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Cega is an alternative options protocol built on the Ethereum, Solana, and Arbitrum chains, offering three types of products: option pool, bond option pool, and leverage option pool. The core logic is that users sell options by depositing USDC into the liquidity pool. Within a specific range of the underlying asset's price decline, there is no principal loss, and users can also earn premiums from market makers, making it more akin to yield-generating products.

Lyra Finance is a project within the Synthetix ecosystem, an options market built on Optimism and Arbitrum. The protocol employs a pool-to-pool trading model, where liquidity providers (LPs) act as counterparties to options and share in the transaction fees. Building upon the Black-Scholes model, the Lyra Automated Market Maker (AMM) model considers the impact of options supply and demand on price, adjusting the implied volatility through various parameters. This acts as a balance for uncovered positions, preventing excessive one-sided positions from causing LP losses. The team has introduced dynamic fees and relevant circuit breaker mechanisms for LP risk management. The official website integrates Synthetix and GMX protocols, enabling LPs to hedge their own trades and achieve near delta neutrality in their risk exposure.

Vega Protocol serves as a core derivative layer for Web3, functioning as a decentralized exchange specialising in margining financial products and derivatives, creating a permissionless market for traders.