Ithaca Protocol
ITHACADecentralized options and structured products protocol
Performances
RD Popularity Index
RD Growth Index
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.00% | 7.86% | 17.79% | 16.24% | 53.79% | -- |
Comparison
Tokenomics
Unlock Progress
Data source: CoinGecko
Top Holders
| Address | Token | Quantity | Percentage | Value |
|---|---|---|---|---|
| 0x0cb5...9493 |   ITHACA | 14,947,395 | 1.66% | $8.56K |
| 0x870b...44a4 | ITHACA | 5,841,428.39 | 0.65% | $3.34K |
| 0xcece...63b8 | ITHACA | 2,222,784.66 | 0.25% | $1.27K |
Open Markets
| # | Exchange | Pair | Price | +2% depth | -2% depth | Volume (24h) | volume % |
|---|---|---|---|---|---|---|---|
| 1 | ITHACA/USDT | $0.005002 | $1,009 | $1,006 | $100 | 0.39% |
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About Ithaca Protocol
Ithaca Protocol is a non-custodial options protocol on Arbitrum that prices vanilla options, digital options, forwards and structured products built from linear combinations of them through a batch-auction matching engine. All contracts are European-style and expire on Fridays at 8:00 UTC, mainly on WETH and USDC; users deposit into the Fundlock contract first, then rest limit orders for the auction to clear, while collateral is reused across strategies inside one account, with margin efficiency as the central design goal.
The binding constraint on on-chain options has been liquidity rather than demand: market makers avoid quoting long-tail strikes and exotic payoffs, leaving retail with wide spreads. Ithaca decomposes structured products into composable vanilla and digital building blocks, so a new underlying or payoff can be assembled from the same blocks and routed into one auction pool, while frequent batch auctions blunt high-frequency front-running and MEV. Cumulative options premium volume is about 49.82 million USD, but scale has contracted from a 3.4 million USD TVL peak on 23 August 2025 to roughly 14,800 USD on 19 October 2026.
Unlocks: 8.8 million ITHACA unlocks linearly on each of October 15, 22 and 29, bringing cumulative unlocks to 804.08 million, or 80.52% of supply.
Revenue: On-chain data as of October 10 put protocol TVL at just $15,470, with average daily volume of $76,280, down 48.7% over 90 days.
Dimitrios Kavvathas — Founder & CEO; PhD in economics from the University of Chicago, became a Goldman Sachs partner in 2008, served as CEO of Amber Group from 2021 to 2022.
Panos Mekras — Co-founder; in crypto since 2016, founded DigitalGen Financial Services and authored a book on the crypto economy.
Ithaca Protocol charges on filled notional: 0.01% for forwards, 0.04% for options and 1% for digital options.
Ithaca Protocol caps fees at 12.5% of option premium and 25% of digital option premium.
Ithaca Protocol discounts multi-leg conditional orders with an 80% parameter reduced by 5% for each additional leg.