Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$1.99KBuyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $1.99K | -- | -- | -- |
| Sep 2026 | $5.41K | -- | -- | -- |
| Aug 2026 | $3.57K | -- | -- | -- |
| Jul 2026 | $1.81K | -- | -- | -- |
| Jun 2026 | $817.51 | -- | -- | -- |
| May 2026 | $34.5 | -- | -- | -- |
Comparison
Follow Updates
Follow Lists
People
About Panoptic
Panoptic is a permissionless options protocol on Ethereum that eliminates the need for oracles by deriving prices from Uniswap v3 pools. Its core business revolves around perpetual options, allowing users to trade calls and puts with no expiry, while also offering lending and borrowing through its V2 vaults.
The main pain point it solves is the complexity and capital inefficiency of traditional options: users can mint options with as low as 20% collateral, and the protocol supports multi-leg strategies like spreads and iron condors in a single transaction. Its competitive edge lies in a unified margin and risk engine that enables cross-margining between options and loans, plus a modular design for institutional-scale use.
In the past six months (2026-03 to 2026-09), Panoptic has focused on expanding its V2 vault suite, including the Volatility Harvesting Vault and the PLP Vault, which automate yield generation from market-making and lending. The protocol also open-sourced an SDK to lower the barrier for algorithmic traders.
Regarding negative events, in August 2025, Panoptic suffered a security incident due to a flaw in its position fingerprint scheme (XOR linearity), which allowed unauthorized collateral withdrawals. The issue was resolved with a white-hat rescue, but it highlighted risks in the protocol's design.
Panoptic is a DeFi options protocol that does not require oracles.
Key milestones:
- Launched on Ethereum, introducing perpetual options and the Streamia path-dependent fee model, enabling oracle-free options pricing.
- In August 2025, a critical 'position spoofing' vulnerability was discovered; the team responded emergently and rescued over 98% of at-risk funds via whitehat operation, then decided to rebuild the protocol from scratch.
- Released Panoptic V2: a modular unified risk engine combining options, lending, and AMM liquidity within one collateral system; with a built-in independent oracle using multi-period EMA and median checks, and open-sourced the codebase.
- Launched on Uniswap v4, deploying v1.1 contracts, and introduced gRHO lending interface allowing passive LPs to deposit single-sided and earn yield without impermanent loss.
Over the past six months (March–September 2026), Panoptic has made significant strides. In March, the team open-sourced the Panoptic V2 codebase, a ground-up rebuild featuring a modular risk engine that unifies options, lending, and AMM liquidity within a single collateral system. This architecture enables loans as an edge case of perpetual options and supports flash minting for complex multi-leg strategies.
In May, Panoptic launched Vaults on Ethereum mainnet, initially offering three strategy types: passive LP vaults, covered call vaults, and gamma scalping vaults. These vaults are capped and distribute Season 2 points to participants. The protocol also partnered with Steer to build institutional-grade structured yield infrastructure, connecting Panoptic's options/liquidity layer with Steer's strategy orchestration.
Looking ahead, Panoptic's roadmap focuses on: (1) launching borrowing/lending features with adaptive interest rate models; (2) introducing real-world asset (RWA) trading, beginning with SPCXx; (3) expanding modular integrations beyond Uniswap V3/V4 to other concentrated liquidity AMMs; and (4) building toward institutional adoption through custom strategy design and clearer pathways for funds and treasuries. The team emphasizes shifting from isolated products to composable financial systems.
Guillaume Lambert (Co-Founder & CEO): PhD in Applied Physics from Cornell, former Assistant Professor at Cornell, postdoc at University of Chicago and NYU. Founded Panoptic in 2022.
Jesper Kristensen (Co-Founder): Previously at Kyber Network and Goldman Sachs, quantitative researcher. Co-founded Panoptic.
Tom Grant (COO): Current COO at Panoptic.
Steve Flanagan (Head of Engineering): Current Head of Engineering at Panoptic.
Rosalie Mosner (Digital Marketing Manager), Izzy Bagi (Business Development), Brandon Ly (Research): Current team members.