Unlike Merge, Ethereum’s Shanghai Upgrade Could Bring Ether Price Volatility

The volatility strike, in this case, is 70%. Whether the swap turns in profit or loss depends on the degree of realized volatility in March, which will be known at the end of the said month. OrBit’s volatility swap is denominated in Circle’s dollar-pegged stablecoin, USDC. In other words, profit, loss and collateral are all denominated in USDC.