- Ithaca Protocol has launched its beta platform, aiming to revolutionize crypto option markets.
- The platform is backed by notable investors and offers executable prices for over 250 different options.
- “Today’s launch is a major milestone in our journey to transform the world of options and structured products,” stated the Ithaca Protocol founding team.
Discover how Ithaca Protocol’s new beta platform is setting a new standard in crypto option markets with innovative features and deep liquidity.
Ithaca Protocol’s Beta Platform: A Game-Changer in Crypto Options
Ithaca Protocol has officially launched its beta platform, which promises to set a new benchmark in the crypto option markets. The platform, founded by an ex-Goldman Sachs partner and an Amber Group executive, is backed by prominent investors such as Cumberland and Wintermute Ventures. Ithaca Protocol distinguishes itself by offering executable prices for a wide array of options and structured products, including vanilla options, digital options, option strategies, forwards, and more.
Innovative Auction-Based Matching Engine
One of the standout features of Ithaca Protocol’s platform is its auction-based matching engine. This engine enables more trades to be filled from the same number of orders compared to traditional auction mechanisms, allowing users to tailor their exposure for various market scenarios. The beta launch follows the successful completion of Ithaca’s Open Alpha phase and marks a significant step towards decentralization. Soon, on-chain actors will be able to verifiably run instances of key Ithaca ecosystem components, including the matching engine, collateral optimization, and VAR engines.
Strategic Architecture and Cross-Chain Bridging
The platform’s architecture is designed for efficiency and security, utilizing off-chain matching, Arbitrum on-chain settlement, and Axelar cross-chain bridging. This robust infrastructure ensures that users can execute their strategies reliably and securely. “With deeper liquidity now available and the financial engineering inherent in the Ithaca Matching Engine, more users will be able to execute their strategies reliably,” the founding team stated.
Incentivizing Liquidity and Ecosystem Development
To coincide with the beta launch, Ithaca Protocol is introducing a formula-based airdrop program aimed at incentivizing liquidity, rewarding early adopters, and supporting ecosystem development. Season One will conclude with an airdrop event where participants can earn points by executing transactions, submitting orders, engaging on social media, and joining campaigns. This initiative is expected to drive significant engagement and adoption within the crypto community.
Strong Financial Backing and Future Prospects
Ithaca Protocol has raised $2.8 million to date, with Cumberland and Wintermute Ventures leading the pre-seed round in Q4 2023. Other notable participants include Room40, Andrew Keys, Ghaf Capital, Enjinstarter, Merit Circle, Tradedog, Axelar co-founder Georgios Vlachos, TenSquared managing partner Stan Miroshnik, Woodstock general partner Pranav Sharma, BFF managing partners Mansoor and Aly Madhavji, Existential VC managing partner Yoeri Krom, and angel investors Psycho, traderMayne, rookieXBT, and Dentoshi.
Conclusion
The launch of Ithaca Protocol’s beta platform marks a significant milestone in the evolution of crypto option markets. With its innovative auction-based matching engine, strategic architecture, and strong financial backing, Ithaca Protocol is well-positioned to set a new standard in the industry. As the platform continues to develop and decentralize, it promises to offer users unparalleled opportunities to execute their strategies and engage with the crypto options ecosystem.
