3Jane on-chain vaults perform the following actions each cycle, in order:

  1. construct: set option parameters (always deep out-of-the-money, cash-settled) via strike selection module.

  2. collateralize: deposits collateralized in opyn.

  3. mint: option tokens (oTokens) minted against the collateral by opyn.

  4. auction: blind auction the option tokens off-chain to a network of institutional market makers for best pricing.

  5. swap: atomically swap option tokens to highest bidder for option premiums via swap module.

  6. drip: socialize the option premiums across vault depositors to make 3Jane receipts yield-bearing.

  7. roll: rolls the position over to the next option.

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