i still think crypto options are one of the most underappreciated verticals in this industry, and i won’t quit preaching it. ignore the current market conditions for a moment. ignore bitcoin’s recent price action and the broader deterioration in sentiment. there’s a much bigger structural opportunity developing beneath all that noise we’ve spent years watching perpetual futures evolve into one of crypto’s most competitive markets. liquidity has deepened, execution has improved, and onchain derivatives have demonstrated that sophisticated financial infrastructure can attract meaningful activity options are still considerably earlier in that evolution. the opportunity extends far beyond speculative leverage. we’re talking about volatility as a tradable asset, downside protection, structured yield, portfolio hedging, and entirely new ways for participants to express views without relying exclusively on directional exposure but there’s a reason adoption has been slower. options require better liquidity across strikes and expiries, more intuitive interfaces, efficient collateral management, and infrastructure capable of serving both sophisticated traders and ordinary users. solving those problems could unlock a substantially larger market i’m particularly constructive on what Derive is building, alongside other emerging protocols approaching this opportunity from different angles. there’s still a lot of room for experimentation, and i suspect some of the most consequential developments in this vertical are yet to happen. of course, adoption won’t materialize simply because the technology exists. market makers need sustainable economics, users need compelling reasons to participate, and protocols need to translate trading activity into durable value still, my conviction remains intact. the demand for sophisticated risk management isn’t disappearing, and crypto’s financial infrastructure is nowhere near its final form. make no mistake, i think onchain options will have a much bigger role to play in the next phase of this industry there’s always light at the end of the tunnel. Happy weekend