The token uses yield from its underlying collateral to fund downside protection on S&P 500 exposure without capping potential gains. 

JUSD Finance has rebranded as Drakewell and launched SPYdw , an onchain structured product designed to provide exposure to gains in the S&P 500 while hedging against market declines.   The company, backed by JPEG Trading, has introduced SPYdw as a single, fungible token that uses yield generated from its underlying collateral to fund options-based exposure to the S&P 500.   Under the structure, yield from the collateral is used to purchase one-year call options on the SPDR S&