The options trading protocol inches one step closer to a multi-chain future with the launch on the Avalanche mainnet network
Oddz Finance, a crypto derivatives trading platform today announced its mainnet launch on Avalanche, an open, programmable smart contracts platform for decentralized applications. This significant milestone and collaboration for both companies will aim to increase the adoption of derivatives trading on the network, massively aiding the users of the Avalanche network.
The Oddz Mainnet launch on Avalanche will see the release of the Oddz Options v2 version, which will include features such as option strategies, a secondary market, an auto exercise feature, the addition of more altcoins, deviation-based pools, and dynamic APY boosting features. All these features will be aimed at facilitating the growth of derivatives trading in the crypto space.
Derivatives in India have been an active market with National Stock Exchange being the largest derivatives exchange for the third consecutive year in 2021 by the number of contracts traded. In recent years, with decentralised finance garnering global interest, the derivatives market for cryptocurrencies have been thriving as well. A study by Carnegie Mellon University researchers estimates the traded volume in cryptocurrency derivatives to surpass $100 billion. With over 105 million Indians invested in the digital token space, providing seamless solutions that provide various traditional financial services are necessary to ensure the continued growth of the Indian crypto sector.
Oddz has been at the forefront of innovation in the derivatives space since its inception. It first launched on the Binance Smart Chain (BSC) with the goal of powering the ecosystem with derivates trading. Since then, it has facilitated smooth trades with high latency along with lower transaction costs for complex on-chain option trading contracts. With significant success on the BSC chain, Oddz now plans to integrate with the Avalanche network.
“Over the last few months, we’ve seen a lot of momentum on Avalanche,” said Aishwarya Shivakumar, CEO of Oddz Finance. “When compared to other derivatives protocols currently operating within the network, Oddz is uniquely positioned to provide the best features that can benefit both the users and the ecosystem. It is also well-positioned to support many DEXs seeking more custom or sophisticated trading solutions beyond the more commonly available trading methods.”
Despite such rapid growth, the network currently has little going on in terms of derivates, and the number of protocols offering derivates products is not enticing users to engage with the Avalanche ecosystem. Oddz, on the other hand, aims to solve this by bringing the best of the best features via derivates. With features such as deviation-based pools, advanced options strategies, secondary market, and auto exercise features, the platform intends to power the entire Avalanche ecosystem.
Additionally, Oddz recently completed its testnet on the Avalanche and received a positive response, with over 15000 people taking part in the program. Moreover, $5.8 billion in $AVAX options were traded on the Testnet in just three weeks, with $BTC and $ETH volumes hovering at $458 million and $206 million, respectively.
The TradFi market for derivatives is already worth more than $1 quadrillion, and Oddz offering these products in the DeFi space will further encourage mass adoption for the crypto ecosystem. Derivatives are establishing the framework for DeFi’s future, and Oddz’s proposition is to deliver the decentralized future across all chains.