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

# Opyn Token incentives Methodology

## 1. Overview

The Opyn token incentives metric measures the USD value of token-based rewards distributed to users by the Opyn protocol. For Opyn, this metric is consistently set to zero as the protocol does not currently distribute token incentives to users. The metric maintains the same temporal and dimensional structure as other Opyn metrics to ensure consistency across the protocol's analytics framework.

## 2. Data sources

- **Opyn v1 Controller events**: `MintShort` events from the Opyn v1 Controller contract on Ethereum, representing Squeeth option minting activities
- **End-of-day price feeds**: Token price data used in the underlying framework for USD conversion capabilities
- **Token metadata**: oSQTH token information including decimal precision for proper amount normalization

## 3. Step-by-step calculation

### Component A: Base framework extraction
- **Purpose**: Establish the temporal and dimensional framework for token incentives reporting
- **Logic**: Extract the base structure from Opyn trading activity by processing `MintShort` events from the Opyn v1 Controller contract on Ethereum. These events represent users minting Squeeth options (oSQTH tokens). The system truncates event timestamps to daily boundaries and maintains dimensional attributes including chain identifier, product classification, and temporal grain. While the underlying trading volume calculation processes the `amount` field and converts it to USD, the token incentives metric only uses this structure as a template.
- **Key fields**: `timestamp` (truncated to daily grain), `chain_id` (set to 'ethereum'), `product_id`, `timestamp_grain` (set to 'day')

### Component B: Token incentives calculation
- **Purpose**: Set token incentive values for all time periods and maintain data quality
- **Logic**: Override all token incentive values to zero, indicating that Opyn does not distribute token-based rewards to users. The system maintains the same temporal coverage as the underlying trading activity to ensure consistent reporting periods across all Opyn metrics. Apply data quality validations including schema compliance checks, identifier validation, and temporal gap filling using a zero-fill strategy.
- **Key fields**: `token_incentives` (hardcoded to 0), maintaining all dimensional fields from the base framework

### Final aggregation
- **Combining components**: The final metric inherits the complete temporal and dimensional structure from the underlying trading activity framework while setting all incentive values to zero
- **Currency conversion**: No currency conversion required as all values are zero, though the framework maintains USD denomination for consistency
- **Time aggregation**: Daily time boundaries are maintained to align with other protocol metrics and ensure consistent reporting periods
- **Final calculation**: Token incentives equals zero for all time periods, chains, and products within the Opyn protocol ecosystem

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

Value of native tokens distributed as incentives.

OpynOSQTH

Token incentives

Token incentives

Competitive landscape

Chain breakdown