Dopex is a decentralized options protocol designed to strengthen liquidity, reduce downside for option writers, and increase upside for option buyers. It creates option pools for every option on Dopex, enabling participants to deposit base/quote into the corresponding pools. Users can earn passive income from writing options and also buy discounted options via liquidity pools, which may then be arbitraged for immediate profit. The protocol is run by users through a limited-supply governance token, DPX, which is also used to collect protocol and app-layer fees. Dopex includes a rebate mechanism that compensates option writers for losses tied to exercised options on each epoch. These rebates are issued as rDPX, described as a theoretically infinite supply token.

DPX serves as the limited supply governance token for the Dopex protocol, powering votes on protocol and app level proposals. Beyond standard governance, DPX accrues fees and revenue from pools, vaults, and wrappers built on top of the dopex protocol after each global epoch. DPX can also function as a voting proxy for community-submitted decisions. Following approaches used by projects like MakerDAO, Compound, and yearn.finance, Dopex uses DPX to vote on and approve proposals, keeping active governance in place so the protocol can evolve toward its goal of becoming the best source for liquid options. Early governance tasks include setting the IV multiplier for option pools, defining the strike range of option pools, and setting an IV cap for option pools.