Panoptic

Panoptic is a permissionless options trading protocol built on Ethereum that lets you trade perpetual options on any token pair listed on Uniswap V3. Most on-chain options protocols copy the structure of legacy financial markets, which have fragmented liquidity and are expensive to adjust positions. Panoptic takes a different path entirely by plugging directly into Uniswap V3 liquidity pools as the settlement layer.

The protocol lets you take long or short positions on any asset with a Uniswap V3 pool, with no expiry date forcing you out at an inconvenient time. You hold the position as long as it fits your strategy, not until an arbitrary contract date closes it. Panoptic also supports cross-margining, letting you net positions against each other and reduce the collateral you need to post. Liquidity providers on Uniswap V3 can use Panoptic to hedge impermanent loss, one of the most persistent risks in DeFi. The protocol has partnered with Steer to build infrastructure for institutions that want to run structured yield strategies entirely on-chain.

Panoptic's V2, heading toward beta launch, consolidates options, lending, and automated market maker liquidity into one unified risk engine. This shift matters for traders and institutions because it removes the need to manage positions across multiple platforms. Fewer moving parts mean fewer points of failure and more capital working for you at any time.

The protocol's journey from concept to live product took about two and a half years. The foundational research was completed in 2021, and the company launched in July 2022 with its first funding round in December. Beta testing ran through 2023 and into 2024, during which the team ran multiple trading seasons with prize pools to attract sophisticated users and stress-test the protocol. Panoptic launched on the Ethereum mainnet in December 2024. By early 2026, the team was at ETHDenver building partnerships and driving toward the V2 beta release.

The broader DeFi options market has grown sharply around Panoptic's rise. On-chain options trading volume surged more than 10 times year-over-year in 2025. That growth reflects real demand for derivatives infrastructure that does not rely on centralized intermediaries, and Panoptic sits at the center of that shift.

Two funding rounds have brought Panoptic's total capital raised to $11.5 million. The first round in December 2022 raised $4.5 million, led by gumi Cryptos Capital, with participation from Uniswap Labs Ventures, Coinbase Ventures, Jane Street, and the Avalanche Foundation's Blizzard fund. The second round in November 2023 added $7 million, led by Greenfield Capital, with HashKey and gumi Cryptos Capital joining again. The combined roster of 26 institutional investors, as tracked by PitchBook, also includes Advanced Blockchain and Apollo Crypto. The participation of Uniswap Labs Ventures is particularly telling since Panoptic is built directly on top of Uniswap V3. That is not a passive bet; it is a strategic alignment.

Panoptic does not have a native cryptocurrency. Instead, it has issued SAFE+T notes, simple agreements for future equity combined with a token warrant. That structure gives holders a claim on both the company's equity and its future token, if one launches. For investors who want early exposure to Panoptic's upside without waiting for a public token, the SAFE+T note is the available instrument.

The Acquire.Fi OTC and Secondaries Marketplace is built for this kind of transaction. If you want to buy or sell Panoptic SAFE+T notes, Acquire.Fi connects you directly with qualified counterparties at terms you negotiate, without relying on a public market that may not exist yet. Here is how the process works:

1. Buyers review active listings in the marketplace or submit a new Buy listing with their target price and note amount. Sellers do the same by browsing open offers or posting a Sell listing at their preferred terms.
2. The Acquire.Fi team runs independent background checks on both the buyer and the seller before any introduction takes place.
3. Both parties receive NDAs to keep all details of the transaction private.
4. Acquire.Fi runs a targeted outreach campaign to surface qualified counterparties from its network.
5. Once a match clears the vetting process, the Acquire.Fi team makes the introduction.
6. Buyer and seller negotiate the final terms directly. Each party is responsible for its own due diligence and arranging payment settlement.
7. Acquire.Fi is not a broker-dealer, but the team stays engaged throughout and assists wherever it can to help the transaction reach a successful close.