Rysk Finance Airdrop

Problem Solved

Options in DeFi have struggled with adoption due to complexity and low demand, while users prefer simpler leverage perps or yield staking. Rysk tackles this by abstracting the hardest parts of options (pricing and execution) into a vault model focused on covered calls. This gives BTC/ETH holders an accessible way to earn upfront yield, while market makers hedge risk off-chain. Users choose the target price of their asset and immediately receive USDC yield, solving both yield scarcity and the complexity barrier.

Tokenomics

Rysk currently has no native token. Instead, users deposit volatile assets (ETH, BTC, LSDs) and earn yield denominated in USDC when they sell covered calls. The premium represents real yield generated by option buyers rather than dilution. A points program tracks user activity: weekly on‑chain snapshots began in August 2025, distributing one million points a week during an Alpha phase. These points do not have an explicit conversion rate but may be used for future incentives or an eventual governance token. Fees are embedded in option pricing and the request‑for‑quote system.

Perspectives

Rysk positions itself as the “Pendle of options,” aiming to make covered calls a core primitive. Its dynamic hedging vault uses a delta‑neutral hedging strategy, allowing consistent returns across market conditions. Upcoming upgrades (known as Rysk Beyond) plan to integrate with other protocols (GMX, Rage Trade) and support bespoke option strategies, multi‑collateral deposits and advanced plays like calendar spreads. By offering real yield and flexibility, Rysk could attract both retail and institutional liquidity. However, it faces competition from established derivatives protocols and must maintain hedging performance as volumes grow.

Founders and Team

Rysk was founded by a team with backgrounds in structured products and options market making. Co‑founder Daniele Ugolini has been publicly associated with the project and previously built a decentralized options AMM that handled over $250 million in volume and an orderbook exchange clearing more than $1 billion in trades. The team emphasizes engineering expertise and has partnered with Stork as its pricing oracle. This track record suggests competence in risk management and protocol design. However, the team remains pseudonymous to most users, and limited transparency may concern risk‑averse investors.

Funding

In January 2023 Rysk raised a $1.4 million pre‑seed round led by Lemniscap and joined by notable VCs and several angel investors. Funds were earmarked for security, research and building Rysk Beyond, an advanced on‑chain market maker. Rysk Finance also secured a $402K grant from the Arbitrum Foundation in October 2023. No treasury inflows via token sales exist yet, so future development depends on fee revenue and potential additional fundraising.

Community

Rysk’s user base remains niche but engaged. On Arbitrum and Hyperliquid, it has roughly $11 million in TVL and a cumulative options volume approaching $190 million. Community sentiment is positive due to high APRs and the points program, which incentivizes depositing and referrals. There is speculation that points may convert to a token, attracting airdrop hunters. However, the protocol restricts users from the U.S. and other jurisdictions and warns that using VPNs to bypass restrictions is prohibited. The team communicates via X and Discord; engagement is moderate but not yet mainstream.

Competitors

Rysk competes with DeFi derivatives projects offering covered calls and options. Ribbon’s Decentralized Options Vaults, Dopex’s option vaults and Lyra’s AMM were early movers but suffered from inflexible strikes and limited asset support. Rysk directly addresses these shortcomings. Centralized exchanges like Deribit and platform‑agnostic perps protocols (GMX, dYdX) also offer derivatives but require active management. Rysk’s dynamic hedging vault and RFQ model differentiate it through flexibility, but the options market is becoming crowded, with protocols like Aevo and Polynomial launching new products. Success will depend on liquidity, execution quality and user experience.

Other Details

Opening a position on Rysk currently requires at least ~$1,500, a much higher entry bar than most airdrop opportunities. While this limits accessibility, it also filters out casual farmers—meaning less competition for points. The yield generated from covered calls is real and worthwhile on its own, so participants effectively earn while farming. For those willing to commit capital early, Rysk offers both strong potential rewards and meaningful exposure to a promising DeFi derivatives protocol.