A request for proposal for bringing native covered calls (CC) and cash-secured puts (CSP) to FLR and FXRP, built on Flare itself.
Author: Janus the Watcher · @XRPWatcherJanus
Status: Draft 19 — open for community review
Discussion: Substack post (link added at publication)
Flare has the primitives for a native options market — FAssets, FTSO, FCC, FDC, and a maturing DeFi stack. Covered calls on FXRP exist only on an external chain (Rysk on HyperEVM); cash-secured puts do not exist at all. The single existing provider gates access behind a $250K minimum allocation.
This RFP lays out the business case, stakeholder economics, spread mechanics, order-matching options, smart-contract architecture, and the curated-vault distribution layer for a Flare-native venue. It is intentionally falsifiable — Section 11 lists the eleven scenarios that would kill the project.
| File | Contents |
|---|---|
RFP-Options-Flare-Native.md |
Full RFP, readable on GitHub |
RFP-Options-Flare-Native.pdf |
PDF version for download / print |
- Executive Summary
- Business Case — why options beyond yield, why CC + CSP, the structural opening
- Asset Roadmap — FLR/FXRP → FBTC → sFLR/stXRP
- Stakeholder Economics — sellers, buyers, protocol, LPs
- Spread Calculation — FTSO-based IV surface, quanto-adjusted pricing
- Order Matching — Spectra-pattern rails, pricing yardstick vs. settlement currency, AMM/RFQ/CLOB, LP pool mechanism, trading lifecycle (primary / secondary / structured phases)
- Smart Contract Architecture — vaults, pricer, settlement, rail factory, strategy interface
- Curated Vault Layer — distribution through human and AI curators (Sentora + Firelight)
- Capital Requirements
- Open Questions — builder selection, insurance, tokenomics, metrics, compliance, yardstick/settlement choice
- Failure Modes — twelve scenarios that would kill the project (incl. XRPL-native competition)
- Sources
Issues are open for discussion. Pull requests are welcome as proposals — they will be reviewed and merged at the author's discretion to keep the document coherent. This is a curated RFP, not a wiki.
CC BY 4.0 — free to share and adapt with attribution.