ETH Put Options

What is a Hegic ETH Put Option?
Hegic ETH put option is an on-chain contract that gives a holder (buyer) a right 
to swap their ETH for DAI stablecoins at a fixed price during a certain period. 
How ETH Put Options Work?
ETH put option holder chooses the size, period and strike price for an option contract. A size of an ETH put option is the amount of ETH that the holder will be able to swap for a fixed amount of DAI when exercising the contract. A period  is the number of days or weeks that the ETH option contract will be active for. A strike price is the set price at which ETH can be swapped for DAI when it is exercised.
Premium and settlement fee will be calculated for the chosen size, period and strike price for an ETH put option contract. After that the holder will be asked to pay this amount in ETH (premium plus settlement fee) using their wallet.

After miners confirm the transaction, a holder will be able to exercise the ETH put option contract during the certain period using the Ethereum address that was used to conduct the payment.
How to Exercise a Put Option?
For exercising an ETH put option contract, a holder sends ETH to the contract and automatically receives DAI that was locked for them on the contract. 
An ETH put option contract holder (buyer) holder is only able to exercise the contract before the expiration time that the contract has been activated for.
Is the Exercising Guaranteed?
100% of an ETH put option contract size in DAI will be locked on a contract for a period of holding that a holder has paid for. 
Example: a holder pays 0.05 ETH for a 1 ETH put option contracts with a strike price $200. Amount of DAI stablecoins that is equal to the strike price of a contract will be locked for this particular holder. They will be able to exercise this contract before the expiration time and swap their 1 ETH for 200 DAI. These 200 DAI will be locked on the contract.
Holders always need to exercise the ETH put options contracts by themselves. There is no auto-settlement at expiration on Hegic.
Can an Option Be Exercised Early?
Yes, an ETH put option contract can be exercised at any given moment during the period that a holder has paid for.
What Periods Are Available?
ETH put options contract contracts can be activated for:
1 Day (24 Hours)
1 Week (7 Days / 168 Hours)
2 Weeks (14 Days / 336 Hours) 
3 Weeks (21 Days / 504 Hours)
4 Weeks (28 Days / 672 Hours)
The contract period starts at the moment of actviating an ETH put option contract and will expire in 1 day / 1 week / 2 weeks / 3 weeks / 4 weeks respectively.
What Strike Prices Are Available?
A strike price is the set price at which ETH can be swapped for DAI when an ETH put option contract is exercised. Holders can choose any strike price for their ETH put options contracts on Hegic. 
Example: the current price of ETH is $200. A holder can pay for a right to sell ETH at a fixed price of $150 (out-of-the-money ETH put option) if they want to pay less or they can pay for a right to sell ETH at a fixed price of $250 (in-the-money ETH put option) if they can pay more and have a closer break-even of their contract.
What are the Put Options Prices?
To buy an ETH put option contract a holder pays a premium plus settlement fee.

Current total prices of the ETH put options contracts are:

1 Day: 1.9%  |  7 Days: 4.9%  |  14 Days: 6.9%  |  21 Days: 8.5%  |  28 Days: 9.8%
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