As crypto derivatives present the largest market opportunities in DeFi. We aimed to create a derivatives exchange that had zero external dependencies and could support any token without permission. In effect, create a uniswap-like innovation for the on-chain derivative space.

What it does

Numoen is the world's first on-chain derivative exchange that can offer perpetual options exposure on any token.

How we built it

We built it using the replicating market maker model proposed by Tarun Chitra and Guillermo Angeris. In effect, changing the invariant to one that concentrates the price around a put option. So that with our lending market you can get a call option exposure on the LP position.

Challenges we ran into

The biggest design challenge we ran into was figuring out how to build a permissionless lending market embedded into the AMM.

Accomplishments that we're proud of

We are especially excited to have implemented not only something novel, but also be the first to do so. Having created the first automated liquidity provisioning protocol for perpetual options in DeFi.

What we learned

There were a couple things we learned. From constructing a trading function from a desired payoff to the working with Foundry's testing suite.

What's next for Numoen

Getting to a beta version for Mainnet with a codebase that is gas-optimized and audited.

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