Anon Powered Development Team Announces The Launch Of Premia
Anon Powered Development Team Announces The Launch Of Premia
February 10, 2021
Anon Powered Development Team Announces The Launch Of Premia
Anon Powered Development Team Announces The Launch Of Premia
February 10, 2021

The development team of Anon Powered has announced on February 7 the launch of Premia, the latest decentralized finance (DeFi) options platform LIVE on Ethereum.

It has been reported that the group of semi-anonymous developers behind Anon Powered, who collectively requested that they be referred to as “members of the Premia Republic,” the name for Premia’s upcoming DAO said that out of the gate users will be able to write, sell and exercise “American-style covered calls and puts,” which can be exercised prior to the option expiration date.

However, Premia’s launch adds to an increasingly crowded DeFi options marketplace by joining projects such as Auctus, Hegic, and Opyn.

Members of the Premia Republic believe that their project will be able to stand out due to a blend of features, including an architecture that leverages ERC-1155s, a Primary Bootstrap Contribution phase in lieu of a VC raise, and a developmental philosophy they believe reflects the wider DeFi ecosystem, one that is open to all, regardless of credentials (or even a verifiable public face).

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The members said:

“I think something’s that’s been core to our ethos while doing all this is trying to have a group that is a bunch of honest, anonymous people who want to change the view of anonymity in the landscape and let the code speak for itself.” 

The report said that the members of the Premia Republic, one of whom claims to currently work at a tradfi broker-dealer, said that they largely met through crypto-focused chat rooms on Discord and Telegram.

The first project they produced under the Anon Powered umbrella “Don’t Buy Rope” was one of the earliest NFT yield farming experiments. 

Likewise, the team is proficient in working with ERC-1155s. Often used for minting NFTs, the ERC-1155 standard allows for a single contract to mint multiple fungible or non-fungible tokens. This standard is what enables Premia’s more flexible strike times, a feature that many of Premia’s competitors don’t currently offer.

One Republic member said:

“Some of the solutions that you’re seeing are done in a ERC-721 way. And that is, in a traditional finance sense, is considered an OTC — over-the-counter trade. Each ERC-721 is going to be specific to the strike price. […] By using an ERC-1155 we can keep this listed derivative mentality, which is fungible, and create this secondary market where you can buy and sell them after the fact.”

Thus, their native token also comes with some unique twists. At launch, there will be an “interaction mining” program similar to liquidity mining, where users who write, buy, and sell options will receive uPremia (“uncut Premia”) tokens “proportionally to the fees that are paid” to the protocol.

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Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.