> For the complete documentation index, see [llms.txt](https://smilee-finance.gitbook.io/arbitrum-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://smilee-finance.gitbook.io/arbitrum-docs/past-and-present/smilee-v1.69-current.md).

# Smilee v1.69 (current)

* Buy & sell IG options when you want
* Get \~2x existing leverage with directional Impermanent Gain thanks to Concentrated Liquidity
* Brand new UI/UX
* \~10x more yield, way more size thanks to Concentrated Liquidity

The flexibility & efficiency of the synthetic engine makes it possible to deliver a trading experience akin to a centralized exchange.

### **Smilee AMM**

Buy & sell Impermanent Gain options at any time with market-driven pricing based on the Black & Scholes model—you're no longer forced to hold (pray) till expiry

<figure><img src="/files/zSh1ZWir3DHAduNbcaFA" alt=""><figcaption></figcaption></figure>

### **Directional Impermanent Gain**&#x20;

**😈 Bull**

<figure><img src="/files/eLd4NrpaAs1v0ak1YGxB" alt=""><figcaption></figcaption></figure>

**🐻 Bear** &#x20;

<figure><img src="/files/6pwIo1Ho9TSergZp8F9a" alt=""><figcaption></figcaption></figure>

**😃 Smile**&#x20;

<figure><img src="/files/BknbV1uhdGKqhdrh8Hxp" alt=""><figcaption></figcaption></figure>

More capital efficiency. More leverage. More Impermanent Gain. Make a directional bet on the underlying token or go neutral. Choosing a direction \~halves the cost and \~doubles your leverage!

### **Brand New UX**

Brand new UI/UX designed to make trading structured products seamless.

<figure><img src="/files/WWUHUwQFmjZnhpPUqGRm" alt=""><figcaption></figcaption></figure>

### **Concentrated Liquidity**

Up to 26x more yield (10x on average) for LPs on Real Yield. Up to 26x more capacity (10x on average) to mint & trade Impermanent Gains options.

Below, the comparison between **Earn Vault Yield** on Full Range (Smilee v1) or Concentrated Liquidity (Smilee v1.69) for different level of Implied Volatility

<figure><img src="/files/3EiwrfnovESrj309x5dh" alt=""><figcaption></figcaption></figure>

Below, the comparison between **Impermanent Gain Vault Size** on Full Range (Smilee v1) or Concentrated Liquidity (Smilee v1.69) for different level of Implied Volatility.

<figure><img src="/files/w2pAKDmbGlP69GK0HmyD" alt=""><figcaption></figcaption></figure>