Ithaca Protocol, a cutting-edge player in the world of crypto options, has officially launched its live beta platform. Created by a former partner at Goldman Sachs and a previous executive at Amber Group, with support from renowned firms like Cumberland and Wintermute Ventures, Ithaca aims to set a new standard in the industry. Setting itself apart as the first protocol to offer executable prices for a wide range of financial products, including vanilla options, digital options, option strategies, forwards, and structured products, it boasts an impressive offering of over 250 prices across various strikes and expiries.
The standout feature of Ithaca Protocol is its auction-based matching engine, which allows for more trades to be completed with the same number of orders compared to traditional auction systems. Users have the flexibility to adjust their exposure to anticipated market movements and desired scenarios, making it a versatile tool across decentralized finance (DeFi), centralized finance (CeFi), and traditional finance (TradFi). The protocol’s foundation is built on off-chain matching, Arbitrum on-chain settlement, and Axelar cross-chain bridging, ensuring a secure and robust architecture for its operations.
Following a successful Open Alpha phase, the beta launch signifies another step towards Ithaca’s decentralization goals. In the future, on-chain participants will have the opportunity to create and operate instances of Ithaca’s key risk-sharing ecosystem components, including matching, collateral optimization, and value-at-risk (VAR) engines.
The founding team of Ithaca Protocol expressed, “Today’s launch is a significant milestone in our mission to revolutionize the world of options and structured products. With increased liquidity and the unique financial engineering capabilities of the Ithaca Matching Engine, more users will be able to execute their ideas reliably. By fostering a trust-minimized and disruptive ecosystem, we aim to unlock new possibilities in risk-sharing and provide users with unprecedented access to a wide range of risk-sharing instruments.”
In line with the beta launch, Ithaca Protocol is introducing a formula-based airdrop program to encourage liquidity, reward early adopters, and support ecosystem development. Season One will culminate in a special airdrop event, where participants can earn points by engaging in transactions, submitting orders, participating in social media activities, and joining campaigns. With investments totaling $2.5 million from notable backers like Cumberland, Wintermute Ventures, Room40, Andrew Keys, Ghaf Capital, and Axelar co-founder Georgios Vlachos, Ithaca Protocol is poised to democratize access to advanced financial engineering through its non-custodial, composable options protocol. By offering greater liquidity through its auction-based matching engine, Ithaca empowers users to customize their exposure to market movements and scenarios, providing easy access to sophisticated risk-sharing instruments.