Panoptic
Founded 2022 Β· 12 employees on LinkedIn Β· 7 known investors
Panoptic is an onchain DeFi protocol for perpetual options β options without expiry dates β built on Uniswap liquidity, letting traders deploy leveraged options strategies and depositors earn yield through curator-managed vaults. It serves active traders, passive yield seekers, and vault managers, and is launching on Ethereum mainnet.
Also known as Axicon Labs Limited Β· Panoptic Protocol
Investors Β· 7
Funding
SEC filings, press & company announcements- Undisclosed amountSAFE RoundJun 2023Source β
Source: company announcements and press reports β follow each round's link for the claim.
Company profile
researched Aug 2026Panoptic is a decentralized options protocol built on top of Uniswap concentrated-liquidity AMMs. Its core mechanism treats a concentrated liquidity position as an embedded option: the position gains and loses value as price moves through its range. Panoptic makes that exposure explicit by letting traders borrow a liquidity range to open a long or short position and pay the liquidity provider a fee that streams for as long as the position is held. Because the AMM itself supplies pricing, the protocol requires no separate options liquidity pool, no order book and no expiration date.
The protocol supports minting, trading and market-making of perpetual put and call options on any token pair with a Uniswap pool, and describes its markets as permissionless β no listing process and no oracle support required. Positions are onchain primitives other protocols can compose with, including vaults, structured products and hedging strategies. Panoptic V2, described on the company site as live on Ethereum mainnet, extends this into a unified yield platform combining options, lending and portfolio-aware margin, together with a Vault Suite of automated, market-neutral vaults for passive depositors and an RFQ mechanism in which users post signed buy requests that market makers can satisfy by adding native Panoptic liquidity.
The protocol serves several user types identified on the company site: options traders running multi-leg, capital-efficient strategies at flexible strikes; Uniswap LPs seeking higher yield and impermanent-loss mitigation; passive LPs who want yield without position management; and leverage traders. Panoptic's research site frames the underlying thesis as formalizing the short-volatility exposure that Uniswap liquidity providers already carry into explicitly tradable volatility markets.
Business model
Panoptic operates a permissionless, non-custodial smart-contract protocol rather than a licensed venue. Users interact directly with onchain contracts: liquidity providers supply or migrate concentrated liquidity that is lent to option buyers, traders pay streaming fees for as long as a borrowed range position stays open, and depositors allocate into curator-run vaults. Because pricing is derived from the underlying Uniswap AMM, there is no order book, no market-maker quoting obligation and no external oracle dependency. The company publishes its contract code publicly on GitHub. Sources do not state protocol fee levels, revenue share or token economics.
Not specified in the sources. The documented economic flows are between users: option buyers pay streaming fees to the liquidity providers whose ranges they borrow, and vault depositors earn yield from curator-managed strategies. No protocol take rate, subscription or token-based revenue mechanism is described.
Traction
Publicly stated traction is limited to product milestones and backer names; the sources contain no TVL, volume, user counts, revenue or headcount figures. Panoptic V2 is described as live on Ethereum mainnet, with a 2026 cadence of releases (SPCXx support, V2 platform, Vault Suite, RFQ, LP migration) and a claim that migrated Uniswap LPs can earn up to 20% more in fees.
βΈFull profile β market position, technology, go-to-market, geography, history, risks & controversies
Market position
Panoptic positions itself as options infrastructure for decentralized derivatives β a new primitive that converts AMM liquidity into perpetual options markets, in contrast to onchain options venues that rely on order books, external market makers, scheduled expirations or price oracles. The company site lists backers including Uniswap, Coinbase Ventures, Jane Street, Greenfield Capital, HashKey Capital, Keyrock, Gumi Cryptos Capital and SevenX Ventures. No market share, ranking or competitor comparison data is present in the sources.
Panoptic frames its distinguishing properties as consequences of building options out of AMM liquidity rather than as added features: options are perpetual because no contract exists to expire; options are constructed directly from concentrated liquidity so no dedicated options liquidity pool must be bootstrapped; there is no order book because nothing must be matched against a counterparty and pricing is path-dependent and derived from the AMM; any Uniswap token pair can permissionlessly become an options market; positions are composable onchain primitives; and pricing is oracle-free, sourced from Uniswap liquidity rather than an external feed, which the company says removes a class of manipulation and downtime risk. The company also emphasizes non-custodial design, publicly verifiable contract code, and completed audits with Obsidian, Nethermind and Code4rena alongside formal verification and a competitive audit program.
Technology
The system is implemented as smart contracts deployed on Ethereum that use Uniswap concentrated-liquidity (v3-style) positions as the building block for long and short options. Options are collateralized, automatically settled and continuously priced from Uniswap liquidity itself, giving path-dependent pricing without counterparties or oracles. Panoptic V2 adds lending and portfolio-aware margin plus a vault layer. Security work described includes completed audits by Obsidian, Nethermind and Code4rena, formal verification, a competitive audit program, and audits spanning smart contracts, frontend/backend and economic parameters via simulation and agent-based modeling.
Go-to-market
The primary stated acquisition motion is migrating existing Uniswap liquidity providers, with the company promoting up to 20% higher fees on migrated LP positions as the headline incentive. Users access the protocol by connecting a wallet to the Panoptic app. The company supports this with documentation, a whitepaper and litepaper, a Substack-based research publication ('Panoptic Research' / #ResearchBites), a public GitHub, and social channels. An RFQ facility is positioned to bring market makers into the system for larger or institutional-style execution.
Options traders wanting capital-efficient, multi-leg positions on any token at flexible strikes; Uniswap liquidity providers seeking higher yield, impermanent-loss mitigation and risk management tools; passive liquidity providers and vault depositors who want yield without active position management; and leverage/perps traders seeking exposure with no expiries and capped downside on a non-custodial platform. The RFQ product is aimed at market makers and institutional-style execution.
Geography
No headquarters or office locations are stated in the sources. Deployment footprint is onchain: Panoptic V2 is described as live on Ethereum mainnet, with an earlier version of the site citing Ethereum mainnet and Unichain, and multi-chain/L2 expansion described as planned.
History
The sources capture two stages of the product. An earlier company site describes Panoptic as a pre-launch options protocol built on Uniswap v3 positions, with the app 'coming soon' at app.panoptic.xyz, a stated plan to launch on Ethereum mainnet and EVM-compatible L2s where Uniswap v3 is deployed, and a 2024 copyright notice attributing the trademark to Axicon Labs. A later version of that page notes the protocol live on Ethereum mainnet and Unichain. The current site documents a 2026 sequence of releases: SPCXx support (June 2026), Panoptic V2 as a unified yield platform (June 2026), the V2 Vault Suite (June 2026), Panoptic RFQ (July 2026) and Uniswap LP position migration (August 2026), with V2 live on Ethereum mainnet and further L2 expansion described as planned. Founding date, founders and headquarters are not stated in the available sources.
Risks & controversies
No controversies, incidents or disputes involving this company appear in the sources. Risk factors visible in the material are inherent to the model: dependence on Uniswap concentrated-liquidity infrastructure for both pricing and liquidity, smart-contract risk (mitigated per the company by three completed audits, formal verification and a competitive audit program), and the company's own disclaimer that options trading carries significant risk and that its content is informational rather than advice. Note also several unrelated name twins in public search results β PanopticAI (Hong Kong camera-based health monitoring), the Panoptic cybersecurity platform from Secuvant LLC acquired by Cycurion, and Panoptic Security, Inc. (PCI DSS compliance, acquired by Sysnet in 2012) β none of which relate to panoptic.xyz.
Compiled by commissioned research from 8 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Competitors Β· 1
by search overlapCompanies competing with Panoptic for the same Google search keywords, organic and paid, via search-intersection analysis.
Timeline Β· 5
launches, deals, and filingsPanoptic introduced migration of Uniswap LP positions to Panoptic, stating LPs can earn up to 20% more in fees through Panoptic-native mechanisms.
Panoptic RFQ lets users post signed buy requests that market makers can fill by adding native Panoptic liquidity, without a settlement contract or custodial coordinator.
Launch of automated, market-neutral vaults that package options strategies into passive onchain income products requiring no active management.
Panoptic V2 launched as a unified DeFi yield platform combining options, lending and portfolio-aware margin, letting users earn, borrow and customize risk through vaults or advanced strategies.
Panoptic added support for SPCXx, a tokenized onchain representation of SpaceX, enabling eligible users to swap, lend, earn yield, and trade options and volatility strategies on the asset.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
βΈResearch sources Β· 8
primary sources listed
- Panopticpanoptic.xyz Β· web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Panoptic do?
- Panoptic is an oracle-free, order-book-free perpetual options protocol that turns Uniswap AMM liquidity into onchain options markets.
- Who are Panoptic's investors?
- Panoptic's investors include Advanced Blockchain, Big Brain Holdings, Coinbase Ventures, Divergence, Greenfield, gumi Cryptos Capital (gCC), SevenX Ventures.