Opyn

Opyn is a DeFi options protocol focused on building derivative infrastructure on Ethereum. Its core product is Squeeth, a perpetual contract that tracks the squared price of ETH (ETH²), giving users convexity exposure without managing expirations. Users can go long by buying oSQTH for leveraged upside, or go short by minting and selling it while depositing collateral, earning funding fees. The protocol addresses key market pain points: traditional DeFi options suffer from fragmented liquidity across strikes and expiries, high collateral requirements, and complex management. Squeeth simplifies this by offering a single perpetual instrument that provides automatic convexity, eliminating the need to roll positions or choose strike prices. Its competitive edge lies in this innovative design—combining perpetual funding mechanics with options-like payoff—making it a capital-efficient tool for hedging and speculation. In the past six months (2026-03-02 to 2026-09-02), Opyn has continued to maintain Squeeth operations, focusing on stability and integration within the broader DeFi ecosystem. However, adoption remains niche, and the protocol faces challenges from competing options AMMs and order-book platforms that offer more familiar trading experiences. No major negative events were reported in this period, but the project's activity level appears modest compared to its earlier peak.