Parameters

Initially, the protocol will manage the selection of strike prices and expirations - later versions of the protocol may include a provision and process for avid protocol users to govern strike price and expirations.

Expirations

Contrast currently intends to offers vaults that expire after:

• 24 hours

• 7 days

Underlying

Contrast currently intends to supports vaults for the following underlying products:

• ETH

• BTC

Contrast aims to expand offerings significantly shortly after release after initial data is gathered; forex, futures and altcoins are all areas of consideration.

Strikes

Contrast currently offers the following guidance on strike prices, but is subject to constant change during the ramp up to launch:

Underlying	Decode	Strike Price Listing Schedule
ETH EXP 24H	$ETH underlying, expiring twenty-four hours after vault launches	2 strikes at $25 strike increments above and below the at-the-money strike and one strike $50 below the highest and lowest $25 increment strike.
ETH EXP 7D	$ETH underlying, expiring seven days after vault launches	2 strikes at $50 strike increments above and below the at-the-money strike and one strike $100 below the highest and lowest $50 increment strike.
BTC EXP 24H	$BTC underlying, expiring twenty-four hours after vault launches	2 strikes at $250 strike increments above and below the at-the-money strike and one strike $500 below the highest and lowest $250 increment strike.
BTC EXP 7D	$BTC underlying, expiring seven days after vault launches	2 strikes at $500 strike increments above and below the at-the-money strike and one strike $1000 below the highest and lowest $500 increment strike.

Contrast will constantly monitor protocol usage as well as volatility of the underlying products to provide the best experience for users; the guidance serves as a reference, but realistically may be updated frequently. New strikes are added the moment a preceding one expires. The following flow describes describes the process for the addition of new strike(s):

• The spot price of a product will be rounded up or down, whichever is closer to convenient round numbers (in the case of ETH, it may trade spot at $1,495 but would be rounded up to $1,500 for initial strike selection)

• All strikes for a product type are added with reference to the at-the-money strike

Oracles

Chainlink oracles are utilized for determining payouts at expiry for all product offerings, unless specifically denoted otherwise; users may explore the Chainlink list here.