From theblock by Daniel Kuhn

OpenDelta has launched its first product on the Solana blockchain, a token known as the OpenDelta Perpetual Bond. The token taps Solana's new interest-bearing token extension to unlock new ways of generating yield.

The Solana Program Library (SPL) is a set of pre-coded programs that can be used to issue tokens and build dapps on the Solana network. In particular, it uses an SPL extension that enables an interest-bearing mechanism directly within the token.

OpenDelta's token centers around the basis trade, a strategy common in commodities markets that takes positions on the price differentials between spot and futures markets. In this case, the trade exploits bitcoin futures prices, which often run higher than those in the spot markets.

Unlike other DeFi projects aiming for widespread retail adoption, OpenDelta's founders target institutional investors who might otherwise be wary of crypto-native yield-generating strategies like locking up funds in staking protocols.  

"Our product is designed for those who understand and can manage the risks associated with such investments," OpenDelta co-founder Myles Snider said in an interview. 

The product is also differentiated from others based around the basis trade, like BlackRock’s BUIDL token, which functions essentially like a stablecoin. 

"The market is saturated with stablecoins," CEO Konstantin Wünscher said. "We wanted to offer something different, focusing on real yield from market activities rather than token incentives or staking rewards."

OpenDelta was born from an aborted project built on Bitcoin’s Lightning Network, which offered limited capacity to launch a synthetic dollar. 

The pre-seed company—backed by Six Man Ventures and luminaries including Anatoly Yakovenko—plans to expand its offerings beyond the basis trade. "We're looking at a suite of structured products that can bring real-world yield opportunities to investors," Wünscher said, hinting at real-world asset tokenization.