Deribit's bitcoin volatility index read 37.59 when the Fed's statement came out at 2 p.m. ET and 37.58 at 4:45 p.m. ET. Two Fed officials voted for a hike; bitcoin gained 0.33% on Coinbase over the same stretch.

Derive options can now run on autopilot. Your BTC and ETH, covered before every Fed, CPI and jobs release. No calendar, no options math. Tell Butler the drop you can take. It does the rest on @DeriveXYZ, after one approval. That’s it. Join the private beta:

derive, a crypto options and perps venue, has a drv market cap of $551.6m. that is about 89x its september protocol revenue of $515k, counted over a full year. lighter, another trading venue, has a lit market cap near 17x its revenue, on $4.46m in september. derive sends 35% of its fees to drv buybacks and already lists options on tether's tokenized gold. at 89x, drv's value depends much more on large future fee growth.

Derive, Hyperliquid, Aerodrome, Uniswap, Near, and Pendle collectively generated ~$560m in revenue YTD. Their tokens are also among the strong performers. The market is increasingly pricing in revenue and token alignment.

Deribit's $ZEC options market is so privacy coded that you...can't actually see it. It doesn't exist. It might never exist realistically due to $ZEC being a privacy coin. The big break for @DeriveXYZ earlier this year was listing $HYPE options months before Deribit did, and they now dominate that market. If $ZEC continues to be the next PvE runner, it's just another mass onboarding event for Derive. And then it'll be $LIT ...and $VVV ...and $PUMP ...and $DRV itself 👀 The biggest mistake people made was thinking on chain options lost to perps because of how long it's taken to get to this point. There just weren't enough interesting, quality assets to list liquid options markets for, and building it all is HARD. On chain options are going to look like the 5'5 late bloomer who everyone bullied and then he hit 6'5 over a single summer.