Opium

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

Opium's governance or utility token carries a market capitalisation of 281.202,1 $ based on circulating supply at the latest DeFiLlama snapshot. The market is pricing the token (281.202,1 $) above the protocol's on-chain TVL (147.954,4 $) — a mcap/TVL multiple of 1.90× 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.

Opium 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 4 chains, including Ethereum, Polygon, Arbitrum, Binance. The codebase has been independently audited (1 report on file).

Opium operates on 4 networks (Ethereum, Polygon, Arbitrum, Binance), keeping its surface area narrower than chain-agnostic peers. Roughly 100% of its on-chain value sits on just three networks (Ethereum, Polygon, Arbitrum), so a fault on any one of them would affect a large slice of users. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts. Its token market cap (281.202,1 $) currently exceeds total value locked (147.954,4 $) — a mcap/TVL ratio of 1.90 suggests the market is pricing in more growth than current deposits support.

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

Opium is one of 7 Options protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Rysk V12, Hegic, Deri V4, and 3 more. These peer protocols collectively secure 85,6 Mio. $ in deposits, giving you a frame of reference for whether Opium's own TVL is at the top, middle, or tail of the category.

Rysk V12

TVL 62,6 Mio. $ · 24h +4.61%

Hegic

TVL 9,8 Mio. $ · 24h -0.02%

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%