PsyFinance: Tapping into Structured Products
PsyFinance’s long term vision is offering sustainable yield through options strategies to the Solana Ecosystem. PsyFinance will add a number of different vaults for a wide variety of single token assets for users to select their strategy depending on their market outlook.
The problem using option strategies to generate yield on idle single token assets requires lots of time and domain expertise. The barrier to entry for users is high, leading to wasted time manually compounding gains and unrealized opportunities to generate yield.
PsyFinance Solution
Automated Yield Strategies
PsyFinance vaults will automate option strategies for users. Each vault will execute a particular strategy, such as put selling or covered calls. Different strategies will have different expected returns, so users can select their vault to meet their own outlook on the market. Additionally, all yields are auto-compounded to maximize gains while minimizing effort.
Learn more via our documents: https://docs.psyfi.io/ 👈
If earning passive yield on your Solana assets sounds interesting, let’s see how we can get involved using PsyFinance Vaults!
If you are on our landing page click on “Vaults” or “Structured Products”
This will take you to the PsyFinance Vault features to deposit and earn!
There are a number of different asset vaults and strategies we can choose from each with its own benefits. Make sure to check out our Documents for additional details.
Depositing into a Vault:
- Connect your wallet to begin
We have USDC that we want to use to earn using our vaults so we will utilize the USDC-PUT BTC Vault Strategy.
We must first create our USDC and Vault token account
2. Click “Create Token Accounts”
3. Approve the Transactions
Now we can create a deposit receipt
This receipt is your ticket to reclaim your assets when you decide to withdraw from the vaults.
4. Click “Create Deposit Receipt” and approve the transaction
Now we can deposit our funds to be used in the next cycle. For this example we will use 100 USDC
5. Click “Deposit USDC” and approve the transaction
Congratulations you have successfully deposited into the PsyFinance Vaults!
- Note: Newly deposited assets will available after the current week’s strategy has completed where you can then withdraw funds
When an epoch has passed, you will be required to create a new deposit receipt to deposit additional assets into the vault as shown in Step 4.
Withdrawing funds from Vault:
Withdrawing works in similar fashion to depositing where you will need to create a receipt. This receipt will be used to claim your assets after the epoch ends!
You can see in this example, some time has passed and we have earned rewards on our $100!
To claim your assets, you must exchange your receipt!
1. Create a withdrawal receipt
2. Select the amount of vault tokens you would like to claim. Click max to retrieve all of your funds.
3. Approve the transactions.
After the epoch ends, your funds will be allocated back into your wallet!
Stayed tune for updates where we will explain how these strategies are being implemented and what it means by staking assets in the vaults!
Join us on this journey by following us on Twitter, and joining our Discord and Telegram communities.
