Premia (PREMIA)

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release: V2 10-2021
• Premia is a decentralized options marketplace live on Ethereum and Arbitrum.

Audits & Exploits

• No bug bounty program is documented (5-11-2021).
• Premia has been audited according to Yield Farmer (12-12-2021).
• Scored a 62% on DeFi Safety (4-11-2021):

Activity is more than 10 transactions a week on contract WETH-DAI Pool Proxy. Software functions are not covered by Premia documentation. As per the SLOC, there is 32% commenting to code (CtC). As per the SLOC, there is 669% testing to code (TtC). While there is no code coverage report, at 669% it is clear that this protocol has undergone rigorous, deep, hard and full bodied testing with every part of this protocol being fully examined. No test report was found. No documented formal verification was found. Premia's initial deployment has been audited post-launch. V2 deployed 3 weeks ago, and the pre-launch audit can be found here.

Governance

Admin Keys

• From DeFi Safety (4-11-2021):

"Governance information can easily be found. No pause guardian was documented.

a) All contracts are clearly labelled as upgradeable (or not) -- 0% -- no contracts are labelled as upgradeable b) The type of ownership is clearly indicated (OnlyOwner / MultiSig / Defined Roles) -- 15% -- governance is in control of the direction of the protocol, but it is unclear if the votes are binding. c) The capabilities for change in the contracts are described -- 0% -- contract change capability is not described."

Treasury

• From their docs (12-2021):

"20% of protocol fees are distributed to the PREMIA treasury, to be used for the further growth and development of the Premia ecosystem."

Token

Token Allocation

• From their docs (11-2021):

1. 30% Cross-Chain Liquidity Mining Fund
2. 20% Development Fund
3. 10% Safety / Insurance Module
4. 10% Initial Distribution
5. 10% Founder Allocation
6. 10% Future Incentives Program
7. 5% Marketing and Education Fund
8. 5% Ecosystem Grants Fund

Technology

• Whitepaper or docs can be found here.
• Code can be viewed here. From DeFi Safety (4-11-2021): "At 1938 commits, Premia clearly places a premium on development documentation practices."

Implementations

• Built on: Ethereum and Arbitrum and BSC

How it works

• From Yield Farmer (12-12-2021):

"Premia is an automated market maker (AMM) protocol offering pool-to-peer products. Each asset pair gets its own call pool and put pool, as depicted in the image above. Users can make single-sided deposits. For example, you can deposit just into the WETH side for the WETH/DAI pool."

Fees

• From their docs (12-2021):

"The protocol must collect fees in order to grow and survive long-term. No fees are charged on deposit/withdrawal of liquidity from the Premia pools, rather, fees are charged when the pools facilitate a transaction between users.

Option Purchase: On option purchase, a protocol fee of 3% of the option's base price is charged to the buyer, included in the price quoted by the pool.

Option Exercise: On exercise, a protocol fee of 3% of the option's exercise value is collected, before distributing the remaining exercise value to the option holder.

As per community vote, 80% of all protocol fees are automatically collected and converted to PREMIA, which is then automatically distributed to xPREMIA holders (xPREMIA holders are PREMIA stakers). The remaining 20% of protocol fees are distributed to the PREMIA treasury, to be used for the further growth and development of the Premia ecosystem."

Staking

• From their docs (12-2021):

"As per community vote, 80% of all protocol fees are automatically collected and converted to PREMIA, which is then automatically distributed to xPREMIA holders (xPREMIA holders are PREMIA stakers). The remaining 20% of protocol fees are distributed to the PREMIA treasury, to be used for the further growth and development of the Premia ecosystem."

Roadmap

• Can be found [Insert link here].

Team, Funding and Partners

Team

• Full team can be found here (5-11-2021).

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