What is Dopex (DPX)?
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🟢 The simple version
Plain English — no jargon. Start here.
Dopex is a DeFi options protocol on Arbitrum featuring Single Staking Option Vaults (SSOVs) where users deposit assets to write covered calls, earning option premiums plus DPX/rDPX rebate tokens when options are exercised against them.
SSOVs — Single Staking Option Vaults
Deposit ETH or DPX into an SSOV for an epoch (e.g. one month). The vault writes covered calls at set strikes. Option buyers pay premiums to the vault. If ETH stays below the strike: vault earns all premiums. If ETH rises above strike: options exercised, vault delivers ETH at strike price (below market) but receives DPX/rDPX as rebate compensation. ~500K DPX very low supply + rDPX (rebate token). dpxETH: synthetic yield ETH built with rDPX + options. Is DPX legal in India? Yes. 30% tax, 1% TDS apply.
🟡 A bit more detail
For when you want to go a little deeper.
DPX vs Premia vs Ribbon
All options protocols. Dopex: epoch-based SSOVs (passive covered call writing + DPX/rDPX rebates). Premia: concentrated liquidity (LP-defined ranges). Ribbon: automated weekly theta vaults (no epochs, continuous). ~500K DPX is one of DeFi's lowest supply governance tokens.
🟣 The full technical picture
For the technically curious.
Key facts
- DPX: ~500K (very low supply, governance)
- rDPX: Rebate token (distributed on option exercise)
- SSOVs: Epoch-based covered call vaults
- dpxETH: Synthetic yield ETH