Opyn: Total Value Locked

    Q1. What is the total value locked in the Opyn Squeeth (osQETH) contract? And where does osqeth draw its value from?

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    Introduction

    This dashboard will analyse the total value locked within the Opyn Squeeth (osQETH) pool.

    What is Opyn?

    Opyn is a capital-efficient DeFi options protocol that allows users to buy, sell, and create options on ERC20s. DeFi users and products rely on Opyn’s smart contracts and interface to hedge themselves against DeFi risks or take positions on different cryptocurrencies. Opyn v2 is built using Gamma Protocol, a capital-efficient options protocol that allows DeFi users to trade option spreads and combos, create flash mints, auto-exercise at expiry, and create new options on any whitelisted product. Developers can take advantage of Gamma's operator function, which allows an address to update an account's positions on behalf of the account. Operators play a critical role in the protocol, enabling innovative products such as options rollover contracts, portfolio managers, auto-minting, and AMMs to be built on top of Gamma.

    TVL (Flipside)

    Let's calculate the TVL for Opyn using Flipside's data first.

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    As we can see, the TVL has been negatively affected by the current bear market to a large extent. We can see a huge dip now, with the TVL being equal to $225.7k at the time of writing. The main issue that I have faced while writing this query is that having used the 0x82c427adfdf2d245ec51d8046b41c4ee87f0d29c contract, I was not able to get the entire value for Opyn's TVL. This is due to the fact that Flipside is probably missing some assets/data for certain transactions, which results in a much lower TVL result compared to other sources.

    In the next section of this dashboard, I will look into the TVL from two different sources to see how it differs from the chart plotted from Flipside's data.

    TVL (Uniswap Info)

    As the bounty hints to use the contracts website, we can look into the SQU / ETH Uniswap V3 Pool in order to see how the TVL based on the chain's data is looking like.

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    The TVL here, at the time of writing, is equal to $1.53M - this is already a much higher number than the TVL of almost 226k calculated in the chart above. Again, I am not sure why this is the case, whether it is due to some data missing or something else - I expected these results to be the same, given that we are working here with the same pool, namely the SQU / ETH Uniswap V3 Pool.

    I also thought that it is necessary to look into a third source, namely DefiLlama, that I trust with TVL values quite a lot, and see what the overall picture is really looking like for Opyn.

    Total Opyn TVL (DefiLlama)

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    DefiLlama claims that today, Opyn's TVL stands at $76.5M! This is a huge difference compared to what I have calculated for the specific Opyn Squeeth (osQETH) pool above, or what we have seen from Uniswap's Info. The only thing that remains coherent in all of those sources is the dip in the TVL - but this is quite consistent with the current bear market.

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    We can see that the majority of the value is locked in ETH, namely almost $75M of Ethereum-chain assets are locked within the Opyn protocol, together with $1.67M of Avalanche chain's assets. On the right-hand side, we can see which tokens are being locked in the protocol as of now, with the exact values shown here:

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    Conclusion

    This dashboard has looked into Opyn's TVL from three different sources - Flipside's data, Uniswap Info and lastly the total Opyn's TVL from DefiLlama. As we have seen, the first two values provided by these sources are quite different and I am not entirely sure why this is the case. However, I hope that this dashboard has provided you with sufficient insight into the Opyn's network and its pool, and reinforced the importance of double (or even sometimes triple) checking the data from your sources!