The first development update in 2025 is a big one, Options are basically ready for Solver/Frontend integrations. It’s only been three weeks since the Christmas update, yet the team has already made massive strides in the new year. The current pace of Symmio’s progress is speeding up, and we’re looking ahead with optimism for an expoential coming year, some might say the Symmgularity is near.
Some high-lights I am personally excited about:
- Meta-Solvers, onboarding small CEXs to become solvers!
- Symmio becoming the go to for deepest Options Liquidity on-chain
- Lowcaps (spot-based DEX solvers)
- Many more frontends
- Alot more perps integrations.
But for this dev-update the focus is Options
New Options implementation, which is nearly 90% complete, options will be a new Symmio contract from scratch with many long-waited features. This additional contract was necessary because Symmio v0.8x (our current version) was primarily designed for linear, non-expiring, single-collateral perps (essentially cash-settled perps in USDC). To deliver the full breadth of features Symmio is ultimately meant to support, we needed a more robust, generalized framework — hence the decision to create a new Options Contract from scratch, this implementation will lay the groundwork for the v0.9 or v1.0 upgrade (depending on the next upgrade cycle being downward compatible or not) of the Core Contracts that should allow us to achieve full generalization.
Why an Additional Contract for Options?
- Shortcuts in 2023: When we implemented perps in 2023, we took certain shortcuts to deliver a cash settled version immediatly. The new Options Contract embodies many of the features and architecture we want in Symmio v1.0. It sets the stage for extensive testing of core functionalities that we’ll eventually merge back into the “Main-Branch” of Symmio.
Options Contract Highlights
- Multi-Collateral
- Users can employ any token as collateral for options trading.
- For instance, BTC or USDT can be used to write/cover BTC options.
2. Multi-Asset
- You can create options on any asset, unlocking a vast range of new markets.
3. Transferable Subaccounts as NFTs
Options subaccounts can be minted as NFTs, allowing users to transfer or even use them as collateral in other DeFi protocols.
4. Loss-Coverage Parameter
- Solvers (Party B) can set a “loss coverage” per asset — effectively defining their own leverage.
- At 100%, the option is fully collateralized. At 0%, it’s effectively undercollateralized, enabling varied advanced strategies.
5. Multi-Oracle
- Each market can employ a dedicated oracle. This opens the door to multiple independent price feeds across different asset classes.
6. No Force Close
Options can only be closed (“hand-sold”) voluntarily. Party A is not subject to liquidations.
7. Liquidation Mechanics
- Party A (the option buyer) cannot be liquidated.
- Party B (the option writer/solver) can be liquidated if their chosen loss-coverage is above 0% and collateral requirements aren’t met.
8. No solvency checks on Open/Close
- Solvency checks are required in a trustless environment where Solvers are in cross with each other, without Solvency checks in a Solver2Solver crossmargined enviroment a solver can technically steal funds from other solvers or users of other solvers, and as v0.85 offers Users to be in cross with multilple solvers it required to have Solvency Checks on each trade.
- New Options Contract Solvency checks are not needed as solvers are isolated. Solvers could be malicious but they couldnt interfere with other trusted solvers.
- This also allows for permissionless solver creation later down the road.
- Solvency Checks are a huge bottle neck for HFT trading, and generally make the Implementation into Symmio alot more complex, therefore its a huge milestone to implement future versions with optional or completely removed solvency checks.
Development Status & Next Steps
Current Completion: Around 90% finished. The core functionalities, including multi-collateral support and oracle integration, are largely in place.
Focus Areas:
- Finalizing liquidation logic for Party B under varying collateral scenarios.
- Rolling out robust “freeze-and-verify” steps to prevent front-running or fund transfers prior to liquidation.
- Auditing the “loss coverage” mechanism to ensure transparent, secure, and fair usage.
- Auditing the full implementation.
Timeline (first estimates):
Q1 2025: We aim to have an MVP ready for internal testing, followed by a phased rollout to early adopters.
Q1 2025: Rasa Options team will implement Deribit & Binance options.
Q1-Q2 2025: Full audit of the Options Contract.
Q2 2025: First Frontends should rollout a testing version
Q2 — Mid-2025: First Frontends should go live with Symmio options.
Broader Ecosystem Integration
- Solvers & Frontends:
- Teams like IVX, IntentX & Vibe have been in early discussions regarding how to onboard these new options into their trading UIs.
- Frontend design will likely feature multiple expiries, drop-down asset selection, and intuitive quote management.
- MemeSolver Alignment:
- Parallel development with MemeSolver means more sophisticated solver functionality can roll out alongside the new options contract.
- We continue to emphasize a balance between trustlessness, performance, and user flexibility.
- Looking Forward:
- The new options contract effectively future-proofs Symmio by supporting expansions like multi-asset, multi-collateral, and NFT-based positions.
- Insights gained here will flow back into the next-gen Symmio (v1.0+) to unify perps, options, and other derivative products.
With the Options Contract nearing MVP status and MemeSolver making steady progress, Symmio is on track for a breakthrough year. The work on options not only solves immediate needs but also lays the cornerstone of our future roadmap — multi-collateral, multi-asset, NFT-based subaccounts, and more advanced liquidation safeguards.
Meme Solver Progress
As updates on memesolver are highly requested I am in close contact with them personally, and they are continuing to integrate with Symm. But their team has encountered some unforeseen challenges which has pushed deadlines on their end a little bit.
Stay tuned for our next update in February, where we’ll share more on MemeSolver’s journey and the continuing evolution of Symmio’s cutting-edge derivatives infrastructure. Here’s to a transformative 2025!
