PsyOptions, an options trading platform based on the Solana network, has acquired Tap Finance in an effort to add structured investment to its offerings, the company announced Tuesday (Feb. 1).
PsyOptions paid for Tap Finance using a mixture of cash and tokens, although core contributor Tommy Johnson declined to reveal the value of the deal as that would “distract” from the news, according to a CoinDesk report.
Following the acquisition, Tap will rebrand itself as PsyFinance, although the company said in a blog post that the changes would be “cosmetic in nature.”
Tap Finance is a Decentralized Options Vault (DOV) that has been live on Solana mainnet since December 15th, 2021, and was one of the first DOVs on the network.
Read more: PYMNTS Blockchain Series: What Is Solana?
“Although only a month old, Tap Finance has already gained significant traction, with millions in total value locked,” PsyOptions wrote on its blog. “We are extremely excited to combine forces with the Tap Finance team and believe that our collective efforts will enable us to become one of the best DeFi structured product teams in the blockchain ecosystem.”
Solana has settled more than 50 billion transactions, including over $11 billion in total value locked, and more than of 5.7 million non-fungible tokens (NFTs) minted since launching in 2020.
As PYMNTS noted earlier this year, Solana has been called the leading “ethereum killer” by investors — in other words, the network that will replace ethereum with a faster, cheaper and better blockchain.
Bank of America Digital Asset Strategist Alkesh Shah has said that Solana could become the “Visa of the digital asset ecosystem.”
Shah cited Solana’s ability to “provide high throughput, low cost and ease of use creates a blockchain optimized for consumer use cases like micropayments, [decentralized finance (DeFi)], [nonfungible tokens (NFTs)], decentralized networks (Web3) and gaming.”
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