Hegic

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

DeFiLlama publishes the exact rules used to aggregate on-chain balances into the headline TVL figure shown on this page. The methodology below is the team's own source-of-truth description.

TVL for Hegic is calculated using the HEGIC tokens deposited into Stake & Cover pool on Arbitrum and pools liquidity in USDC, ETH and WBTC

If a contract or vault isn't in this list, its balance does not contribute to the TVL displayed on Mantapex or DeFiLlama.

Hegic's governance or utility token carries a market capitalisation of 16,3 Mio. $ based on circulating supply at the latest DeFiLlama snapshot. The market is pricing the token (16,3 Mio. $) above the protocol's on-chain TVL (9,8 Mio. $) — a mcap/TVL multiple of 1.67× implies investors are paying for expected future fee flows rather than current deposits alone.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Hegic is a Options protocol where traders open leveraged, perpetual, or option positions priced off oracle feeds and settled in collateral held by the contract. It is deployed across 2 chains, including Arbitrum, Ethereum. The codebase has been independently audited (2 reports on file).

Hegic operates on 2 networks (Arbitrum, Ethereum), keeping its surface area narrower than chain-agnostic peers. Its TVL is heavily concentrated on Arbitrum, which holds 89% of all assets — other deployments are comparatively small. Two audit reports are published on DeFiLlama, which is in line with typical practice for protocols at this scale. Its token market cap (16,3 Mio. $) currently exceeds total value locked (9,8 Mio. $) — a mcap/TVL ratio of 1.67 suggests the market is pricing in more growth than current deposits support.

Verified external resources for Hegic — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

Hegic is one of 7 Options protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Rysk V12, Deri V4, Hypersurface, and 3 more. These peer protocols collectively secure 76,9 Mio. $ in deposits, giving you a frame of reference for whether Hegic's own TVL is at the top, middle, or tail of the category.

Rysk V12

TVL 62,6 Mio. $ · 24h +4.61%

Deri V4

TVL 7,8 Mio. $ · 24h +0.27%

Hypersurface

TVL 2,7 Mio. $ · 24h +3.58%

GammaSwap Open Interest

TVL 1,4 Mio. $ · 24h +0.51%

Jasper Vault

TVL 1,3 Mio. $ · 24h -0.03%

Opyn Gamma

TVL 1,1 Mio. $ · 24h +0.72%