Rysk V12
3 known investors
Rysk Finance is a decentralized finance platform that enables users to earn yield on cryptocurrency assets through covered call strategies and cash secured puts across multiple blockchain networks.
Also known as Rysk · Rysk Finance · Rysk V12
Investors · 3
Company profile
researched Aug 2026Rysk (Rysk V12) is a decentralized finance protocol for volatility income, allowing holders of crypto assets to sell covered calls and cash-secured puts on-chain and receive option premiums upfront. Users select a strike price at which they are willing to sell higher or buy lower, plus an expiry, and receive a premium paid immediately in USD to their wallet. Positions are physically settled, fully collateralized, and settled individually at expiry by the protocol, with collateral held in Rysk smart contracts; the documentation states there is no liquidation risk, no rehypothecation, and no external counterparty access to collateral.
Rather than pooled vaults with predefined schedules, Rysk uses a Request for Quote (RFQ) model: each trade is priced through an on-chain auction in which counterparties (market makers) bid for the volatility being sold, and the best bid is shown to the user before execution. The protocol supports ETH, BTC, HYPE, stablecoins, liquid staking tokens (LSTs) and liquid restaking tokens (LRTs). The public app lists covered-call markets on HyperEVM (WHYPE, LHYPE, kHYPE, wstHYPE, UBTC, UETH, USOL, PURR, UPUMP) and Ethereum mainnet (WBTC, wstETH, weETH, rETH, WETH, XAUT), each with quoted maximum and minimum APR ranges. A second product line, Rysk Premium, extends the protocol into institutional-grade volatility-income infrastructure with customizable strategies deployed on-chain.
Rysk maintains public tooling for market makers, including a Go command-line client (ryskV12-cli) that connects over WebSockets to RFQ and maker endpoints for signing quotes, approvals, transfers and position queries, along with Python and TypeScript wrappers, published under the rysk-finance GitHub organization.
Business model
Rysk operates a permissionless on-chain options protocol that intermediates between users selling volatility (covered calls, cash-secured puts) and market-maker counterparties buying it, with trades priced via an on-chain RFQ auction and collateral locked in protocol smart contracts. Sources do not state the protocol's fee structure.
Traction
DefiLlama reports $67.12m in TVL ($56.92m on Hyperliquid L1, $10.2m on Ethereum), up 32.3% over the prior 30 days, with cumulative options notional volume of $1.251b and cumulative options premium volume of $18.39m; trailing 30-day notional volume was $115.18m and 30-day premium volume $1.05m. A February 2026 press release states Rysk V12 has processed more than $240 million in notional volume since launching on Hyperliquid and identifies Hyperion DeFi (NASDAQ: HYPD) as its first institutional participant.
Latest developments
On 4 February 2026, Hyperion DeFi, Inc. (NASDAQ: HYPD) announced an institutional-grade, on-chain yield-enhancement vault built on Rysk and native to HyperEVM, using HYPE LSTs (including Kinetiq's kHYPE and HiHYPE) and Native Markets' USDH stablecoin as collateral. Access is gated through HiHYPE minted by staking HYPE to the 'Kinetiq x Hyperion' validator; Hyperion will first deploy its own balance sheet, then selectively admit qualified participants, and expects to join Rysk's points incentive program. Rysk founder Dan Ugolini described Hyperion as the first institutional participant running volatility income strategies through the platform via Rysk Premium.
▸Full profile — market position, technology, go-to-market, geography, history
Market position
DefiLlama categorizes Rysk V12 as an Options Vault protocol and ranks it #1 by TVL in that category, with $67.12m of $75.28m total category TVL (89.2%). Listed comparable protocols include Ribbon, 3Jane Options, Olive, Grappa Finance, Katana, Typus DOV, Chest Finance, Spin DOV, Bonsai Strike and AlgoRai Finance. Rysk positions itself as infrastructure for on-chain structured products, arguing that existing on-chain covered-call implementations have not scaled because of complexity, rigid designs and reliance on pooled vaults.
Rysk's stated differentiators versus prior on-chain structured-product designs are the removal of pooled vaults in favor of independent, individually settled positions; live RFQ pricing sourced from multiple competing counterparties instead of fixed or scheduled auctions; premiums paid upfront on execution; full collateralization with physical settlement and no liquidations; and user choice of strike and expiry across a multi-asset set spanning ETH, BTC, HYPE, LSTs and LRTs.
Technology
Smart-contract protocol deployed on HyperEVM (Hyperliquid) and Ethereum mainnet. Core design elements are an on-chain RFQ auction for price discovery, per-position collateral locking, physical settlement at expiry handled automatically by the protocol, and oToken-style position representation referenced in the maker tooling. Market-maker infrastructure uses WebSocket endpoints for asset-level RFQ feeds and quote submission, with EIP-712 signed messages; clients are available in Go, Python and TypeScript. The GitHub organization also hosts Solidity work (ciao-protocol), subgraph code for Arbitrum from earlier versions, and forks of Multicall3 and Hummingbot.
Go-to-market
Distribution is via a self-serve web application (app.rysk.finance) where users pick an asset, strike and expiry, supported by public documentation, a Twitter account and a Telegram group. On the supply side, Rysk publishes open-source CLI and language clients so market makers can stream RFQs and submit signed quotes. The protocol also runs a points incentive program cited as a draw for participants, and pursues institutional distribution through partners such as Hyperion DeFi, which deploys balance-sheet capital through Rysk Premium and plans to open gated access to other qualified participants.
Holders of volatile crypto assets (ETH, BTC, HYPE, LSTs, LRTs, stablecoins) seeking yield beyond staking; DeFi-native retail users; market makers acting as options counterparties; and institutional participants and treasuries, addressed via Rysk Premium and gated institutional vaults.
Geography
No headquarters or country is disclosed in the sources; the protocol's footprint is described in terms of blockchain deployments, currently HyperEVM (Hyperliquid) and Ethereum mainnet.
History
The team states that before Rysk V12 it built one of the top options AMMs on Arbitrum, which traded over $250M in volume, and a high-performance orderbook exchange that processed over $1B in trades; the GitHub organization retains an Arbitrum subgraph and archived options-simulation and dynamic-hedging repositories from that earlier work. Rysk V12 is presented as the next iteration, replacing vault-based execution with an RFQ model, and is live on HyperEVM and Ethereum mainnet. In February 2026 the company announced Rysk Premium and its first institutional deployment with Hyperion DeFi.
Compiled by commissioned research from 8 cited public sources — 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 — not independently audited.
Timeline · 1
launches, deals, and filingsHyperion DeFi, Inc. (NASDAQ: HYPD) announced it engaged the Rysk protocol to launch an institutional-grade on-chain yield-enhancement vault native to HyperEVM, using HYPE liquid staking tokens and stablecoins as collateral for on-chain options strategies. Access is gated via HiHYPE, and Hyperion DeFi will initially deploy the vault for its own balance sheet before opening it to other qualified participants. The deployment runs through Rysk Premium and Hyperion expects to participate in Rysk's points incentive program.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
▸Research sources · 8
primary sources listed
- Rysk V12rysk.finance · web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Rysk V12 do?
- On-chain DeFi volatility income protocol offering RFQ-priced covered calls and cash-secured puts on HyperEVM and Ethereum.
- Who are Rysk V12's investors?
- Rysk V12's investors include Archetype, Coinbase Ventures, Lemniscap.