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Short term crypto market sentiment not optimistic? Delphi Digital on-chain options report

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Participants are concerned about the short-term performance of the market and are taking protective measures or speculating on further short-term price declines.

原文作者：Delphi Digital

原文编译：0x137

期权波动偏斜度不太乐观

短期期权的隐含波动率偏向于看跌期权，表明参与者对于市场的短期表现有顾虑，并正就此做保护措施或投机短期价格的进一步下跌。这些期权的到期日大致都在今年底或明年初（2022 年 1 月至 2 月），表明参与者对市场中期价格的前景持更加中性的态度。导致短期看跌情绪的一个关键因素可能是即将到来的 FOMC 会议（美联储议息会议）。传统市场和加密市场都认为美联储将采取更加强硬的政策，这种猜测和情绪一直在拖累着高风险资产的市场表现。期权交易所 Deribit 的一条推文也表示，大多数期权溢价来自看涨期权，然后是看跌期权买入，这表明投资者普遍押注于市场的下行。

DeFi 期权协议 TVL 增长

On the other hand, TVL (total asset lock-up) of DeFi option agreements has been increasing over the past few months due to the emergence of new DeFi protocols such as Dopex, FODL, Premia, etc. Opyn and Ribbon account for more than half of the on-chain option TVL, a figure that has been growing since Ribbon launched its new Vaults segment earlier this year. Hegic, on the other hand, has been hit hard by new competitors, with TVL down more than 80% since its peak in January 2021. Hegic has also continued to lose TVL and market share over the past few months.

DeFi 协议收入与 Token 价格表现出现分歧

Ribbon has traded more than $3 billion in options since its launch in April. In the Ribbon V2, protocols introduce accrued management and performance costs for protocol libraries. Ribbon Finance's revenues have been growing with more option vaults and higher deposit limits. The project also plans to expand across chains, which were recently launched at Avalanche. However, Ribbon governance Token RBN's price performance has lagged behind progress on the protocol chain. RBN has been on a downward trend since October, which may be caused by incentives dumped by airdrop recipients and liquidity mining participants. There are plans to transform Ribbon's tokeneconomics into a vecRV-like model, with holders locked in RBNS for longer periods of time gaining a larger share of governance power and thus a higher percentage of protocol revenue.

Fantom 和 Polygon 公链失去动力，Avalanche 仍在增长

Daily transactions on the Ethereum chain have been limited to a fixed range since the middle of this year due to persistent network congestion and exorbitant fees. Other EVM-compatible public chains, such as Fantom and Polygon, experienced periods of high on-chain transactions after incentive programs attracted users to their respective public chains. Now, however, those incentives no longer seem to hold the same allure, with daily trading volumes in both chains trending down as the hype fades. Avalanche's public chain is still showing signs of growth, with daily transactions on the chain up over the past few weeks. Whether this trend is sustainable remains to be seen after Avalanche's incentives end.