Flat Money V1 Review 2026: Everlasting Options Yield on Base

Flat Money V1 is a DeFi protocol that offers everlasting options on the Base network. Its homepage presents the product as a way to earn nonstop income by providing liquidity to these options, with returns drawn from funding payments and option premiums. It also says the covered call product powers leveraged options tokens sold through Toros.

Public listing data places the project in the partially algorithmic stablecoin category and describes a Flatcoin stablecoin backed by staked rETH. That description does not match the homepage, which does not mention a stablecoin, so readers should treat the stablecoin claim as unconfirmed until the project explains it.

The listing shows a token ticker of DHT and a listing date of April 2024. Total value locked was about $11 at the time of the data, which indicates very little capital in the protocol.

Flat Money V1 is built around everlasting options, which are options with no fixed expiry date. A standard option expires on a set day, so traders have to roll positions to keep exposure. An everlasting option stays open and uses periodic funding payments to keep its price close to the underlying asset.

Liquidity providers deposit funds into the pool that backs these positions. In return they receive a share of the funding payments and the premiums that traders pay for the options. The homepage says this is how the covered call product earns, and that the same liquidity backs leveraged long calls used in protected leveraged tokens on Toros.

For a newcomer, the key point is that the pool earns when traders pay for exposure, but it also takes the risk of the other side of those trades. Returns depend on market direction, volatility and how much activity the pool sees.

The project does not publish its fee schedule in the material reviewed. Any trading, funding or performance fees would be shown in the protocol documentation and the app itself, so users should check there before depositing. Public listing data does not state a fee either.

Because fees are unknown, the fees score is left blank rather than estimated.

The homepage says a Flat Money everlasting options audit was conducted through Sherlock and links to an audits page. Public listing data, however, records zero audits, so readers should open the audit report and confirm its scope and date before depositing.

DeFi protocols carry smart-contract risk, which means bugs or exploits can lead to loss even after an audit. Liquidity providers also carry counterparty and market risk because they take the opposite side of traders' options. The protocol does not publish custody details beyond the fact that users connect their own wallet.

Flat Money is not a gambling service. Derivatives can lose money quickly, so only use funds you can afford to lose and check that using DeFi products is legal where you live.

Flat Money V1 suits experienced DeFi users who already understand options and liquidity pools and are comfortable with the risk of taking the other side of trades. It is less suitable for readers looking for a simple savings product or a stablecoin, because the project's own materials focus on options.