been spending some time thinking about the state of crypto options and why the vertical has struggled to replicate the explosive growth we’ve seen in perps the appetite for leverage is clearly there. crypto traders have demonstrated that repeatedly. options introduce an entirely different dimension to expressing risk, particularly around volatility, convexity and asymmetric payoffs. yet onchain adoption remains relatively nascent liquidity is fragmented across strikes and expiries, market makers have to warehouse more complex risks, and attracting consistent taker flow remains an uphill battle RFQ infrastructure is maturing, capital efficiency is improving, and execution is becoming increasingly sophisticated. still, there’s a considerable gap between having the infrastructure to facilitate options trading and cultivating a market people actively want to trade which makes me wonder: are we still trying to solve an options liquidity problem, or have we reached the point where distribution and sustained organic demand are the real binding constraints?