Smilee aims to be the pioneer in creating Decentralized Volatility Products (DVPs). Smilee strategies have a convex payoff (the more the market moves, the more you earn) and natively embedded leverage. LP Token Holders can earn extra returns on their liquidity positions and mitigate their exposure to impermanent loss. Traders (Liquidity Takers) can earn an impermanent gain by creating leveraged short positions on LP Tokens.