DYMMAX (DMX)

DYMMAX (Dynamic market making auctions and exchange) is a decentralized protocol for issuing options for cryptocurrencies based on the parimutuel betting with fixed odds pricing model with possible secondary circulation of issued contracts in the form of ERC20 tokens.

Whitepaper

Onepager

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Interest lvl

Medium

Updated: Dec 06, 2020

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User Rating

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Ticker

DMX

Token standard

ERC20

FoundedRussian Federation

What is DYMMAX

We present Dymmax, a novel protocol aiming to build a decentralized platform for options emission and secondary circulation.

Dymmax is based on a well-studied parimutuel model, allowing to issue options without a sellers. Buyers of various option types (PUT, CALL, IRONFLY) form a joint bank, which is guaranteed to be sufficient for expiration payments. The price of every option type is calculated off-chain when all bets are done for maximum auction efficiency.

All matched orders are tokenized in the form of ERC-20 tokens, providing a way for the secondary market. New at-the-money optionsсобе with the same expiration day are issued every day, supplementing existing supply and increasing liquidity.

Protocol’s step-by-step algorithm: