In this dashboard, we will be looking at Opyn Squeeth and its total value locked (TVL). Opyn Squeeth is a very interesting innovation in the decentralized finance space worth talking about. Squeeth is basically Squared ETH and it is represented as an ERC20 token that is composable.

At the core, Squeeth is a financial derivative that gives traders perpetual exposure to ETH^2. Essentially, it tracks the price of ETH^2 making it an oracle of sorts. Without much ado, let's look at Squeeth's TVL.

At the time of this writing on June 30, 2022, the total value lock for the osQETH contract is $7.1m

Looking at how this has changed over time in the past 30 days in the chart below, it is obvious that Squeeth's TVL has dropped by about 40% since the beginning of June 2022.

This downtrend in TVL is not surprising as ETH price action has also been in a downtrend.

How Does osQETH Derive Its Value

Traders can choose to either go long or short on osQETH. Short sellers are paid using the funding rate paid by long buyers. Longers on the other hand derive their value from short liquidations.