Primitive 2021

2 min readJan 11, 2021

The protocol’s first option market successfully concluded, signalling the first step over the starting line. The next option markets have already been deployed, and V2 development has started.

V2 Protocol Upgrades

  • Option AMM to improve slippage by 100x. (This is going to have its own introduction post).
  • Upgrade core option tokens with ‘permit’ to remove approvals and therefore reduce overall end-user gas expense by at least 25%.
  • Abstract WETH to improve ETH option trading experience.

V2 Interface Upgrades

  • Increase app speed by 10x using The Graph.
  • Portfolio dashboard to manage all option positions.
  • Multi-leg option orders with net credits/debits.
  • Option position builder and payoff simulation (LP positions included).
  • Support IPFS and token-lists.


  • Using Snapshot and LP tokens in current markets to vote on the next option markets.


The development of these upgrades will be done in four months. The production release of them will be within six months. We prioritize security, and this may impact our release schedule significantly.

This is for the first half of the year. The second half of the year will be focused on improving capital efficiency of the core protocol.


The core team is Alexander, lead protocol developer, and Zachary, lead frontend developer. The new team members will expand our capabilities as a team to ship these quite ambitious upgrades.

We are hiring two core developers: frontend and smart contracts. The frontend hire will be responsible for the implementation of key UX upgrades like the portfolio dashboard and option builder. The smart contract engineer will be responsible for implementing and improving the Option AMM design.

We are also hiring someone with experience in smart contract security to lead on-going protocol operations and influence protocol architecture.

If you have expertise in options, or operations, we could absolutely add you to the team.

Reach out to the team through the discord or by sending an email to