Almost every on-chain options protocol from the first wave is gone. @ryskfinance is still shipping. @DanDeFiEd on the V1 that failed and the one line that changed the product: "We failed too. We built our first V1 and it didn't work out." "Options are not the product." "Let's put options at the back. We don't even mention that we're doing options." New @dimetvhq episode with @DanDeFiEd below.

Four years of building on-chain options taught Dan one thing: AMMs and orderbooks don't work for options. RFQ does. @DanDeFiEd, founder of @ryskfinance, on @dimetvhq: why the first wave of onchain options protocols died fighting Deribit, how covered calls became DeFi's simplest yield, what Coinbase buying Deribit means onchain, and where RFQ liquidity goes next. "RFQ, I think, is the best execution for options" 0:00 everyone failed at onchain options 0:46 meet Dan, founder of Rysk 1:20 why V1 failed: options are not the product 5:10 Merrill Lynch, Berlin and finding Ethereum 8:12 the Maker wipeout that led to Opyn 9:32 covered calls and cash secured puts, explained 12:46 too good to be true? the real risks 17:18 who uses Rysk: wealth, not traders 21:44 new assets: HYPE, kHYPE, tokenized stocks, gold 22:03 the RWA unlock: covered calls on SpaceX 26:09 why HyperEVM first, then Ethereum mainnet 32:12 HIP-4 and the Hyperliquid options rumors 35:42 why RFQ beats AMMs and orderbooks for options 39:16 Coinbase bought Deribit: eat the pie or grow it? 43:44 perps people vs options people 46:45 Rysk Prime and vaults on Rysk infra 48:03 it's a bear market, time to build 48:39 the Italian DeFi mafia Dime Terminal coming soon to Paradigm.