Thetanuts Finance
Summary
Thetanuts Finance is a multi-chain decentralized structured products protocol launched in August 2021, offering automated options vaults (covered calls, cash-secured puts) to generate yield across more than ten blockchain networks. The protocol raised $35 million across two funding rounds but has experienced severe TVL and token price decline since its 2022 peak, carries notable investor-concentration risk due to its early backing from the now-collapsed Three Arrows Capital, and has been flagged by on-chain investigator ZachXBT. A January 2025 exploit targeted unreleased v4 test contracts; no user funds were lost according to the team, though the incident raised scrutiny.
Connected Entities
1 entities- + 2 more
Timeline(11 events)
2021-08-01
Thetanuts Finance launches its decentralized options vault protocol, initially offering covered call and cash-secured put Basic Vaults.
2021-12-14
X41 D-Sec GmbH publishes the first public smart contract security review of Thetanuts Finance option vault contracts, finding no critical flaws.
2022-03-01
Thetanuts Finance announces an $18 million seed round led by Three Arrows Capital, Deribit, QCP Capital, and Jump Crypto, with participation from Paradigm, Wintermute, Genesis Trading, and others.
2022-05-01
Protocol reaches peak TVL of approximately $50 million, coinciding with high crypto market volatility and elevated option premiums.
2022-06-27
Three Arrows Capital — Thetanuts Finance's lead seed investor — is ordered to liquidate by a BVI court following losses exceeding $4.2 billion. The impact on Thetanuts token or equity holdings held by 3AC is not publicly disclosed.
2023-04-24
Thetanuts Finance closes a $17 million follow-on funding round led by Polychain Capital, Hyperchain Capital, and Magnus Capital, bringing total disclosed fundraising to $35 million.
2023-09-29
3AC co-founder Su Zhu is arrested in Singapore and sentenced to four months in prison for failing to cooperate with the firm's liquidators.
2023-11-01
Consensys Diligence and Halborn complete additional smart contract audits of Thetanuts Finance v3 contracts.
2024-05-20
NUTS token reaches its all-time high price of approximately $0.0442 following its listing on Bybit.
2025-01-22
CertiKAlert identifies an exploit on a Thetanuts Finance contract. The team states the affected contract is an unreleased v4 test contract; no user funds are reportedly at risk. No public post-mortem with on-chain evidence is published.
2026-05-28
NUTS token trades at approximately $0.001227, representing a decline of roughly 97% from all-time high. Protocol TVL stands at approximately $639,000 across eleven chains.
Decision Log
- hash: F6xHDESM3xoWnYnzcFtaWj1E9A8nHhNrqpdiTpM4kR4v
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:16 AM
last updated: 5/29/2026, 2:28:24 AM
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