first practice of generating yield from on-chain RWA.
The vault evolved from a single strategy to a multi-strategy range, covering nuances in RWA asset classes and investor profiles. The team stated that gold is just the first proof of concept, with future expansion into broader assets like equities, leveraging the RFQ system to support more asset classes.
In 2026 Enhanced concentrated on structured yield through its Thesis Vaults line. In early August the first vault launched on PAXG, the Paxos-issued gold token: depositors supply PAXG, the vault sells bi-weekly European out-of-the-money calls with strikes set dynamically 3% to 7% above spot, and institutional market makers bid through a request-for-quote auction. Premiums are distributed in USDC every two weeks against a target annualised return of 4% to 14%.
Mechanically, Enhanced depositors can withdraw the stablecoin income or auto-swap it back into PAXG to compound, and the protocol charges about 0.019% per two-week epoch, roughly 0.5% annualised, below the fees of traditional gold covered-call products. Tokenised gold is a market of roughly $5 billion that previously produced almost no native yield, which is the gap the product targets.
Enhanced's team plans to replicate the covered-call structure across more tokenised commodities and yield-bearing assets, widen the market-maker set to keep auction depth, and add spreads and tenor combinations so returns do not decay purely with falling volatility.
Kevin Ang (Ang Kevin) — Founder & CEO; founded Enhanced Labs in January 2026, Asia-based, building a DeFi platform for structured yield and derivatives strategies; raised a $1M pre-seed led by Maximum Frequency Ventures.