Panoptic vs Trail of Bits

Panoptic

Panoptic is a groundbreaking perpetual options protocol built on Uniswap v3-style liquidity positions, enabling the permissionless creation and trading of any-strike, any-expiry options on any EVM token pair without the need for a traditional order book, options clearing house, or centralized counterparty. It represents one of the most technically sophisticated options primitives in DeFi, redefining how on-chain options are structured and priced. The protocol core insight is that Uniswap v3 concentrated liquidity positions are structurally equivalent to short-options payoff profiles. By reinterpreting and tokenizing these LP positions as options contracts, Panoptic enables traders to buy and sell calls and puts permissionlessly on any Uniswap v3 pool. Options sellers provide liquidity and collect streaming fees continuously, while options buyers pay a streaming premium instead of an upfront cost, eliminating the need for expiry dates and simplifying options mechanics for DeFi users. Panoptic supports multi-leg options strategies including spreads, straddles, strangles, and condors, all composable and expressible within a single transaction. This brings institutional-grade options strategy construction to DeFi for the first time in a fully on-chain, non-custodial format. On HyperEVM, where Uniswap v3-compatible concentrated liquidity DEXes are deploying, Panoptic enables sophisticated options trading on Hyperliquid spot assets. Options traders can express views on BTC, ETH, HYPE, and other assets with defined risk profiles, hedging perpetual positions or speculating on volatility surfaces. This complementary options layer adds significant depth to Hyperliquid existing perpetuals infrastructure. The protocol fee structure is directly linked to Uniswap v3 pool fee tiers of 0.05%, 0.30%, and 1.00%, and all pricing is derived from on-chain LP data, making Panoptic fully oracle-free and resistant to price manipulation. Liquidations are handled through a force-exercise mechanism that incentivizes third parties to close at-risk positions without centralized liquidators. Panoptic is targeted at experienced DeFi traders, options market makers, and quant funds seeking to build options books on-chain. Its gas-efficient design, deep Uniswap v3 integration, and novel streaming premium model make it one of the most technically innovative derivatives protocols in the Hyperliquid ecosystem.

Trail of Bits

Trail of Bits is one of the most respected cybersecurity research and consulting firms in the blockchain space, providing world-class smart contract audits and security research for protocols building on HyperEVM and other EVM chains. With an interdisciplinary team including cryptographers and EVM experts, Trail of Bits applies rigorous static analysis, fuzzing with Echidna, formal verification with Manticore, and manual code review to identify vulnerabilities that automated tools miss. Trail of Bits has audited some of the most complex protocols in DeFi, including cryptographic libraries, cross-chain bridges, and lending protocols—all relevant to the infrastructure being built on Hyperliquid. Their public security research and open-source tooling (Slither, Echidna, Medusa) benefit the entire HyperEVM developer community beyond their paid audit clients, raising the security baseline of the entire ecosystem through freely available tools and research.

Choose Panoptic if you...

• ✓Want a decentralized exchanges solution on Multi-Layer
• ✓Need: Perpetual options protocol built on concentrated liquidity AMMs

Choose Trail of Bits if you...

• ✓Want a security & audits solution on Multi-Layer
• ✓Need: Elite security research and auditing firm with deep EVM smart contract expertise