Panoptic (PANOP)

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Overview

Panoptic is a decentralized options protocol built on Ethereum that turns Uniswap v3 and v4 liquidity into perpetual, oracle‑free options you can mint, trade, and market‑make around the clock. In simple terms, the Panoptic blockchain architecture is a set of smart contracts that sit on top of Uniswap pools so traders can create put and call strategies on “any token, any strike, any size.” The design aims to deliver instant settlement, no order books, and pricing that comes from on‑chain activity instead of external price oracles. Panoptic is currently live across multiple EVM networks and continues to expand. (panoptic.xyz)

The project often attracts interest from users searching for “PANOP token,” “PANOP price,” and “where to buy PANOP.” As of today, Panoptic has not launched a token; therefore, there is no official PANOP token or PANOP price. Platform rewards currently use a points system called Pips, not a tradable token. If a token ever launches, Panoptic will announce it through official channels. (panoptic.xyz)

Panoptic sits at the intersection of Panoptic DeFi, NFTs, gaming, and broader on‑chain markets. Because it lists options markets permissionlessly for any ERC‑20 on Uniswap, communities around DeFi protocols, NFT‑linked tokens, and gaming ecosystems can access hedging and yield tools that used to be reserved for pro traders. (panoptic.xyz)

History & Team

Panoptic was founded in 2022 with a clear vision: bring perpetual options to DeFi without relying on oracles or centralized market makers. The protocol is led by co‑founder and CEO Guillaume Lambert, a physicist and former Cornell professor who co‑authored the Panoptic research on oracle‑free options. Early whitepapers laid the groundwork for modeling Uniswap liquidity as option‑like payoffs. Co‑founder Jesper Kristensen helped build the V1 codebase and led early operations. (arxiv.org)

Backers include many well‑known crypto investors. Panoptic raised $4.5 million in December 2022 in a round led by gumi Cryptos Capital, with participation from Uniswap Labs Ventures, Coinbase Ventures, Jane Street, and Avalanche Foundation’s Blizzard Fund, among others. In November 2023 the team raised an additional $7 million led by Greenfield Capital, bringing total funding to about $11.5 million and extending the investor roster to funds such as Heartcore, HashKey, Zee Prime, Comma3, and others. (theblock.co)

In 2025, Panoptic disclosed and addressed a smart‑contract vulnerability (“position spoofing”). According to the team’s post‑mortem, user funds were rescued and are being redistributed via a Merkle claim system, with trading and transfers paused during remediation. The protocol simultaneously expanded audits and security processes ahead of its next major release. (panoptic.xyz)

Technology & How It Works

Perpetual, oracle‑free options from Uniswap liquidity

Panoptic’s core idea is that a concentrated‑liquidity position in Uniswap v3 behaves like a short option. By composing and rebalancing these positions algorithmically, the protocol can synthesize puts and calls that never expire. Because pricing comes from the underlying AMM flows, Panoptic avoids external price feeds and traditional option market makers. This is what the team calls “put‑call‑LP parity.” (panoptic.xyz)

Streamia: pay‑as‑you‑go premia

Instead of paying a one‑time premium, buyers stream premia over time (“streamia”). The stream is path‑dependent and tied to Uniswap fee flows, converging toward familiar options pricing while staying fully on‑chain. This structure supports rolling positions, layered strategies, and instant settlement without expiring contracts. (panoptic.xyz)

Smart‑contract modules

• SemiFungiblePositionManager (SFPM): Encodes complex multi‑leg positions as ERC‑1155 tokens and can mint both typical LP positions and long options (which burn liquidity). This is the “engine” that constructs strategy legs efficiently.
• CollateralTracker: An ERC‑4626 vault that tracks deposits, shares, and cross‑collateralization for traders and Panoptic Liquidity Providers (PLPs).
• PanopticPool: Orchestrates position mints, settles streamia, and manages accounting across a given Uniswap pool. (panoptic.xyz)

These contracts make the “Panoptic blockchain” design composable. Positions are tokenized (ERC‑1155), collateral is standardized (ERC‑4626), and the whole system remains permissionless so anyone can spin up markets on Uniswap pairs. (panoptic.xyz)

Networks and Uniswap v4 hooks

Panoptic has operated on Ethereum mainnet and expanded to additional EVM networks. The front end highlights support for Ethereum, Base, and Unichain, with a roadmap to more networks. For Uniswap v4, Panoptic supports specific hook permissions and publishes criteria for which pools appear in the interface. (panoptic.xyz)

Security and audits

The team emphasizes “360°” security across smart contracts, full‑stack, and economic modeling. Public audit work includes ABDK, Code4rena, Trail of Bits, OpenZeppelin, Cantina, and Three Sigma economic analysis, with reports added over multiple protocol iterations. (panoptic.xyz)

Tokenomics & Utility

No PANOP token today

Despite frequent searches for “PANOP token,” “PANOP price,” and “where to buy PANOP,” Panoptic states there is no token at this time. There is no official ticker, listing, or live tokenomics for a PANOP asset. The protocol’s economics today focus on fees, collateral flows, and points—not a tradable token. (panoptic.xyz)

Protocol‑level economics (“Panoptic tokenomics” today)

• Streamia: Option buyers stream premia to sellers over time, based on on‑chain activity.
• PLP yield: Passive LPs deposit into CollateralTracker vaults and earn a share of premia and fees when positions are minted against their liquidity.
• Capital efficiency: Under‑collateralized positions are allowed inside Panoptic, but funds never leave the Panoptic–Uniswap system; collateral rules aim to keep pools solvent while enabling leverage within the protocol. (panoptic.xyz)

Points, not tokens

Panoptic runs a points program called Pips that rewards activity (for example, trading and providing liquidity). Points are visible through official rewards pages and community campaigns; they are not the same as a live token. (rewards.panoptic.xyz)

If Panoptic ever launches a PANOP token, official documentation will outline the Panoptic tokenomics, distribution, and any governance or utility features at that time. Until then, there is no PANOP price to cite, and “where to buy PANOP” does not apply. (panoptic.xyz)

Ecosystem & Use Cases

Who uses Panoptic?

• Options traders create or combine perpetual puts and calls on any ERC‑20 with a Uniswap market, from majors like ETH/USDC to long‑tail pairs.
• Perps traders synthesize directional exposure (long/short) with capped downside by combining option legs into “synthetic perps.”
• Liquidity providers lend collateral, earn fees, and build delta‑targeted LP strategies—without constantly managing ranges. (panoptic.xyz)

What can you do with it?

Common DeFi use cases include hedging a token treasury, selling volatility for income, creating structured payoffs, or building basis trades around AMM pricing. Because markets are permissionless, communities around DeFi protocols, NFT‑linked tokens, or gaming projects can set up Panoptic markets to manage risk and capture yield on their ERC‑20 tokens—supporting the broader Panoptic DeFi, NFTs, gaming narrative on‑chain. (panoptic.xyz)

Open design for builders

The codebase includes a public V1 core and detailed docs. Licensing follows a Business Source License (BUSL 1.1) that converts to GPL after a fixed period, while some components are already GPL. This approach lets builders integrate Panoptic’s ERC‑1155 positions, connect analytics, or compose new vaults and strategies. (github.com)

Advantages & Challenges

Advantages

• Oracle‑free, perpetual options that work on any Uniswap pool; no expiries and instant, on‑chain settlement.
• Permissionless markets and composable positions (ERC‑1155 and ERC‑4626), enabling advanced multi‑leg strategies.
• Robust audit history across multiple independent firms and iterations of the codebase.
• Backed by well‑known investors and integrated with large AMM liquidity, giving Panoptic broad reach in the EVM ecosystem. (panoptic.xyz)

Challenges

• Options are complex. While Panoptic simplifies UX, multi‑leg strategies and streamia pricing require learning.
• Dependence on Uniswap mechanics. Liquidity, fee tiers, and hooks influence which pools are surfaced and how positions behave.
• Ongoing hardening. After the 2025 incident, the team paused trading, rescued funds, and is iterating with more audits and vault reviews before the next release.
• Geographic access. Product availability differs by region (see Regulatory & Compliance). (panoptic.xyz)

Where to Buy & Wallets

Where to buy PANOP

There is no PANOP token available for purchase. Searches for “where to buy PANOP” or “PANOP price” reflect interest, but Panoptic confirms it has no token at this time. Any future token plans would be announced by the team. (panoptic.xyz)

Wallets and getting started

To use the app, connect a Web3 wallet such as MetaMask or another WalletConnect‑compatible wallet, select a market (for example, ETH/USDC), and deposit collateral to open positions. Panoptic’s docs offer step‑by‑step onboarding for opening and managing strategies. Note that app availability varies by region. (panoptic.xyz)

Regulatory & Compliance

Panoptic is a non‑custodial protocol made of smart contracts that anyone can deploy and interact with on supported networks. The official site notes the app has been offered to non‑US users, with a separate demo/paper‑trading environment available more broadly. This reflects the project’s approach to differing rules for crypto derivatives across jurisdictions. Local laws govern access and distribution in each region. (panoptic.xyz)

On security and operational resilience, the team publishes audits (ABDK, Code4rena, Trail of Bits, OpenZeppelin, Cantina) and incident reports, and it has paused trading in the past to protect users while executing a rescue and redistribution plan. These steps indicate a compliance‑minded posture for a decentralized protocol, alongside continuous hardening of contracts and vault infrastructure. (panoptic.xyz)

Panoptic halal and PANOP shariah compliant: there is no public statement or certification from the project that Panoptic or a PANOP token is shariah compliant. As of now, Panoptic does not list halal or shariah credentials on its official site. Users who follow Islamic finance principles should consult qualified advisors and check for any future updates directly from Panoptic. (panoptic.xyz)

Future Outlook

Looking ahead, several themes stand out. First, Panoptic continues to deepen its integration with Uniswap (including v4 hooks), broaden network coverage, and refine listing criteria so more token pairs can host deep, stable options markets. Second, audits and competitions with leading firms suggest more rigorous testing of the codebase and vaults before broader reopenings and V2‑style upgrades. Third, the growth of Base, Unichain, and other L2s gives Panoptic room to scale cheaper options markets where streamia economics are more efficient. (panoptic.xyz)

On the economic side, “Panoptic tokenomics” today remain centered on on‑chain premia flows and PLP yield rather than a governance token. If a PANOP token is ever introduced, expect an official roadmap that explains utility, distribution, and governance design—and only then would a live PANOP price become relevant. Until such an announcement, the protocol’s incentive surface is points‑based (Pips) and strategy‑driven. (panoptic.xyz)

Summary

Panoptic brings a new class of options to Ethereum: perpetual, oracle‑free, and built directly on Uniswap liquidity. The protocol abstracts complex math into simple tools for traders and LPs, turning ERC‑20 markets into flexible hedging and yield engines across Panoptic DeFi, NFTs, and gaming communities. Backed by top investors and audited by multiple firms, Panoptic has moved quickly from research to production, pausing when needed to improve security and then expanding to more networks. There is no PANOP token or PANOP price today; instead, Panoptic’s current economics revolve around streamia premia and PLP yield, with points (Pips) reflecting user activity. For users exploring how to trade options on‑chain—and for builders composing new strategies on top of Uniswap’s liquidity—Panoptic offers a clear, modular, and ambitious path forward in decentralized derivatives. (theblock.co)