This glossary serves as a key resource for navigating the world of Stryke, offering concise definitions of terms used within the technical documentation. For further clarifications, head to our official channels or reach out to our team.


  • Annual Inflation Rate: The rate at which the supply of a cryptocurrency increases over a year. In the context of SYK, it's approximately 3%.

  • Auto-Exercise Feature: An automated mechanism in options trading on the Stryke platform that executes in-the-money options just before their expiration, if previously enabled by the trader.


  • Black-Scholes Model: A foundational mathematical model for pricing options and other financial derivatives.


  • Call Option: A call option is a financial contract that gives the buyer the right, but not the obligation, to buy a specified amount of an underlying asset at a predetermined price, known as the strike price, within a specified time frame, called the expiration date. In the context of Stryke, a call option allows traders to speculate on the price increase of an asset. When a trader buys a call option, they pay a premium for the potential to purchase the underlying asset at the strike price, which could be profitable if the asset’s market price exceeds the strike price plus the premium paid. If the market price does not surpass this breakeven point, the call option may expire worthless, with the trader losing only the premium.

  • Capital Efficiency: Refers to the strategic use of financial resources to maximize the return on investment in derivatives trading.

  • CLAMM (Concentrated Liquidity Automated Market Maker): A development in DeFi combining liquidity provision and options trading, utilizing range-based liquidity akin to Uniswap V3.

  • Conversion Ratios: The specific ratios used to convert old tokens (DPX and rDPX) to new SYK tokens during the migration process.


  • Dopex: The predecessor of Stryke, known for its success in options products and community engagement in the LPDfi space.

  • DPX and rDPX Tokens: The original tokens of Dopex, which were migrated to SYK tokens as part of the platform's evolution.


  • Exercise (of options): The process by which an options holder activates the right to buy or sell the underlying asset.

  • Expiration Timeframes: The specific periods until an options contract expires, available in various lengths on Stryke.


  • Greeks: In options trading, the Greeks are important risk measures that provide traders with an understanding of how sensitive an option's price is to various factors. Each Greek measures the sensitivity to one aspect: Delta (Δ) is the rate of change in the option's price per unit change in the underlying asset's price, Gamma (Γ) measures the rate of change in Delta per unit change in the underlying asset's price, Theta (Θ) is the change in the option's price with respect to time, Vega (ν) measures sensitivity to volatility, and Rho (ρ) measures sensitivity to the interest rate. Understanding the Greeks is essential for advanced options trading strategies, and they may be relevant for traders using Stryke's sophisticated trading mechanisms.


  • Implied Volatility (IV): The market's forecast of a likely movement in a security's price and a key component in options pricing.

  • In-the-Money (ITM): An options term that indicates a positive intrinsic value. For a call option, it means the market price of the underlying asset is above the strike price; for a put option, the market price is below the strike price. Being ITM doesn't necessarily mean the holder will profit, as the option's cost and other factors come into play. A term that help traders evaluate the current status of their options positions on Stryke.


  • Liquidity Provider (LP): Individuals or entities that fund a liquidity pool with their assets to facilitate trading on a platform.

  • Liquidity Provision: Refers to the process of supplying capital to a pool used for executing trades, including options contracts.


  • Manual Exercise: The action taken by traders to exercise their options before expiry.


  • Out-of-the-Money (OTM): This term describes an option with no intrinsic value. A call option is OTM if the underlying asset's market price is below the strike price; conversely, a put option is OTM if the asset's price is above the strike price. OTM options are typically less expensive and will only become profitable if the market price moves to exceed the strike price by more than the cost of the premium paid. A term that help traders evaluate the current status of their options positions on Stryke.

  • Options Trading: Engaging in contracts that offer the right to buy or sell an asset at a specified price within a certain period.


  • Put Option: A put option is the opposite of a call option. It grants the buyer the right, but not the obligation, to sell the underlying asset at the strike price before the option expires. Put options are used by traders to speculate on the price decline of an asset or to hedge against potential price drops of assets they already own. When purchasing a put option, the buyer pays a premium for the right to sell at the strike price, which could lead to profit if the market price falls below the strike price minus the premium. If the asset’s price stays above this level, the put may expire worthless, and the buyer's loss is limited to the premium paid.

  • Premiums: The price paid by the buyer to the seller for an options contract.

  • Pricing Oracles: In DeFi, oracles that provide real-time data used in determining the pricing of options on the Stryke platform.

  • Protocol Fees: Fees incurred by users for executing transactions within Stryke, used to fund rewards, an insurance fund, and operational costs.


  • Reward Gauges: A mechanism within Stryke designed to allocate rewards based on engagement and contribution.


  • Strike Prices: The predetermined price at which the holder of an option can buy or sell the underlying asset.

  • Supported Chains: Blockchain networks that Stryke’s CLAMM supports for options trading.

  • Supported Tokens: Cryptocurrencies that CLAMM supports for options trading, including major ones like WBTC and WETH.

  • SYK Token: The central token of Stryke’s ecosystem, designed to underpin platform features and user rewards.


  • Tick-Based System: A mechanism used in liquidity provisioning to delineate price ranges.

  • Trading on UniV3 Ticks: The mechanism by which options within the CLAMM system are traded.

  • Traders: Individuals or entities engaging in buying and selling options, utilizing strategies to capitalize on expected market movements.


  • UniV3 (Uniswap V3): A version of the Uniswap protocol that introduced concentrated liquidity provisioning.

  • Underlying Asset: The asset which an option contract gives the holder the right to buy or sell.

  • Utilized Ticks: Specific price ranges within CLAMM where liquidity is used for options contracts.

  • Utility and Economic Model: The functional role and economic strategy of SYK tokens within the Stryke ecosystem.


  • Volatility: A measure of the price movement's intensity of an asset. In options trading, it's crucial for pricing models and strategy planning.

  • Volatility & Pricing: How volatility influences the pricing of options within Stryke.


  • xSYK Tokens: Tokens issued from locking SYK tokens into a staking mechanism, designed to incentivize long-term holding and deeper ecosystem participation.

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