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About rysk finance
Rysk Finance is a decentralized options market-making protocol built on DeFi. Its core business allows users to earn upfront premiums by selling covered calls or cash-secured puts on assets like ETH, BTC, and HYPE.
Unlike traditional options platforms, Rysk uses a Request-for-Quote (RFQ) system where professional market makers submit live quotes. Users see the best bid and can execute trades instantly on-chain. All positions are fully collateralized and physically settled at expiry, with no liquidation risk and no counterparty exposure.
The main pain points Rysk addresses are: 1) illiquidity and wide spreads in on-chain options, 2) lack of transparent pricing, and 3) complexity of options trading. By aggregating quotes from multiple makers and standardizing European-style contracts, Rysk offers retail users a simple way to generate yield on idle assets.
In the past six months (March–September 2026), Rysk has been live on Ethereum mainnet and HyperEVM, expanded multi-asset support (including UBTC), and processed growing trading volume. The protocol has also been refining its settlement mechanism, with an exercise window of 60–120 minutes post-expiry. No major negative events were reported during this period, though the team acknowledged early-stage security precautions around manual settlement processes.
Rysk Finance launched its flagship Dynamic Hedging Vault (DHV) “Alpha” in October 2022, validating on-chain options market-making and uncorrelated yield generation; nearly 1,500 users applied and the cap filled within minutes. In January 2023, the protocol raised $1.4M in pre-seed funding led by Lemniscap to bolster security and R&D. March 2023 saw the announcement of “Rysk Beyond” on Arbitrum Goerli, introducing an on-chain AMM pricing mechanism, multi-collateral partial collateralization, one-click options strategies, and improved hedging via GMX perps and Uniswap range orders—marking a shift toward more capital-efficient and composable derivatives infrastructure. The protocol subsequently expanded to HyperEVM and Ethereum mainnet, broadening asset support and cementing its role as a sustainable on-chain options market maker.
Key developments over the past six months (2026-03-03 to 2026-09-03):
Rysk v12 launched in March 2026, shifting focus to "Options as an Income". Notional volume grew 120% to $621M, with a record $181.5M in March, and TVL increased 51% to $62M.
Total positions opened surpassed $1 billion in late August, a major milestone for onchain options income.
First onchain gold options (XAUt by Tether) became available for covered calls and cash-secured puts on Ethereum mainnet, with fully collateralized positions and no liquidations.
Expanded asset support to include weETH, wstETH, memecoins, and WBTC, plus tokenized RWAs like gold.
Future roadmap:
- Expand asset selection further, including tokenized commodities and stocks (e.g., xStocks).
- Offer more customization in expiries, strikes, and tailored strategies.
- Increase capacity by integrating more desks, traders, and protocols to deepen liquidity and improve pricing efficiency.
- Extend institutional adoption via Rysk Premium, already used by Hyperion DeFi for a vault generating ~30% APR.
Daniele Ugolini: Co-founder. Holds a Master's in Management from Bocconi University; worked at Bank of America Merrill Lynch, Citi, and Accenture in corporate and investment banking; founded Lacerba.io in 2015; co-founded Rysk Finance in 2022, leading strategy and product.
jib r.: Co-founder & CTO. PhD researcher at UCL in engineering and computer science, focusing on positioning algorithms in GNSS-denied environments; former technical lead at London Blockchain Labs; proficient in Solidity and DeFi protocols; responsible for Rysk's on-chain options infrastructure and low-latency trading systems.