PsyOptions Protocol Governance Actions

The PsyFi DAO has recently integrated a number of features into Realms that allows user to interaction with the PsyOptions American protocol to perform actions such as mint and send physically settled options, claim quote or underlying assets, and exercise options. Below we will walk you through a tutorial of the major actions that are able to be performed.

Mint Options:

Example of PsyFi - Mint American Options Selected under Instruction 1

1. Visit Realms and add a proposal, same as one would for any other DAO interaction

2. Select the PsyFi logo from just under the Instruction 1 header to access the PsyOptions governance actions.

3. Select the action you wish to perform, in this case, Mint American Options.

4. Select the source account (this is the SPL token account that will be debited to write the options)

5. Copy/Paste the quote asset mint address. This is the SPL token that will be used for exercising and what the option will be priced in. Often USDC is used as the quote asset.

6. Enter the Underlying per contract, or how much of the asset should be wrapped per option. Often 1 underlying per contract for crypto options.

7. Enter the strike price, the price of the option in the quote asset.

8. Enter the expiration date, in epoch time timestamp. A handy tool to convert UTC time to epoch time can be found here.

9. Finally enter the Amount, or how many options do you want to mint.

10. Optionally, enter the destination address you want to send the options to. It’s worth noting that this will not create/initialize the SPL token account, this must be done prior (and thus the option mint should be created prior).

Claiming Quote or Underlying Tokens & Exercising Options

Example of PsyFi - Exercise Options Selected under Instruction 1

Claiming quote assets, the underlying tokens, or exercising options is largely the same so we will cover all the cases below by using an Exercise Options as a walk through.

1. Visit Realms and add a proposal.

2. Select the PsyFinance logo from just under the Instruction 1 header to access the PsyOptions governance actions.

3. Choose the desired action to perform, for example, Exercise Options.

4. Select the source account where the options or writer tokens are held.

5. Only for Exercising options - choose the quote asset source account, which is where the strike price for each option will be paid from.

6. Enter the desired amount of options to be exercised, or claimed.