Liquidity providers deposit collateral and mint volatility tokens. Traders can then purchase these volatility tokens to express views on market volatility.

Volmex enables VIX-like indices for crypto assets and trading functionality on Ethereum. Volmex was founded by Cole Kennelly and launched in 2021.

The Volmex team and investors own and govern the protocol. They currently charge a minting and redemption fee (revenue). Volmex’s investors include Three Arrows Capital, Robot Ventures, CMS Holdings etc.