"Liquidity providers are selling volatility way, way too cheap onchain. They will seek better, more predictable, higher forms of yield and that's why onchain options will massively increase in popularity and TAM" KoolKrypto on the biggest overarching thesis of the fund right now and why onchain options is the cleaner, higher conviction play over Aerodrome "Options tend to mature a lot after perps. You kind of have an opportunity to run back the Hyperliquid trade with being long the right onchain options protocol" "Aerodrome is a less convicted but higher asymmetry thesis compared to being long derive. The Aero setup is complicated, there's a lot that can go wrong, whereas onchain options being the source of yield for all of these different vaults and structured products"