What's New

The latest updates and improvements to the Panoptic app.

RiskEngine v2 is live

RiskEngine v2 launched on Ethereum Mainnet and Robinhood Chain on October 12, with new pools on both networks. The release reduces collateral requirements for long options, revises force exercise fees, and raises the minimum lending rate at target utilization.

Lower collateral requirements and revised exercise fees

  • Long options now require base collateral equal to 1% of notional, down from 10%. The option's remaining value already backs most of the obligation; the lower base requirement avoids counting that value twice.
  • Force exercise fees are no longer a flat 30 basis points. The exercisor pays the holder 50% of the option's remaining extrinsic value, subject to a minimum that covers opening swap fees and commission. The fee is highest near the strike and declines toward the minimum as the price approaches or moves outside the option's range.

A higher floor for lenders

  • The minimum annual lending rate at target utilization has increased from 0.1% to 2%, limiting how far the rate can decay during periods of low activity. The actual lending rate still depends on utilization.

Stronger collateral accounting

  • For the ETH/USDC tier, cross-collateral buffers have changed from 100% to 90%: collateral held in the other token counts at 90% of its value. A put backed entirely by ETH therefore requires approximately 11% more collateral, as does a call backed entirely by USDC. The xStocks tier uses 75% cross-collateral buffers.
  • Loan margin requirements increase with utilization in the ETH/USDC tier, reaching 25% at saturation. The xStocks tier uses a flat 25% loan margin.
  • Collateral requirements are aggregated using wider arithmetic, individual loan sizes are capped, and requirements for in-range short options more closely reflect their closing cost. New fuzz tests cover position types across the full price range.

Future upgrades without pool migrations

  • The RiskEngine now uses an upgradeable proxy at a fixed address, controlled by a multisig. Governance contract and timelock control are planned. Future RiskEngine updates can be applied in place without migrating pools or putting them into close-only mode.
  • Pools and collateral vaults remain immutable. RiskEngine upgrade authority does not provide custody of user funds.

Moving to the new pools

  • The new pools are available in the Panoptic app on Ethereum Mainnet and Robinhood Chain. Old pools remain in close-only mode: existing positions can remain open and continue earning streamia (streaming premium), but new positions cannot be minted there.
  • When convenient, close positions in the old pools, withdraw collateral, and redeposit into the new pools. If you need help closing a position, contact the team on Discord or through the Help button in the app.

Review the release

  • Trading and borrowing involve risk of loss. The release changes and accompanying tests are public in the RiskEngine v2 pull request linked below.
Open the Panoptic appReview RiskEngine v2 changes and tests

Manage your Uniswap LP positions from the portfolio

Hedge, collect fees, and borrow against your Uniswap LP positions without leaving the portfolio page, plus LP history and activity, close transfer estimates before you sign, and advance notice on pools moving to the new RiskEngine.

Features

  • Manage your Uniswap LP positions without leaving Panoptic — every LP row on the portfolio page now has Hedge, Collect fees, and (for migrated positions) Borrow Against. Hedging opens a dialog explaining what the hedge does before handing you to the trade screen with the position pre-filled, and collecting fees shows the exact Uniswap call before you sign. Each row's actions are grouped into a single split-button menu so the table stays readable, and every row links out to the matching position on Uniswap.
  • A collapsible LP history panel on the portfolio dashboard tracks what your LP positions have actually earned over time, with closed positions included in the accounting rather than just open ones.
  • Activity pills on positions — mints, burns, and collects — with matching markers on the price chart, so you can see where each event landed relative to price.
  • Close transfer estimates in the position drawer show the tokens expected to move to or from your wallet when you close, so there are no surprises at signing time.
  • Pools running the retiring RiskEngine are now marked as deprecated across the app. If you hold a position in one, you'll see a notice, an upgrade prompt, and a banner explaining the migration, and guards keep new positions from being opened into a deprecated pool by mistake.
  • Browse markets across networks — market exploration no longer locks you to one network. Search every market from a single view and jump to any chain from there.
  • The closed-LP table is wider and now shows price range, principal, and APR.
  • The new Robinhood SPY/USDG 5 bps market is live, and included in incentives and points accounting.
  • New guides and research — How to hedge a Uniswap LP position, with interactive payoff charts you can adjust; Your Uniswap LP is a short option, framing impermanent loss as short gamma; a side-by-side Perps vs options comparison; a rewritten gamma scalping guide with an animated hedged long straddle walkthrough; and a new About page with team and protocol background.

Improvements

  • The mobile navbar now prioritizes the actions people reach for most, and announcements take up less of the screen.
  • Streamia terminology is consistent across the app and docs, with clearer labels distinguishing accruing, paid, and settled streamia. Existing documentation links still work.
  • LP volatility is more accurate — it now lines up with the pool's own candle history instead of drifting from it.
  • Wide LP ranges render properly again, and zooming on the liquidity chart behaves as expected.
  • Compact number formatting is steadier — streamia amounts in the positions table and compact currency values no longer shift around.
  • Documentation pages are faster on mobile, rendering without waiting on JavaScript or video, with much lighter images and fonts.
  • The documentation site is cleaner — duplicate and overlapping articles were merged into single canonical pages with redirects so old links keep working, and articles now show an explicit last-updated date.

Fixes

  • Your deposited pools no longer disappear from the markets view when a subgraph request fails.
  • Announcement carousel progress is preserved when you pause it, instead of restarting.
  • The realized-fee timeline now spans from a position's first mint through today, rather than starting mid-history.
  • Fee charts no longer break on positions with zero fees.
  • Borrowing from an LP row is correctly disabled until a wallet is connected.
  • The pool-upgrade prompt only appears for pools actually on a deprecated RiskEngine.
  • Corrected terminology and fee math on the LP hedge guide.
Season 3 Pips quests showing a 1.55× multiplier, active quests, and Daily Connect streak progress

Season 3 Pips quests are live

Season 3 Pips quests are live, with a redesigned quest list, live streak multipliers, and immediate feedback on qualifying trades. Plus, explore every Uniswap LP position in a pool, historical returns, and a rebuilt liquidity chart.

Features

  • Season 3 Pips quests are live, with a redesigned quest list, animated quest numbers, and live streak multipliers that update as you trade. Hover any day in your streak to see what you did and when it counted, and qualifying trades now credit your streak right away with on-screen feedback telling you whether a trade was eligible.
  • An LP Positions tab on every pool page — open a pool and see all the Uniswap LP positions in it, including each position’s range width and the fees it has earned over its lifetime. Sort the table by any column to find the positions you care about.
  • Historical Returns for Uniswap LP positions — your LP position page now charts how it has actually performed over time, not just where it stands today.
  • Historical convexity on positions, both Panoptic and Uniswap LP, so you can see how a position’s risk profile has shifted since you opened it.
  • A rebuilt pool liquidity chart with clearer labels, a stable view that no longer jumps while data loads, a log/linear scale toggle, a Liquidity | Value toggle, token logos, and a direct link to the pool.
  • Your own position is now drawn on top of the pool’s liquidity, so you can see exactly where your range sits relative to everyone else’s.
  • Closed LP positions are viewable again — shared links to a closed or burned Uniswap LP position used to return “could not be found”. They now open read-only, showing the position’s shape at its peak size, the fees it actually realized, and a “Closed” badge.
  • Zoom and hover on the returns chart, plus a refresh button on the price chart when you want the latest data immediately.
  • Sharper payoff charts for narrow positions — very tight LP ranges used to fall between chart sample points and hide the payoff kink entirely. The chart now samples densely inside your range.
  • Pips APY on vaults — vault and market pages can fold expected Pips into the displayed APY, with a toggle to turn it off and an input to set the FDV assumption the estimate uses. Depositing into a vault now earns Pips attribution too, shown alongside your other earning activity.
  • Repay Loan now settles natively by default — closing a simple single-leg loan repays the borrowed token directly from your Panoptic collateral instead of routing through a swap, with Zap still available as an explicit choice. The dialog also spells out that repayment uses your Panoptic collateral, not your wallet balance.
  • A clearer borrow flow that explains the transactions involved, where your proceeds end up, and — if you withdraw them — previews your margin utilization after the withdrawal rather than before. A “Keep in Panoptic” option lets you skip the withdrawal entirely.
  • Outstanding loans in the portfolio’s lending table now link straight to the page where you can repay them.
  • Shareable portfolio links — /portfolio/<address> now works directly, so you can view and share any address’s portfolio.
  • Charting for the new Robinhood SPY/USDG 5 bps pool, including its price chart.

Improvements

  • The portfolio page is much faster and no longer freezes — a rendering loop could crash /portfolio about a minute after load, and the personal APY calculation that dominated the page’s CPU time is now around 18× faster. Long stalls during a page load dropped from about 13.6 seconds to 1.4 seconds.
  • Fewer stalled requests — chain data fails over automatically when a provider rate-limits or errors, and requests that hang are cut off with a clear error instead of spinning forever.
  • More reliable Pips scoring — scoring is faster, one chain’s outage no longer affects the others, and your quest progress syncs right after you trade.
  • Better market search — pool discovery now finds the full set of matching pools, and USD TVL is shown again in results.
  • Staked AAVE (stkAAVE) now shows up in your lending exposure.
  • Robinhood vault pages now show gross APY with a correct fee and rebate breakdown, and fall back sensibly on newly launched vaults that don’t yet have 30 days of history.

Fixes

  • Duplicate withdrawals and borrows can no longer be submitted — two identical withdrawals from one account could land in the same block if the button was activated twice before the screen updated. Withdrawals, redemptions and borrows are now locked to one in-flight transaction per account, and that lock survives closing and reopening the dialog. A transaction whose confirmation can’t be read is reported as uncertain and re-checked, never silently resubmitted.
  • The borrow modal showed the wrong margin number — “Margin utilization after” compared each token’s requirement against collateral held in that same token, so a USDC loan backed by WETH read ~116% at any size. It now measures the loan against your actual cross-margined buying power, caps MAX at what you can genuinely borrow and withdraw, and blocks larger amounts.
  • “Settle in one token” quotes that weren’t — a single-token settlement could still quietly spend a large amount of your other collateral. Those quotes are now rejected with an explanation instead of being presented as single-token.
  • Clearer lending errors — shortfalls when closing a position are decoded into readable messages, and recovering the missing collateral is a shorter path.
  • Pools with legacy tokens now load — pools containing tokens like MKR, which report their symbol in an older format, previously failed to load at all.
  • The LP owner view is preserved when navigating between a pool’s position list and an individual position, so you no longer lose the address you were viewing.
  • Daily Connect tracking — wallet connections and wallet switches are tracked correctly, and confirmed connection days are preserved.
Panoptic VIP list showing the 25,000 Season 3 Pips reward, 1.50× Pips boost, wallet login and spectate controls, and eligible Uniswap LP wallets

Portfolio exposure and LP rewards

See your full net exposure across wallet holdings, Panoptic collateral, and Aave and Morpho debt in one portfolio view. Plus, 5,000 active Uniswap LP wallets are eligible to claim 25,000 Season 3 Pips. Check the VIP list, connect an eligible wallet, and sign to claim — no deposit or liquidity migration required.

Features

  • Estimated Returns on the trade page (beta) — a new tab in both Options and LP modes that adds a position's price PnL on top of the premium or fees it would have collected, so a short put and a short call no longer look identical. A Returns / Fees (Premium) toggle keeps the old APR view and remembers your choice, you can click or drag the chart to move the start of the backtest, and an assumptions popover spells out what the estimate leaves out.
  • Historical Returns on the position page (beta) — plots what a position has actually done from mint until now: on-chain premia, price PnL from your mint price, and the commission you paid. The total matches the Profit and Loss on the page, and the Price chart above snaps to the same window and resolution.
  • Both returns charts live behind the Enable beta features switch, with a past-performance disclaimer the first time you open them.
  • The 0DTE premium vault on Robinhood Chain is live — the USDG PLP vault now has its own vault card, strategy description, and share-price history.
  • The portfolio's LP panel is now a single net-exposure view that folds in your wallet holdings, Panoptic collateral, and Aave and Morpho debt — organized into Exposure, Sensitivity, and Yield, with token logos, shaded exposure segments, and a payoff chart with ±1σ 30-day markers. Accounts holding only tokens get an exposure view too.
  • A network filter on the portfolio, which now sorts your cross-chain positions by the network you have selected.
  • Compare a vault against simply LPing — vault and portfolio pages can show what the equivalent unhedged Uniswap LP would have returned, including impermanent loss.
  • Connect an external wallet without signing a message — no more SIWE popup between you and the app.
  • An LP rewards section in the portfolio where you can look up any wallet's eligibility, with colored tier badges replacing the old emoji tiers, rewards in the home page carousel, and a strategy help chat if you want a hand deciding what to do next.
  • Pips Season 3, Campaign 2 — Campaign 1 allocations are frozen and archived so you can still see what you earned, accounting is coordinated across mainnet and Robinhood Chain, and the leaderboard shows current and archived earnings per network. New this campaign: VIP depositor and survivor boosts (shown as a 1.50× multiplier), a one-time VIP connect bonus, and rewards for VIPs who keep their liquidity in place.
  • VIP concierge onboarding is now offered to wallets above $10k, with a refreshed eligibility snapshot.

Improvements

  • The trade page is faster with a wallet connected — less work per render, so it stays responsive while you change strikes and sizes.
  • The markets discovery table can now use nearly the full window height, so Uniswap Pools stays reachable.
  • Vault tables load more reliably — cold loads are de-duplicated and cache misses recover instead of leaving the table empty.
  • Leaderboard polish — your row is highlighted and the leaderboard opens on the page containing it, mobile gets sorting, quest navigation is animated, and the navbar multiplier appears only once quests have launched.
  • Vault navigation remembers where you came from, so back links and the network selector behave when you move between aggregated and per-chain views.
  • The mobile strike sheet has a sticky Close button, so you no longer scroll to the bottom to dismiss it.
  • Impermanent loss comparison figures adapt to your window size instead of being clipped on smaller screens.

Fixes

  • wNVDAx/USDC and wSPCXx/USDC are hidden from market discovery — wNVDAx uses a non-standard RiskEngine and wSPCXx stats are misleading because of the xStock wrapper. Both markets are still reachable directly.
  • The VIP list no longer disappears when a wallet reconnects while you're logged out, and visitors who aren't on the list can disconnect their wallet again.
  • Payoff chart tooltips behave — a leg tooltip can be re-dragged without leaving it first, tooltips size to their content, and they stay inside the chart.
  • No minting on a stale max size — changing a strike keeps your % size stable while the max refetches, and mint/RFQ actions are blocked until the new figure lands.
  • Strike position lists scroll when a strike has many positions, instead of being clipped by the dialog.
  • The footer ETH price is sourced consistently from Ethereum mainnet, and Vault Depositor status is based on your actual vault holdings.
  • Wallet identity is cleared between sessions, so support chat and analytics no longer carry a stale wallet across reloads.
Panoptic launch announcement for Robinhood Chain

Robinhood Chain is live

Robinhood Chain is live for everyone, the portfolio is now a single page across every network, and Uniswap LP positions got a full dashboard with range probabilities, net exposure, and a rebuilt payoff chart.

Features

  • Robinhood Chain is live — the network gate is off, the first Panoptic vault is deployed there, Robinhood Stock Tokens show proper ticker icons, and your Robinhood LP positions appear in your portfolio.
  • One portfolio across every network — /portfolio, /home, /vaults, and /markets now show your markets and positions from every chain in a single list instead of one network at a time, and keep partial history when a chain is slow.
  • A real dashboard for Uniswap LP positions, grouped into Exposure, Sensitivity, and Yield — range probabilities and expected time in range, a net-exposure panel that folds in your wallet holdings, Panoptic collateral, and Aave/Morpho debt, and accurate lifetime fees and APR.
  • A rebuilt payoff chart with proper axes, a tooltip, a curve colored around the break-even line, and ±1σ 30-day markers showing where a normal month's move would put you.
  • See what hedging saved you — vault pages and the portfolio now show the APY a plain unhedged Uniswap LP would have earned over the same window, plus the impermanent loss it would have taken.
  • Season 3 quests are now a quest board, with progress cards, quest boosts that multiply what you earn, trade streaks, a Status category, and Campaign 2.
  • What's New in the gear menu — a changelog so you can catch up on what shipped without leaving the app.
  • An onboarding concierge you can talk to — selected wallets are invited into a live chat with a welcome personalized to what's in their account.

Improvements

  • The Vaults and Trading NLV time charts on the portfolio are temporarily hidden while the new exposure and payoff panels stand in for them.
  • LP PnL has its own portfolio column, Amount, PnL, and Fees are sortable, and the metrics stack instead of getting squeezed on narrow screens.
  • A refresh button on the Positions tab of /trade and /positions pulls fresh state without reloading the page — including from the empty state.
  • Chart time horizons are now specific to the pool you're looking at, and payoff-chart zoom defaults scale with that pool's volatility.
  • Token logos and brand colors are correct across the token list, and the PLP vault logo now shows on portfolio vault rows.
  • Portfolio loads do less unnecessary work, collateral shows a loading state instead of a stale number, and the exposure panel got contrast and accessibility fixes.

Fixes

  • LP position PnL now reports total return. It was showing impermanent loss, which ignored the fees earned and misrepresented how a position had actually done.
  • Uniswap LP position pages open for any position — a link no longer needs the owner address appended, and works before your wallet is connected.
  • Position dialogs stay open when the positions table refreshes underneath them, and confirmed transactions are cleared from the batch queue.
  • Disconnected users can explore options mode, and the Help bubble no longer sits on top of the Review Position button.
  • Payoff chart centering and tick interpolation were corrected, and charts no longer break on missing data.
  • Live home vaults are back outside Robinhood, the "coming soon" vaults link points at the Ethereum vaults, and the quest detail pane no longer jumps to the top when progress updates.

LP mode, a tabbed chart workspace, and unified market discovery

Build Uniswap liquidity ranges right in the trade builder, chart with configurable indicators, and browse Uniswap pools alongside Panoptic markets.

Features

  • LP mode in the /trade builder — build and fund a Uniswap liquidity range from the same screen, painting the range directly on the price chart and previewing its historical fee return.
  • A tabbed chart workspace — Price, Payoff, Liquidity, and Volatility tabs with configurable, SDK-backed indicators that stay synchronized across panes.
  • Market discovery now includes Uniswap pools, with TVL, 1-day fees, and fees APR on every row and sortable USD-equivalent columns.
  • Uniswap LP position pages now show a per-token fee breakdown, Fees APR, Liquidity and Volatility tabs, and a Pool Info link.
  • Position Activity timelines now list every Premium Settled event over a position's life, not just the open and close.

Improvements

  • The trade builder is noticeably faster — batched payoff valuation, per-frame strike dragging, and cached collateral/account snapshots.
  • Buyer premium is now settled as part of reducing a position's size, in the same dispatch.
  • The /info analytics pages load faster thanks to a durable cache and a pre-warmed 1D/7D/30D view.
  • Per-token Streamia amounts are now shown on positions.

Fixes

  • Collect Premium has been temporarily removed from position actions while a potential funds-loss issue in that path is investigated.
  • Swapping WETH/USDC works again — swaps are now version-aware and route v3 pools through the v3 path.
  • Position risk metrics were corrected — delta and theta are aligned across views and portfolio totals add up consistently.
  • The trade page now opens on the Price chart, sections collapse on mobile, and the app recovers from browser storage quota errors.

A fixed strike price ladder and wallet-free trade sizing

Season 3 Pips is live across the app, strikes now sit on a clean price ladder, and you can size a full trade before connecting a wallet.

Features

  • Season 3 Pips is live across the app, with daily rewards in the navbar, rewards attributed to the position that earned them, and vault Pips incentives shown where you choose a vault.
  • Strikes now sit on a fixed, readable price ladder — spacing scales with expiry, the app auto-snaps to the nearest rung, and the options chain distinguishes regular, RFQ-only, and non-standard strikes.
  • Size a trade before connecting a wallet — /trade now shows the collateral requirement and estimated premium for the position you're building with no wallet connected.
  • Uniswap LP positions now show per-token amounts and fees, not just a combined value.

Improvements

  • Tooltips are easier to spot and read — question icons replace underlined hints, and low values stay legible.
  • Swap defaults to the live WETH market, and RFQ strikes can be shown or hidden without disturbing selected legs.
  • Portfolio and position details were polished — delta totals stack readably and the notification badge clears once opened.

Fixes

  • Premium settlement is protected against fee loss via a guarded path that checks the outcome before submitting.
  • Reducing the size of a short position preserves chunk liquidity.
  • Max amounts are exact, including Safe wrap flows.
  • Errors loading your Panoptic LP positions are now surfaced instead of showing an empty list.

Liquidations, account health, and managing positions without closing them

Pips Season 2 closed at a 40M allocation, a new account health leaderboard brought liquidations into the app, and Settle Premium / Reduce Size let you manage positions without closing them.

Features

  • Pips Season 2 closed at a 40M allocation and Season 3 opened, with a season selector and a help panel explaining each category.
  • A new account health leaderboard shows which accounts are close to liquidatable, valued in USDC, and you can liquidate from your portfolio.
  • Settle Premium — a new dialog that settles the premium owed on a position on its own, available per position and on v3 pools.
  • Reduce Size — reduce a position by any amount you choose, offered as a next step when a close fails for lack of tokens.
  • Withdraw funds after borrowing against your LP, and close shortfalls are bridged with a temporary loan rather than blocking the close.
  • Position fee charts let you compare what you earned on Panoptic against the same liquidity on Uniswap.

Improvements

  • Trading with little or no collateral is much less of a dead end — underfunded trades are guided to a deposit.
  • Navigation feels instant, with prefetched links and a lighter initial load.
  • Deposit modals now show an estimated value for what you're depositing.
  • The Telegram monitor bot is surfaced in the app with contextual prompts after deposits, trades, withdrawals, and migrations.

Fixes

  • Collateral warnings no longer flicker or go stale, and actions are blocked while a check is unresolved.
  • Flipping the asset/quote pair keeps your trade intact.
  • Settled and unsettled premia are now shown distinctly.
  • LP APR keeps its decimal precision.

Season 2 Pips, rebuilt LP migration, and clearer collateral

LP migration from Uniswap v3 and v4 was rebuilt end to end, Season 2 Pips leaderboards went live, and a new guide explains exactly how your collateral requirement is calculated.

Features

  • LP migration from Uniswap v3 and v4 was rebuilt end to end, showing LP-style rows, a borrow dialog you can open directly, and the risk you're taking on before you confirm.
  • Season 2 Pips went live with in-app season leaderboards, a per-wallet season breakdown, and a share of vault trading rewards for vault depositors.
  • A redesigned home and staking landing page, with a "Help me choose" suggestion when you don't have LP positions yet.
  • A new "?" guide beside "Required for position" explains what that number is made of, broken down by the strategies the protocol recognizes.
  • Trade reviews now show your final balances, and /markets gained a compact card view.

Improvements

  • Pips and boost incentives moved to the v3 5bps ETH/USDC pool, which the trade page now defaults to.
  • Implied volatility now shows on the markets and home tables and in search results.
  • LP price history now shows in full, and timescale controls are back on the trade chart.
  • Very small "dust" markets are now hidden from the markets list.

Fixes

  • Position PnL now includes loan payoff.
  • Collateral requirements now match what the protocol actually enforces.
  • Premia were showing with the wrong decimals on pools where the quote token is flipped (e.g. USDC/WETH).
  • "Max" withdrawal now withdraws exactly the maximum, and withdrawing from an LP migration on Ethereum now works.