June 25, 2025
The next publish comprises a recap of reports, initiatives, and necessary updates from the Spartan Council and Core Contributors from final week.
👉tldr
Spartan Area with Panoptic:
- Panoptic: DeFi-native choices buying and selling utilizing Uniswap V3 — no market makers, no expirations.
- Buying and selling methods give attention to payment era and capital preservation, not simply hypothesis.
- Strangles: Shopping for/promoting a put and a name at totally different strike costs.
- Straddles: Shopping for/promoting a put and a name on the identical strike value.
- Threat administration is essential: Delta-neutral positions, capped losses, and regular yields.
- Perps vs. Choices.
- New options coming quickly: Backtesting device & AI-powered buying and selling assistants.
- Reside now: BTC/USDC buying and selling competitors.
- Rosalie’s recommendation: Begin small, keep curious, and use DeFi as a device for monetary empowerment.
Spartan Council and SIPÂ updates
Final week Synthetix hosted a Spartan Area with Panoptic, a decentralized choices buying and selling protocol constructed on Uniswap V3. Burt chatted with Rosalie, who joined to speak about DeFi choices, threat administration, and the way Panoptic is rethinking derivatives buying and selling from the bottom up.
Rosalie does advertising at Panoptic and acquired her begin in crypto throughout a school blockchain course the place she purchased her first Bitcoin from a merchandising machine in Chinatown (sure, actually). After hopping by means of internships and blockchain jobs, she’s now knee-deep in choices buying and selling (solely in DeFi) — no TradFi expertise wanted.
She’s been actively buying and selling choices for the final 3 to 4 months and is keen about making monetary schooling extra accessible, particularly within the crypto house. Rosalie went on to debate what makes Panoptic totally different, primarily explaining how the platform is constructed on high of the Uniswap liquidity mannequin and permits perpetual choices, which don’t expire and are settled each block. So there are not any centralized market makers; as a substitute, merchants borrow and purchase liquidity straight from swimming pools.
Examples of fashionable buying and selling swimming pools at the moment obtainable on the Panoptic platform embody:
- ETH/USDC
- BTC/USDC
- BTC/ETH
- UNI-based swimming pools
It’s also possible to create your individual markets if you wish to commerce any particular tokens which can be on Uniswap. The platform is designed to make choices buying and selling each capital-efficient and versatile!
Rosalie then walked the viewers although a few widespread methods used on Panopticreminiscent of:
- Strangles: Shopping for/promoting a put and a name at totally different strike costs
- Straddles: Shopping for/promoting a put and a name on the identical strike value
These are all about gathering charges during times of value stability, however the actual edge in DeFi choices comes from threat administration slightly than hypothesis. Some core ideas she laid out have been:
- Preserving capital earlier than chasing earnings
- Constructing delta-neutral positions to reduce directional threat
- All the time capping potential losses
- And even when your value prediction is unsuitable, good technique nonetheless makes cash
The Spartan Area additionally went right into a little bit of a dialogue on the variations between perpetual futures and choicesprimarily that perps are simpler to hedge and extra fashionable for speculative trades, and choices are tougher to make use of however supply higher strategic flexibility and nuanced threat profiles.
All through the decision, Rosalie additionally reiterated in normal some platform options value noting:
- Perpetual choices: As beforehand talked about, Panoptic has perpetual choices, which don’t expire like conventional choices.
- Consumer interface: The platform has a enjoyable and interactive interface with a modern UI and visible charts.
- Upcoming options:
- There’ll quickly be a backtesting device to simulate methods.
-  And the long-term imaginative and prescient contains AI buying and selling assistants, pure language interfaces, and extra.
Lastly, Rosalie and Burt mentioned Panoptic’s present buying and selling competitors on the BTC/USDC poolthe place there’s a factors program and a few distinctive prizes (sure, there’s a Michael Saylor pillow concerned).
All in all, when you’re curious however cautious, Rosalie recommends beginning small and utilizing the platform’s academic instruments — study the mechanics earlier than diving in deep!
