After nearly 3 years of building in DeFi, we are winding down Grix. We've fully explored funding options but couldn't secure what was needed for sustainability.
The shutdown will be phased over the coming weeks.
When we started, we bet big on DeFi options back when perps weren't dominant, and in the last 3 years we:
- Built a solid DeFi options community
- Launched Grix v1 & v2, nailing the roadmap
- Aggregated nearly all options OI in our data layer
- Partnered with top protocols, making Grix a known brand
- Rolled out the execution layer for trades
- Launched $GRIX as the protocol token
- Pivoted to Calypso to connect AI agents with DeFi derivatives protocols
Though we executed our roadmap as planned, the market reality hit differently: Options growth stalled hard vs. projections. The broader DeFi options market has faced tough conditions overall, and low liquidity has made it challenging for the sector to gain momentum. Innovations like perps exploded in popularity and captured the bulk of trading volume.
We believed DeFi options would become a major force, offering sophisticated risk management and hedging that could elevate the space beyond simple spot and perpetuals. But while the sector shows immense promise (and we're still very optimistic about its long-term potential), DeFi options haven't taken off as we expected (yet). Maybe we were right about the direction but wrong on the timing. only time will tell.
Huge appreciation to our investors - you enabled us, we gave our best and made the most of the $ raised in the last 3 years.
Though this chapter closes, we're excited to keep building in DeFi and beyond. Lessons from Grix will fuel the next innovations!
DMs are open if you would like to reach out.