Opyn Squeeth (oSQTH) is a pioneering DeFi instrument offering perpetual, leveraged exposure to ETH² via a novel “power perpetual” mechanism. Unlike traditional options or futures, Squeeth enabled unlimited upside without liquidation risk for long positions. Users could mint, trade, or hedge with oSQTH using ETH collateral. Despite its innovation, the protocol was shut down on November 4, 2024, with redemption available through Opyn. It laid the groundwork for Opyn’s transition to broader derivatives infrastructure via Opyn Markets.