what's Panoptic?
Panoptic is a decentralized finance (DeFi) protocol built on the Ethereum blockchain, specializing in perpetual, oracle-free options trading. It enables users to mint and trade options directly on top of Uniswap v3 liquidity pools without requiring oracles for pricing, ensuring instant settlement and composability within the DeFi ecosystem. By leveraging concentrated liquidity positions as collateral, Panoptic allows for permissionless options creation and trading, reducing counterparty risk and enabling strategies like covered calls, protective puts, and spreads. The protocol's core innovation lies in its use of Uniswap v3's range orders to represent options positions, where buyers and sellers interact through automated liquidity provision. This setup eliminates the need for traditional option vaults or external price feeds, making it trustless and efficient. Panoptic supports a wide range of DeFi users, from traders seeking leverage and hedging to liquidity providers earning premiums, all while maintaining capital efficiency. Panoptic aims to democratize options trading in DeFi by removing barriers like expiration dates and oracle dependencies, fostering a more robust and integrated derivatives market on Ethereum.
Panoptic faces regulatory risk after user fund control; Code4rena audits Next Core codebase.
Links
x.com/panoptic_xyzGuillaume Lambert presented on perpetual options at EthereumDenver conference.
Hosting a rooftop happy hour side event with jpegtrading at EthereumDenver on February 18, 2026, from 5:30 PM to 7:30 PM at La Estrella Rooftop Terrace.
The project faces regulatory risk of broker-dealer categorization after taking technical control of user funds during the whitehack rescue operation.
Partnership announced with Code4rena for another competitive audit of the Next Core codebase.
Performance data shows positions generated 3x more fees than equivalent Uniswap v3 positions over 3 months, with one example earning 1200 USDC versus 400 USDC on Uniswap, where buyers paid a 3.25x fee multiplier.
No official Farcaster presence exists and users are warned to avoid scam accounts impersonating the project on that platform.
V2 audit officially starts with Obsidian Audits, featuring modular risk engine for higher leverage, enhanced interest-rate system for liquidity providers, and strengthened capital safeguards.
The redemption portal is now live and users can claim their rescued tokens following the August whitehack incident. All affected users have been made whole through the fund recovery process.
Dispute window for fund redistribution has closed and contracts are being prepared for direct fund redemption with claims page launching soon.
CSV files published on GitHub detail redistribution amounts from rescue operation, with disputes accepted until September 15 before funds become claimable in original assets.
Incident response teams Cantina and Seal 911 assisted in successful security vulnerability resolution, with researcher getting maximum bounty.
Security vulnerability triggers emergency rescue operation across 3 chains, with 90% of protocol funds withdrawn and remaining assets secured by response teams.
New trading strategy enables free options acquisition from out-of-range LP positions with profit potential even during forced exercises.
Hypovault feature completes security audit with published report.
US users blocked from accessing protocol as regulatory compliance measure following legal consultation.
Competitive audit reveals two high-risk security vulnerabilities found by winning participant dhank.
Protocol reaches $2M open interest milestone for perpetual options on Uniswap, enabling LP position hedging.
Webapp returns to full operational status following subgraph provider outage.
New Unichain competition launches in 3 days with points and prizes available.
New security-focused partnership with Cantina security launches with exclusive EthCC event.
Completed Code4rena audit competition for Next Core with $56,000, following a $18,000 bug bounty program over 10 days.
New dual reward program launches offering $UNI and Pips tokens for deposits, LP provision, and options trading.
New liquidation monitoring feature enables users to track positions approaching margin calls.
Liquidity Land integration goes live offering 100% initial boost on deposits.
New competitive security audit initiative launched with rewards for highest severity bug findings.
LP deposits now earn additional 5-7% yield on top of traditional AMM fees.
Protocol reaches $3.42M in Total Value Locked (TVL) on DeFiLlama.
Revenue model shows sustainable yields backed by actual trading activity and LP demand for leverage.
Strangle strategy outperforms straddle with +10.46% returns in year-long backtest on ETH/USDC, showing superior performance during high volatility periods.
New delta-neutral hedging feature reduces Uniswap LP losses by 95% while doubling fee revenue
Low-delta liquidity positions ( 1928645418520572063
Protocol reaches $10M in total trading volume with $5M traded in last month, showing accelerating adoption.
New PnL Card feature launches with 50,000 Pips raffle reward program for users who share their trade cards.
Price dislocations between Base and Ethereum create arbitrage opportunities, with long puts showing highest returns at +17.58% on Ethereum versus +13.42% on Base.
Protocol guarantees execution for long option closing and initial selling, with friction limited to only one side of trades.
Protocol launches on Base with real-time risk management tools; trading competition offering $5,000 and 5M Pips in prizes.
New perpetual options protocol enables permissionless trading of non-expiring options and LP position shorting with full Uniswap integration.
New Base integration transforms Uniswap LPs into options with enhanced leverage and hedging capabilities.
Active traders experiencing losses in Base trading competition, with passive holding currently outperforming unhedged options trading.
New trading competition launches on Base with $5,000 and 5M+ Pips in prizes over two weeks.
Platform goes live on Base network.
Perpetual options trading platform launches on Base blockchain, expanding DeFi options trading accessibility.
New trading contest launches on Base with $5K prizes and 5M+ Pips rewards; 1.1x Pips boost for early registration.
New risk analysis dashboard launches on main UI, providing real-time monitoring of liquidation prices and collateral requirements for options traders.
Advanced options trading protocol launches with perpetual strangle capabilities, supporting WBTC/USDC pairs with 10% minimum collateral requirement.
New PnL visualization tool launches with flexible collateral options for trading positions.
Passive LPs earn 8.25% APY (USDC) and 6.4% APY (ETH), while active LPs can leverage positions up to 5x with same base APY.
V1.1 protocol is live on Ethereum mainnet for Uniswap V4 standard fee pools, with Q2 2025 expansion planned for non-standard fees, hook pools, and L2 support.
Bearish options strategies yield 46% profits during ETH downturn, with short calls, long strangles, and short puts performing best.
New perpetual options product launches on Solana blockchain.
Early Panoptic Incentive Points (Pips) Boost ended. Eligible LPs who deposited into gRHO in first two weeks received rewards.
Launched Passive Liquidity Quest on DeBankDeFi offering USDC/WETH market deposits with rewards including 5x $100 cash lucky draw, passive USDC yield, and Pips + Boosts.
Launched on Unichain as their first L2 integration, focused on helping LPs be more profitable and manage risk.
Trader sold naked ETH calls at $3,280 strike collecting $3,402 in streamia. Position closed for $6,379 profit. Contracts now live on Uniswap v4. Planning interface support and gRHO interface launch.
Competition results announced with top researcher kfx2 winning $3,000 and second place @woshilalala winning $2,000.