> For the complete documentation index, see [llms.txt](https://catpull-1.gitbook.io/hegic/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://catpull-1.gitbook.io/hegic/introduction.md).

# Introduction

<figure><img src="/files/nT5wQOxiN0c7bhT2vQT1" alt=""><figcaption></figcaption></figure>

## What is Hegic?

**Hegic** is decentralized on-chain options trading protocol. It is based on a peer-to-pool AMM model, and in contrast to other options markets where a buyer and seller are involved in Hegic, the seller takes the position through a Stake\&Cover pool.

You can buy BTC or ETH call and put options, as well as multiple one-click strategies depending on market sentiment (bullish, bearish, low or high volatility) as an individual buyer. All options are settled in USDC.

**With Hegic you can trade 24/7 American, cash-settled, on-chain ETH and WBTC call/put options, and one-click multi-leg strategies, with no KYC or registration required for trading.**

Hegic options are **American options**, which means they can be exercised at any time before expiry of the option (with the exception of Inverse strategies).&#x20;

## What is the point of Hegic?

What is the point of options trading in general, and why would people trade options? Here are some of the reasons:&#x20;

* **HEDGING** Hedging with options allows traders to reduce risk
* **YIELD** Similar to yield farming, options can be used to earn yield or generate an income in any market condition
* **LEVERAGE** Options have similar market exposure to owning an asset, but require less money, allowing for more leverage and flexibility for your portfolio.
* **SPECULATION** You can speculate on the future price of an asset, whether it goes up, down, or trades within a range

## How do I participate in Hegic? <a href="#how-do-i-participate-in-olympus" id="how-do-i-participate-in-olympus"></a>

There are two main strategies for market participants: **buying** (option buyer) and **providing liquidity** (through Stake\&Cover pool). Buyers buy options for ETH and BTC, while liquidity providers are providing $Hegic in S\&C pool and are participating in the protocols PnL distribution. More details on both in their separate pages.

## Who created Hegic and who runs it? <a href="#who-created-olympus" id="who-created-olympus"></a>

Hegic is founded and run by solo anon dev [Molly Wintermute](https://twitter.com/0mllwntrmt3). Read about her account of how Hegic was conceived and early struggles [here](https://t.co/00C3M4JIFY).&#x20;