Hey gang, ole poopy is back with a walk through/tutorial on how to create your own binary options market. First off, i am not a developer, i am not a crypto expert, hell i can barely use Gmail. The team over at Synthetix created an extremely user friendly and noob friendly dapp which is a big reason i was able to do this. Anyone with basic experience using ethereum can do the same and create your own options market in less than 5 minutes.
For those unfamiliar with binary options, a binary option is a contract that allows someone to make a trade on a yes or no outcome only. Basically - Will the price of a certain asset be above or below the strike price on a certain date. If any of you have used the Lupex app (over/under) then you have participated in binary options. Synthetix posted a great article on medium detailing how everything works the other day. This market is still very new and just went live this week. I have been very excited about this as it allows you to bet on the prices of many different assets all through the ethereum platform.
Anyway, i created a detailed video tutorial for creating your own options market should anyone wish to do it. Anyone can create a market - all you need is 1000 sUSD and you are all set. The incentive for creating new markets is receiving a portion of the total market volume. Anyone participating in the market pays a 1% fee of which 0.2% goes to the market creator, and 0.8% goes to SNX stakers. Some of the first markets created saw a lot of volume with one of the recent SNX markets getting over $120k in volume. That's a nice little payout for the market creator. Anyone wishing to bid on the SNX options market i created can do so here :
Overall the space is seeing a lot of action and i think this could definitely be one of the next big things in the crypto world. I am excited to be a part of it and hopes it blows up like Defi did recently. If you guys have any questions feel free to hit me up on discord or leave them in the comments, i will link my video walk through below. Thanks for reading and good luck to anyone bidding on these options.
Also on LBRY :