Options Vault · Review
ActiveRysk V12 Review 2026: Upfront Covered-Call Yield on ETH, BTC, HYPE
Rysk V12 is an options vault product that pays covered-call yield upfront on assets like ETH, BTC and HYPE. It offers large headline APRs, but public sources show no listed audits and the strategy caps upside.
By the DappsAtlas editorial team · Updated
DappsAtlas score
6.5/10
Good
Our verdict on Rysk V12
6.5/10Rysk V12 suits experienced DeFi users who already hold ETH, BTC or HYPE-based assets and accept capped upside in exchange for premium income. Its main strength is a focused covered-call design with a wide asset list and meaningful TVL. The main caveat is that DefiLlama lists no audits and the project does not explain fees or strike selection, so users should read the documentation and size positions carefully.
Score breakdown
How Rysk V12 scores
- Security
- 5.5/10
- Ease of use
- 7.0/10
- Fees
- n/a
- Features
- n/a
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 Rysk V12?
Rysk V12 is a DeFi options vault product listed on DefiLlama since July 2025. It applies covered calls, a long-established strategy from traditional finance, to crypto assets so holders can earn yield on ETH, BTC and other volatile tokens.
The app lists many assets, including HYPE-based tokens, ETH and liquid staking tokens, BTC wrappers, SOL, gold token XAUT and PURR. Each shows a Max and Min APR, with figures ranging from about 2.5% to over 90% across the list.
DefiLlama reports roughly $51.6 million in TVL, up 2.9% over seven days, across Hyperliquid and Ethereum. It lists no token and no audits.
How Rysk V12 works
A covered call is an options strategy where you hold an asset and sell someone the right to buy it at a set strike price by a set date. The buyer pays a premium for that right. If the price stays below the strike, you keep the asset and the premium. If it rises above, the asset is sold at the strike and you miss the extra gain.
Rysk packages this for DeFi holders. The homepage describes earning yield upfront, meaning the premium is received at the start rather than accruing over time. The page also shows a cash secured puts option, where users commit stablecoins to buy an asset at a set price in return for a premium.
The project does not detail how strikes, expiries or counterparties are chosen. The Max and Min APR shown for each asset likely reflect different strike or term choices, but this is not confirmed, so check the app before depositing.
6 features
Key features
01
Upfront covered-call yield
Users sell call options against assets they hold and receive the yield at the start rather than waiting for it to accrue.
02
Covered calls and puts
The homepage shows a covered call and a cash secured puts tab, suggesting both strategies are offered.
03
Broad asset list
Supported assets include ETH, BTC, HYPE and SOL variants, liquid staking tokens, XAUT and PURR.
04
APR range display
Each asset shows a maximum and minimum APR, so users can see the range before choosing.
05
Two-chain support
Assets are offered on both HyperEVM and Ethereum mainnet.
06
Dashboard and points
The interface includes Earn, Dashboard, Points and Leaderboard sections.
Pros and cons
What we like
- Clear focus on one strategy, covered calls, applied to major assets.
- Wide asset list including ETH, BTC, HYPE and liquid staking tokens.
- Yield is paid upfront rather than accruing over time.
- Sizeable TVL of about $51.6 million per DefiLlama suggests real usage.
- Max and Min APR are shown per asset before a user commits.
Watch out for
- No audits are listed on DefiLlama for this product, so smart-contract risk is hard to gauge from public sources.
- Covered calls cap upside: if the asset price rises sharply, depositors give up gains above the strike price.
- Headline APRs are shown as a range (for example 4.53% to 79.45% on HYPE assets), so the realised yield is uncertain.
- Holders of volatile assets still carry full downside price risk; upfront yield only partly offsets a falling market.
- Fee structure is not published publicly reviewed, so the true cost of using the product is unclear.
- Many supported assets sit on HyperEVM, which adds chain and bridging risk on top of protocol risk.
Rysk V12 fees
Fees are not published publicly reviewed. The homepage shows only Max APR and Min APR per asset, with no breakdown of protocol or performance fees.
Users should check the Earn page and the protocol's documentation before depositing to see how the quoted APR is calculated, and pay attention to network gas costs on Ethereum mainnet and HyperEVM.
Is Rysk V12 safe?
DefiLlama lists no audits for Rysk V12. That does not prove the code is unsafe, but readers should look for audit reports in the project's own documentation before depositing. Public sources say nothing about custody design, admin keys or past incidents.
Options vaults carry smart-contract risk and market risk. Selling covered calls means giving up upside above the strike while keeping downside exposure. Assets on HyperEVM add chain-specific risk. Only deposit what you can afford to lose.
6 steps
How to get started with Rysk V12
- 1
Read the protocol documentation and confirm you understand how covered calls cap upside.
- 2
Check that the product is available in your jurisdiction.
- 3
Open the Rysk app and connect a compatible wallet using the Connect button.
- 4
Make sure your wallet holds a supported asset on the right chain, either HyperEVM or Ethereum mainnet.
- 5
Pick an asset on the Earn page and review its Max and Min APR.
- 6
Start with a small amount, then follow your position on the Dashboard.
Who Rysk V12 is for
Rysk V12 is for DeFi holders who understand options basics and want income on assets they plan to keep. It is less suited to beginners or to anyone who expects large price gains, since covered calls limit upside.
Rysk V12 FAQs
What is Rysk V12?
Rysk V12 is a DeFi options product that lets holders of crypto assets earn yield by selling covered calls. The homepage describes it as a way to earn yield upfront on crypto assets.
What yields does Rysk V12 show?
The homepage lists a Max APR and Min APR per asset. Examples include 4.53% to 79.45% for HYPE-related assets, 3.04% to 87.44% for ETH-related assets and 2.49% to 62.63% for BTC assets. These are displayed figures, not guarantees.
Which assets can I use?
The homepage lists assets such as LHYPE, WHYPE, wstHYPE, kHYPE, WBTC, UBTC, WETH, weETH, wstETH, rETH, UETH, USOL, XAUT, PURR and UPUMP. They are spread across HyperEVM and Ethereum mainnet.
Which blockchains does Rysk V12 run on?
DefiLlama lists Hyperliquid and Ethereum. The homepage labels assets as HyperEVM or ETH Mainnet.
Is Rysk V12 safe?
Public sources list no audits on DefiLlama, and no incident history is given. Like any DeFi protocol it carries smart-contract risk, and covered calls carry market risk. Read the protocol's own documentation before depositing.
Does Rysk V12 have a token?
DefiLlama shows no token for Rysk V12. The site does have a Points page and a Leaderboard, but the project does not explain what the points are for.
Compare
Rysk V12 alternatives
Ribbon is a structured products protocol that runs options vaults to generate yield on assets like BTC and ETH.
Hypersurface is a DeFi structured products platform offering covered-call and cash-secured-put yield on HyperEVM and Base for options-curious holders.
Ribbon Earn is the options-vault yield product of Ribbon Finance on Ethereum, built for DeFi users who want automated structured-product strategies.
Rysk Premium offers upfront options yield through covered calls and cash-secured puts on HyperEVM and Ethereum, aimed at allocators and holders.
Cega V1 is an options vault protocol on Solana, Ethereum and Arbitrum that combined exotic options with bond elements to target yield.
Typus DOV is the options-vault product of Typus Finance on Sui, offering automated option strategies and short-dated options, now alongside perps.
Same category
More Options Vaults
Typus Safu is a closed Sui yield vault combining lending yield with options upside; existing positions can still be redeemed with no exit fee.
Katana was a Solana options vault protocol that sold covered calls and puts weekly; its app has been offline since about 2023.
Ribbon Lend is associated with Ribbon Finance, but its specific lending product and current operating details are unclear.
Olive is listed as a multi-chain structured-products protocol, but its associated website describes bank payment software and does not confirm a connection.
Chest Finance is a Solana options vault that stakes collateral and runs weekly covered-call and covered-put strategies.
Polynomial Earn was an Optimism-based options-vault product for automated derivative strategies; it announced it would cease operations in February 2026.
Same chain
More on Hyperliquid L1
Uniswap V4 is the latest Uniswap DEX version with hooks and concentrated liquidity, running on 22 chains for self-custody token swaps and liquidity provision.
LayerZero V2 is a cross-chain messaging protocol and bridge infrastructure for developers and asset issuers, connecting dozens of blockchains.
Morpho Blue is a permissionless lending primitive with about $11.4 billion in TVL on DefiLlama, accessed mainly through curated vaults.
Euler V2 is a modular DeFi lending protocol for lenders, borrowers and market curators, with about $268M TVL across 16 chains.
Across is an intent-based cross-chain bridge and swap protocol for moving tokens between Ethereum, rollups and other chains, with an API for apps.
Sablier Lockup is an audited onchain protocol for token vesting, payroll, grants and airdrops, aimed at DAOs and businesses across many chains.
How we checked
Sources
Last updated . Spotted an error? Tell us and we will correct it.