# History

Premia is a peer-to-peer options exchange and settlement engine built for the Ethereum Virtual Machine (EVM). The protocol is designed to provide a set of smart contracts that advance open finance by prioritizing security, self-custody, automatic execution without a trusted intermediary, and permissionless use of financial primitives.

There are currently three versions of the Premia protocol:

<mark style="color:blue;">**Premia v1:**</mark> Peer-to-peer order-book based options exchange

* Launched early 2021
* Deprecated late 2021

<mark style="color:blue;">**Premia v2:**</mark> AMM-based options exchange

* Launched late 2021

<mark style="color:blue;">**Premia v3:**</mark> Concentrated AMM-based options exchange w/ peer-to-peer order network

* Launched Q3 2023

The protocol has advanced in functionality and efficiency with each new iteration. Previous versions will remain accessible with 100% uptime (even post-deprecation) via the Ethereum blockchain (though some features might not be maintained, such as the volatility surface for each token).


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