A team specializing in building structured products for the volatile cryptocurrency market has rolled out a new returns strategy for traders to earn additional returns for staking participants.
Cega announced Thursday the launch of its Dual Currency Product, which offers 22% APY for holders of staked ether (stETH) and ETH. The product offers higher returns through options trading.
Staking ether currently offers a yield of around 3%.
The new strategy hits the market as value-locked staking via Lido reaches new highs. But it’s also a quieter time for ether compared to the broader market.
‘Innovative returns’
“This is the perfect type of product for when the market just isn’t moving that much,” Cega CEO Arisa Toyosaki said in an interview with The Block.
The bigger boost could be a welcome development for holders of ether, which has underperformed compared to other, less prominent assets.
“Innovative returns come from rebalancing solutions and chains, real returns come from structured investment solutions and strategies based on actual trades and derivatives,” she added.
This has been evident in the growth of the cryptocurrency options market, where total open interest for bitcoin options surpassed $16.5 billion this month.
Cega raised $9.3 million in seed funding in a round led by Dragonfly.
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