been increasingly convinced that onchain options represent one of the largest untapped opportunities in crypto Marlon’s research reinforces something i’ve been thinking about: the demand for convexity has already been validated across multiple markets. the harder question is how that demand gets translated into sustainable onchain activity there’s a fascinating market structure problem here. retail flow attracts market makers, deeper liquidity improves execution, better execution attracts more flow, and eventually you get a self-reinforcing liquidity cycle but distribution is what gets that flywheel moving i suspect the next major unlock comes from abstracting away much of the complexity around options while preserving the flexibility that makes them valuable. wallets, aggregators and existing trading interfaces could become increasingly important distribution channels the protocols that solve liquidity and capital efficiency while positioning themselves at the center of that distribution network could capture enormous value still think we’re very early in understanding how large this market can become