PsyFinance announced a new partnership with Socean

PsyFinance and Socean have teamed up to launch a scnSOL covered call vault on PsyFinance’s new V2 vault architecture. Not only does the new vault allow scnSOL users a new way to earn yield while aiding in the decentralization of Solana, but it is also the first vault on Solana that allows anyone to bid on the vault’s weekly auctions alongside market makers.

What is it?

PsyFinance has launched a scnSOL Covered Call Vault that can be found on app.psyfi.io. Users can deposit their scnSOL and start generating 20%+ APY with the staking rewards they are already receiving!

The strategy uses scnSOL to collateralize SOL Call Options that are minted on PsyOptions European options architecture weekly and (now with V2) sold to anyone who wants to buy them.

How to use it?

1. Head over to Socean and stake your SOL to receive $scnSOL back.
2. Go to app.psyfi.io and deposit your $stSOL into the vault.
3. ??? (The vault automates a Covered Call strategy)
4. Profit

Why is it important?

Staking your SOL aides in decentralization by providing validators SOL to validate the network. With Socean, you can not only stake your SOL and earn staking rewards, but you can also use the scnSOL in other DeFi protocols like PsyFinance to double-dip on yields.

Additionally, with PsyFinance’s V2 vault architecture, the scnSOL vaults will sell the weekly call options on Serum’s orderbooks. That means anyone who is interested in purchasing scnSOL call options can bid on them each week alongside the existing market makers, creating yield for the vaults. This is a huge step forward to democratizing access to financial products for all Solana users! Learn more about how to bid on the V2 vaults by viewing their docs here.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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