Open options protocol

REDEEM is an open options protocol. It lists the top traders on fomo and writes binary calls and puts on the one number they are judged by: how much money they are up.

288/day

288/day

Readings of the fomo leaderboard, five minutes apart. Every one is published as a file with its timestamp and its source.

10 callers

10 callers

The top ten on fomo's own board, each listed with a one-day and a seven-day market. Listing is permissionless.

Median of 3

Median of 3

Both ends of a market are the median of the three snapshots nearest that moment, so a last-second flush moves nothing.

Built for the other side

Any handle, any window, either side

One question per caller, asked at two horizons. Will they be up over the next day, and over the next week. Up is a call on their PnL, down is a put, and both settle on the sign of the same number.

Settles on evidence, not opinion

No opinion enters a settlement. The keeper reads a public board every five minutes, both ends of a market are the median of three readings, and the outcome is posted with the hash of the file it came from.

Permissionless, and the subject gets paid

Anyone can be listed and nobody has to ask. In exchange a share of every fee on your markets accrues to an escrow under your handle, and one signature delists you and refunds every open position at cost.

A void beats a bad settlement

A protocol that always settles will sometimes settle on a number it cannot defend. Missing evidence, a stale resolver or an opt-out all void the market instead, and every position is refunded at what it cost.

The machine

Three cuts,
no narrator

Where the number comes from, what replaces the Buy button, and what a settlement actually pays. Nothing here is a mockup: every figure is one the protocol prints.

01 THE READ A keeper holds a logged-in session and reads the leaderboard every five minutes. 288 files a day, and a settlement takes the median of the three nearest the close.
02 TWO BUTTONS A profile you already know, with Buy replaced by two live sides: UP and DOWN.
03 SETTLED One market end to end. Struck at the open, a day of PnL, and one side worth exactly 1 USDG.
Board
See the board
REDEEM writes markets on
the people you already follow
One card, every screen
Protocol architecture

Three moving parts

Read

A keeper holds a logged-in session and reads fomo's leaderboard every five minutes, writing each reading to its own published file.

Read the docs
Strike

A market records the median of the three snapshots nearest its open as its strike, on chain, before anybody has traded it.

Read the docs
Settle

At the close the resolver posts the outcome together with the keccak256 of the settlement file, so anyone can fetch it and recompute the result.

Read the docs
Documentation