We currently only track the Squeeth product. Overcollateralized borrowers mint Squeeth (oSQTH), a power perpetual token that tracks the price of ETH squared.

Opyn builds derivatives and options infrastructure. Opyn was founded by Nick Sawinyh, Zubin Koticha and Alexis Gauba and launched in 2019.

Opyn team & investors own and govern the protocol. They do not currently charge a fee for Squeeth mints (revenue). Opyn’s investors include Paradigm, Dragonfly Capital, etc.

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# Opyn Notional trading volume Methodology

## 1. Overview

Opyn notional trading volume measures the daily USD value of Squeeth option minting activity on the Opyn v1 protocol. This metric captures the notional value of oSQTH (Opyn Squeeth) tokens minted through the protocol's Controller contract, representing derivatives trading volume in the options trading business line. The calculation aggregates daily mint events, converts amounts to USD, and provides a comprehensive view of Opyn's trading activity.

## 2. Data sources

- **Ethereum blockchain events**: Parsed `MintShort` events from the Opyn v1 Controller contract on Ethereum
- **Token-specific data**: Events specifically targeting the oSQTH token contract (`0xf1b99e3e573a1a9c5e6b2ce818b617f0e664e86b`)
- **External price data**: End-of-day token price feeds for USD conversion
- **Token metadata**: Token decimal information for amount normalization

## 3. Step-by-step calculation

### Component A: Raw event extraction
- **Purpose**: Extract Squeeth option minting events from the Opyn v1 protocol
- **Logic**: The calculation begins by identifying `MintShort` events from the Opyn v1 Controller contract on Ethereum. These events represent the creation of short positions in Squeeth options, which constitute trading volume for the protocol. The system filters events to focus specifically on the oSQTH token address, ensuring only relevant Squeeth minting activity is captured. Each event provides the mint amount, account address, transaction details, and timestamp information.
- **Key fields**: `block_timestamp` for daily aggregation, `transaction_hash` and `log_index` for event identification, `address` for the account performing the mint, and `amount` representing the notional value of the minted position

### Component B: Daily aggregation and metadata assignment
- **Purpose**: Group events by day and assign protocol classification metadata
- **Logic**: Raw mint events are aggregated to daily boundaries using timestamp truncation to day level. Each aggregated record is classified with business metadata including chain identifier (Ethereum), business line (Options trading), market sector (derivatives), business segment (option), and version (v1). The token address is preserved to maintain the connection to the specific oSQTH asset being traded.
- **Key fields**: `timestamp` truncated to daily boundaries, `chain_id` set to ethereum, `market_sector_id` as derivatives, `business_segment_id` as option, `token_address` for the oSQTH contract, and aggregated `notional_trading_volume` amounts

### Component C: USD conversion and decimal correction
- **Purpose**: Normalize amounts to USD values with correct decimal precision
- **Logic**: The system converts the raw mint amounts to USD values using end-of-day price feeds, ensuring consistent currency representation across all metrics. Simultaneously, decimal correction is applied to account for the specific decimal precision of the oSQTH token, normalizing the amounts to standard units. This process ensures that trading volumes are comparable across different tokens and time periods.
- **Key fields**: Converted `notional_trading_volume` amounts in USD with proper decimal adjustment

### Final aggregation
- **Combining components**: The USD-converted and decimal-corrected trading volumes are processed through metric finalization logic that validates data integrity and ensures completeness
- **Currency conversion**: USD conversion uses end-of-day price feeds to provide consistent daily valuation of trading activity
- **Time aggregation**: Daily boundaries are established through timestamp truncation, ensuring all events within a 24-hour period are grouped together
- **Final calculation**: The final metric represents the total USD value of oSQTH tokens minted each day through the Opyn v1 Controller contract, with gap-filling logic that inserts zero values for days without any minting activity to maintain a complete daily time series

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total USD value of derivative contracts executed on the protocol.

OpynOSQTH

Notional trading volume

Notional trading volume

Competitive landscape

Chain breakdown