This is a guide on how to buy OPIUM token from Opium Finance project founded by Andrey Belyakov and team.
What is Opium Finance?
Opium finance or opium protocol is a general purpose derivatives protocol built on Ethereum. The protocol allows investors and traders to create new positions, settle existing positions, and trade them with other traders and investors.
Opium finance’s first financial product is an insurance product. This helps investors in the DeFi ecosystem hedge some of their risks. This is mostly protection against smart contract exploits, defaults, stablecoin insolvencies, and other risks inherent in the system.
Since the opium protocol is general purpose, the insurance product can be specified to contain custom logic. A good example of a general insurance use-case with Opium would be to protect against a USDT collapse if you are heavily exposed to Tether. Other protocols will have a harder time getting the data to settle this type of position.
To learn more, check out the opium protocol docs.
How to Buy Opium Token
If you want to buy the opium token, which is the native governance token of the opium finance protocol, follow these steps:
Step-1: Go to 1inch OPIUM/ETH pool. Note that 1inch pool currently has the highest liquidity, but that might change in the future. The good thing though is 1inch is also a liquidity aggregator, so it can route liquidity to get you the best execution for OPIUM.
Step-2: Connect your MetaMask or another Web3 wallet.
Step-3: Execute the trade. That’s it! You should have the OPIUM in your wallet after the transaction is confirmed.
If you are starting out with a non-ETH token, e.g. say YFI or LINK, then you don’t need to convert to ETH first. Instead, let 1inch figure out the route that gives the best price natively. Just change ETH to your token in the dropdown on 1inch.
If you don’t yet have any ETH or other ERC20 tokens, you can buy from Binance. Note that sometimes trading on Binance could be preferable over DeFi exchanges if the gas fees is very high and your trade size is not too large.
For the month of February 2021, there is a liquidity mining program for OPIUM along with 1inch. You will earn both OPIUM and 1inch tokens during this time. Check out this post from 1inch for more details.