Rysk Finance has launched its V12 engine, positioning it as a new on-chain primitive for liquid, tradable covered calls that aims to make options-based yield strategies scalable across DeFi. The protocol allows users to deposit assets such as BTC, ETH and other volatile tokens, then sell covered calls via an on-chain request-for-quote (RFQ) auction, receiving upfront premiums in stablecoins like USDC as yield. According to Rysk, the design targets one of DeFi’s persistent gaps: sustainable returns on major assets, by importing a well-known TradFi options strategy and adapting it to a fully on-chain, composable environment. Under V12, Rysk’s system separates the protocol layer (collateralization, settlement, options logic) from an RFQ engine that sources competitive bids from counterparties, with all positions fully collateralized and settled automatically at expiry. Users choose their strike and maturity, define the yield–risk trade-off, and immediately receive the option premium while their collateral remains locked in smart contracts without liquidation or rehypothecation risk. The model is intended both for individual depositors seeking upfront yield on core assets (including BTC, ETH, LSTs, LRTs and other supported tokens) and for DeFi integrations that want to embed transparent, options-derived yield, making covered calls a more scalable building block for on-chain structured products.

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