Options · Review
Auctus Review 2026: Collateralized Options on Ethereum
Auctus is an Ethereum options protocol with fully collateralized, ERC-20 option tokens. Its TVL is tiny at about $14.6K and the site looks dated, so treat it as a legacy or low-activity project.
By the DappsAtlas editorial team · Updated
DappsAtlas score
4.5/10
Weak
Our verdict on Auctus
4.5/10Auctus suits experienced DeFi users who want to understand a simple, fully collateralized options design on Ethereum. Its strengths are non-custodial control, ERC-20 option tokens and an OpenZeppelin audit. The main caveat is activity: TVL is about $14.6K and the site appears not to have been updated since 2021, so liquidity and maintenance are real concerns. Verify current status before using it.
Score breakdown
How Auctus scores
- Security
- 5.5/10
- Ease of use
- n/a
- Fees
- n/a
- Features
- 5.5/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Auctus?
Auctus is a DeFi protocol that offers on-chain options on Ethereum. DefiLlama lists it in the Options category, with the AUC token and two audits.
The homepage stresses flash exercise, ERC-20 option tokens, non-custodial control and fully collateralized positions. It names a small team, including a head of strategy and two engineers.
Activity looks minimal. DefiLlama shows TVL of about $14.6K, and the homepage carries a 2021 copyright and refers to governance as coming in 2021. The project does not say the project has shut down, but readers should check whether it is still maintained.
How Auctus works
Auctus issues options as ERC-20 tokens on Ethereum. An option gives its holder the right, but not the obligation, to buy or sell an asset at a set price before expiry. A writer locks collateral to create the option.
Because all positions are fully collateralized, the collateral backing each option sits in smart contracts. The homepage says this removes counterparty risk. Holders can exercise at any time before expiration, and since the tokens are ERC-20 they can be transferred or used in other DeFi apps.
Protocol fees feed the AUC token. The homepage says half is used to buy AUC and half supports AUC liquidity on DEXs.
6 features
Key features
01
Flash Exercise
Option holders can exercise at any time before expiration, not only at expiry.
02
ERC-20 option tokens
Options are issued as ERC-20 tokens, which makes them transferable and fungible and easier to integrate with other DeFi apps.
03
Non-custodial design
Users keep control of their funds rather than handing them to a custodian.
04
Full collateralization
All positions are fully collateralized, which the project says removes counterparty risk.
05
AUC fee mechanism
The homepage says 50% of fees buy AUC and 50% supports AUC liquidity on DEXs.
06
Bug bounty program
A $15,000 bug bounty is advertised for community-reported vulnerabilities.
Pros and cons
What we like
- Fully collateralized positions mean no seller default risk
- Non-custodial, so users keep control of their funds
- ERC-20 options can be transferred and used in other DeFi apps
- Contracts audited by OpenZeppelin, per the homepage
- Flash exercise allows exercise at any time before expiry
- Public team members are named on the homepage
Watch out for
- TVL is only about $14.6K per DefiLlama, which points to very little liquidity and activity
- Homepage copyright is 2021 and governance is described as 'coming 2021', so the site looks stale
- Fully collateralized options tie up capital, which limits leverage and capital efficiency
- The bug bounty shown is $15,000, which is modest relative to the risk of a smart-contract protocol
- Only two audits are listed, and the homepage names just one auditor, OpenZeppelin
- The project's legal entity states it is not licensed in any jurisdiction
Auctus fees
Specific trading, minting or exercise fees are not published publicly available. Users would need to check the app and the docs to see them.
The homepage does say that protocol fees are split 50% to buying AUC and 50% to supporting AUC liquidity on DEXs. This describes where fees go, not how much users pay.
Is Auctus safe?
The homepage says the smart contracts were audited by OpenZeppelin and tested internally, and it advertises a $15,000 bug bounty. DefiLlama lists two audits. Audit details and dates are not public.
The design is non-custodial and fully collateralized, so the main risks are smart-contract bugs, thin liquidity and a protocol that may no longer be actively developed. The legal notice says AUCTUS PROJECT INC is not licensed in any jurisdiction, and that the token sale is treated as the sale of a software product under British Virgin Islands law. Holders get no investor protections.
6 steps
How to get started with Auctus
- 1
Read the docs on the Auctus site to understand how its options and collateral work.
- 2
Check recent protocol activity, since DefiLlama shows TVL of only about $14.6K.
- 3
Set up an Ethereum wallet and keep ETH for gas.
- 4
Launch the app from the homepage and confirm you are on the correct site.
- 5
Review the option's strike, expiry and collateral before minting or buying.
- 6
Start with a small amount, because liquidity may be thin.
Who Auctus is for
Auctus is for experienced DeFi users and researchers interested in options mechanics on Ethereum who are comfortable with smart-contract risk and low liquidity. It is not a fit for anyone who needs deep markets or an actively developed product.
Auctus FAQs
What is Auctus?
Auctus is a decentralized protocol that brings on-chain options to DeFi on Ethereum. Options are issued as ERC-20 tokens and every position is fully collateralized.
Is Auctus safe?
The homepage says Auctus smart contracts were audited by OpenZeppelin and have had internal testing, and DefiLlama lists two audits. A bug bounty is also advertised at $15,000. Audits reduce risk but do not remove it.
What is the AUC token?
AUC is the protocol's token. The homepage says 50% of fees are used to buy AUC and 50% to support AUC liquidity on DEXs. It also says governance rights were coming in 2021, and the project does not confirm whether that happened.
Does Auctus have counterparty risk?
The homepage says positions are fully collateralized, so there is no counterparty risk in the sense of a seller defaulting. You still carry smart-contract risk and the risk of low liquidity.
Is Auctus still active?
The project does not say it has shut down, but the homepage carries a 2021 copyright and TVL is about $14.6K. Check the app and the docs for current activity before depositing anything.
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How we checked
Sources
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