itô
Mathdoesn'tneedacounterparty.
Peer-to-pool options on Solana. Auto-rolling weekly vaults. Built on 100 years of stochastic calculus.
Options are a math problem. Solved long before crypto existed.
An options primitive in three layers. All open source.
Fermat-Solana
128-bit fixed-point arithmetic for Solana. The math primitive that every options, AMM, and lending protocol on Solana has been quietly re-writing for itself. Now open source on crates.io.
Volatility Oracle
Pyth-fed spot price → on-chain Black-Scholes pricer → implied volatility surface across 8 strikes and weekly expiries. Consumable by any options protocol on Solana, not just ours.
Peer-to-Pool Options
Buyers don't need to find sellers. Sellers don't need to find buyers. The pool is the counterparty — a USDC vault that prices every call against the volatility oracle and settles weekly on Friday.
Deposit SOL. Earn USDC. Weekly.
Deposit SOL
Your SOL enters the vault. You receive iSOL, a vault share token, 1:1 at deposit.
Vault writes calls
Every Friday the vault sells weekly 10-delta out-of-the-money calls against your SOL.
Earn premium
Buyers pay USDC for the calls. The premium flows into the vault. iSOL's underlying value grows.
Auto-roll Friday
At expiry, calls settle. The vault re-writes for the next week. Withdraw anytime.
$300M TVL on Ethereum. Zero on Solana. The math doesn't change.
In 2021, Ribbon Finance proved out the Decentralized Option Vault category on Ethereum — peaking at $300M TVL with a simple thesis: let the vault write covered calls for you, weekly.
In 2022 two teams — Friktion and Katana — ported that thesis to Solana and both shut down inside a year. Their design assumed external market makers would step in to buy the calls. They didn't. On Ethereum, MEV and a deep options ecosystem (Deribit, Opyn, etc.) provided the bid. Solana, at that point, had neither.
Itô is structurally different. The pool is the buyer. Every option is priced against an on-chain volatility surface and bought back into the vault's collateral. No external counterparty required. The mechanism is structural, not market-dependent — it works on day one with one depositor.