We introduced Gamma Vault - an experimental vault that longs call options and shorts perpetual futures. This vault was highly experimental and was closed off to most users. The vault had a max capacity of $50k.
After running the experiment for over a month, Polynomial shut down the Gamma vault. Which was mainly due to the following:
The decrease in volatility over the past few months has made the vaults strategy inherently non-profitable. As a vault that looks for black swan events, none has happened in the past two months.
Options on-chain have yet to be comparable in prices to CEX; this makes estimations very hard.
To make sure none of the users who deposited money in the vault lost any money, we have compensated users with 13,000 OP tokens to everyone who used Gamma Vault (transaction). We have also added a 10% multiplier to everyone in the vault before 19th October. The amount dropped was based on the $0.75 price for $OP.
Thank you, everyone, for being part of the Gamma vault. We are actively working on a better version of the Gamma vault in the future. You are free to withdraw from the Gamma vault, as the vault won't be making any new positions.