Ithaca Protocol, a revolutionary participant in the crypto options market, has officially launched its live beta platform. With the aim of setting a new standard in the industry, Ithaca was created by a former Goldman Sachs partner and a former executive from Amber Group, and has received backing from prominent firms like Cumberland and Wintermute Ventures. What sets this protocol apart is that it is the first in the market to offer executable prices for a wide range of financial products, including vanilla options, digital options, option strategies, forwards, and structured products. In fact, there are over 250 prices available across various strikes and expiries.
The main innovation of the Ithaca Protocol lies in its auction-based matching engine. This unique engine allows for more trades to be filled with the same number of orders compared to standard auction systems. Users have the ability to customize their exposure to any anticipated market movement or desired scenario, making it a versatile tool in decentralized finance (DeFi), centralized finance (CeFi), and traditional finance (TradFi). The protocol’s architecture is built on off-chain matching, Arbitrum on-chain settlement, and Axelar cross-chain bridging, providing a strong and secure foundation for its operations.
The beta launch follows the successful completion of Ithaca’s Open Alpha phase, which marks another step towards the protocol’s goal of decentralization. In the near future, on-chain actors will be able to verify 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 stated, “Today’s launch is a significant milestone in our journey to revolutionize the world of options and structured products. With deeper liquidity now available alongside the financial engineering capabilities of the Ithaca Matching Engine, more users will be able to reliably execute their ideas. By enabling the emergence of a trust-minimized and disruptive ecosystem, we will unlock new possibilities in risk sharing and empower users with unprecedented access to a wide range of risk-sharing instruments.”
To coincide with the beta launch, Ithaca Protocol is introducing a formula-based airdrop program that aims to incentivize liquidity, reward early adopters, and foster ecosystem development. Season One of the program will culminate in a special airdrop event. Participants can earn points by executing transactions, submitting orders, engaging on social media, and joining campaigns. So far, Ithaca Protocol has raised $2.5 million in funding, with investments from notable backers such as Cumberland, Wintermute Ventures, Room40, Andrew Keys, Ghaf Capital, and Axelar co-founder Georgios Vlachos.
Ithaca Protocol is a non-custodial, composable options protocol that aims to democratize access to advanced financial engineering. Its auction-based matching engine provides greater liquidity for a given number of orders, allowing users to customize their exposure to market movements and scenarios. By leveling the playing field, Ithaca offers direct access to sophisticated risk-sharing instruments with just a few clicks.
