Anon Powered’s development team today announced the launch of Premia, the latest decentralized financing (DeFi) options platform live on Ethereum.
In an interview with Cointelegraph, the group of semi-anonymous developers behind Anon Powered – who have jointly asked to refer to them as ‘members of the Premia Republic,’ the name for Premia’s upcoming DAO – that users will be out of the gate. Be able to write, sell and exercise “American-style covered call and put calls”, which can be exercised before the option’s expiration date.
The launch of Premia contributes to an increasingly crowded marketplace for DeFi optionsand joins projects such as Auctus, Hegic and Opyn. However, members of the Premia Republic believe their project will be able to differentiate itself through a combination of features, including an architecture utilizing ERC-1155s, a primary Bootstrap contribution phase rather than a VC raise, and a development philosophy they believe reflects the wider DeFi ecosystem – an ecosystem open to everyone, regardless of credentials (or even a verifiable public face).
“I think something that has been at the core of our ethos as we all do this is to try and have a group made up of a bunch of honest, anonymous people who want to change the view of anonymity in the landscape and code for themselves want to let it speak, ”the members said.
The members of the Premia Republic – one of whom claims to currently work at a traditional broker-dealer, which Cointelegraph was unable to confirm – said they mostly 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 first experiments with NFT yield agriculture.
As a result of their work on Don’t Buy Rope, the team is adept at working with ERC-1155s. The ERC-1155 standard is commonly used for minting NFTs and allows a single contract to store multiple replaceable or non-replaceable tokens. This standard allows Premia’s more flexible strike times, a feature that many of Premia’s competitors currently do not offer.
“Some of the solutions you see are done in an ERC-721 fashion,” said a member of the Republic. “And that, in the traditional financial sense, is considered an OTC – over the counter trade. Each ERC-721 will be specific to the strike price. […] By using an ERC-1155, we can maintain this publicly traded derivative mindset, which is fungible, and create this secondary market where you can buy and sell them afterwards. ”
Likewise, their native token also comes with some unique twists. At launch, there will be one Interaction mining program similar to liquidity mining, where users who write, buy and sell options receive uPremia tokens (“uncut Premia”) “in proportion to the fees paid” to the protocol. uPremia is not transferable, but can be used to earn protocol fees, which are distributed to strikers as a transferable, tradable PREM token.
This architecture earned the team a rave review from Solidity Finance, the accounting firm that assessed Premia contracts.
“Premia was one of the best projects we rated in terms of security and logical code construction – the project development team is extremely impressive,” said a Solidity Finance representative.
Perhaps more interesting than the technical details of the platform is the vision behind it. Members of the Premia Republic said there was internal debate about whether or not to initiate the venture capital-raising protocol, especially considering the perhaps wasteful amounts of money that some projects have yielded lately.
In the end they decided to take a different route.
“The ethos behind Defi, in our view, is ‘open to the people,'” said one member – and giving favorable terms to deep-pocketed investors does not fit that view.
But despite all the idealism, there are still practicalities: After launching their first product, the team has capital needs for hiring developers. As a result, there will be a “primary bootstrap contribution” open to everyone.
✅ Contracts implemented
Premium Tokens Allocated
✅ Website published
Houston, we are GO for launch!
Site is live here -> https://t.co/ZNHvUsW8Cx
– Premia – Options platform (@PremiaFinance) February 7, 2021
During the week’s PBC, users can send ETH to a contract and receive Premia tokens on a bonding curve. Due to the open and unauthorized nature of DeFi, both VC whales and individual investors can participate.
The team is facing a steeper acceptance curve in some ways because of these positions. After a DeFi Summer in 2020 is full of hacks, back pulls and scams, the community is – perhaps rightly so – suspicious of projects that have no real reputation behind them.
It’s an idea the Premia team rejects.
“There is a stain that has been applied to anonymous teams by competing teams with faces… but a lot of the ones that have been run by people with faces, like LITTLE, MANY, things like that, were kind of blatant scams, and the community still accepts always all people with faces. “
Ultimately, Anon Powered hopes to enable anonymous developers to have a positive impact in the space.
“People are starting to see that anonymity or pseudo-anonymity is an advantage […] We want to take this organization to the next level and continue to build and deliver services and an opportunity to people who want to protect their privacy, yet contribute to the Ethereum ecosystem and the Ethereum community. “