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xnsure-protocol

xNsure Protocol

xNsure provide AMM European call and put options by introducing AMM tools to non-prefessional option sellers as well as AMM liquidity providers.

3 Core components of xNsure:

  • Clean Issuing and Destroying Procedures with 100% Margin
    • Single-sided Iron Condor Option Series, Higher Margin Efficiency
    • European Options Fixed Liquidation Time
  • AMM Pools with 2 different user groups:
    • Sellers as AMM Liquidity Providers
    • Buyers with risk management demand with
  • Payout procedures with different priorities

NsurePutToken:发行 WETH/USDC 看空期权

欧式Capped PUT期权 + 现货结算 + 全额质押

  • Underlying Asset: WETH
  • Strike Asset:USDC
  • Strike Price: 400
  • Capped Max Payoff: 80
  • Capped Price: 320

合约到期

  • 到期前: 可以 mint() / burn() / exercise()行权 (注:不考虑burn)
  • 到期后: 可以withdraw()赎回

流程

  1. minter创建Capped PUT期权产品Token

    • 使用USDC作为抵押资产,锁定 m 个
    • 铸造NsurePutToken,n个 (n>=1)
    • 比例 m/n = Capped Max Payoff = 80
  2. admin上架uniswap,提供流动性

    • 将NsurePutToken上架uniswap
    • 添加流动性池: 定价 NsurePutToken:WETH = 0.1
  3. (可选?是的,倾向于不burn)minter可以收回期权产品Token

    • 支付NsurePutToken, n个
    • 返回USDC, m个
    • 比例 m/n = StrikePrice
  4. AMM交易

    • buyer用户在uniswap购买NsurePutToken,支付WETH
    • 市场给 NsurePutToken:WETH 定价为 Spot Price
  5. (到日期前)行权 # 不支持美式所以可忽略

    • 支付NsurePutToken, m个
    • 支付WETH,k个 (可以去掉)
    • 比例 m/k = (可以去掉)
    • 获USDC数量, n = m * StrikePrice(可以去掉)
    • 返回USDC, n个(可以去掉)
    • burn NsurePutToken, m个
  6. (到日期后)admin停止交易

    • 在uniswap remove流动性
    • AMM下架
  7. (到日期后)行权 # 欧式行权

    • 支付NsurePutToken m个
    • 按照 m * min(max(400-price,0),80)返回USDC
    • 返回USDC, n1个 (忽略)
    • 返回WETH, n2个(被行权后,导致USDC不足) (忽略)
    • burn NsurePutToken

PnL计算

行权收益 = m * min(max(400-price,0),80)返回USDC

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AMM European call and put options

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