Introducing the Ape Fund, $10,000 seeded from the DAO to be used to buy options, directed by the community through discord voting. Could we lose all the money, yes, but it's about the friends we make along the way right? At the start of every two weeks, the community has 12 hours to decide whether to buy calls or puts for the next period and vote, after that a similar vote takes place to decide what strikes to buy in the next 12 hours. The result will be two options positions, a call or a put for a dedicated strike for each of the weekly expiries.
- ETH market only
- Start with buy calls, puts, hold until expiry only
- A vote then takes place for what type of option + which strike price should be purchased for each of the 2 weeks
- 50% of the fund is allocated every 2 weeks
- Go live in discord to purchase the options
In the future:
- Multiple markets, more complex strategies
- Elected community fund managers
- Maybe ~ people can put their own funds in a contract to be managed. Consider this as an experiment.
15th Feb - Ape Fund announcement
17th Feb 8am UTC - Call or put vote begins
17th Feb 8pm UTC - Call or put vote closes/Strike price vote begins
18th Feb 8am UTC - Live call in Discord to place options orders
If the fund ends up profitable:
- 30% of the profits will be donated to RedApes Orangutan Outreach via The Giving Block.
- 70% will be rolled over into the following period
The money will continue rolling in perpetuity or will be completely donated to RedApes.
If the fund loses money:
If the fund dips below a floor of $1000, the remaining money will be donated to RedApes.
About RedApes Orangutan Outreach
Orangutan Outreach’s mission is to protect orangutans in their native forests of Borneo and Sumatra while providing care for orphaned and displaced orangutans until they can be returned to their natural environment. If they cannot be released, they will do everything in our power to ensure the Orangutans have a life of dignity and the best possible long-term care. They seek to raise funds and promote public awareness of orangutan conservation issues by collaborating with partner organizations around the world.
Lyra is an open protocol for trading options built on Ethereum. Lyra allows traders to buy and sell options that are accurately priced with the first market-based, skew adjusted pricing model. Lyra also quantifies the risks incurred by liquidity providers and actively hedges them, encouraging more liquidity to enter the protocol.
Stay tuned for more important updates, key date announcements, and exciting opportunities by following us on Twitter.
Join the Lyra community on Discord to get involved; be the first to learn about new opportunities with Lyra and be a part of building the future of DeFi.