$Siren is the core token of a decentralized options protocol, focusing on innovative on-chain derivative trading. The project allows users to create and trade various asset options contracts without permission, covering underlying assets such as cryptocurrencies, stocks, and even NFTs. Its core mechanism achieves liquidity provision through automated market makers (AMM), allowing users to act as option buyers to hedge risks, as well as sellers to earn premium income. The token primarily empowers governance voting, fee discounts, and liquidity incentives, enabling holders to participate in protocol parameter adjustment decisions. The current V2 version introduces a "partial collateral" model, significantly lowering the capital threshold for option sellers. The highlight is the combination of traditional financial derivatives with DeFi, providing the market with non-custodial hedging tools, but it should be noted that competition in the derivatives space is fierce, and liquidity and risk control of the protocol remain key challenges.