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The Jedi M@n 🧑‍🦯

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Kevin asked the question directly: “Why would a crypto entrepreneur care more about building options than perps?” Nick's answer wasn't simply that options are another way to trade. The bigger argument is that options can unlock an entirely different layer of financial products. “I think the TAM of options is actually going to be as big if not bigger than perps in the next 5 to 10 years.” The reason is that options let you create much more precise and programmable positions. You can express a specific view on where Bitcoin or Ethereum might be weeks from now, hedge an existing position, generate yield, create structured products, or build completely different financial strategies around an underlying asset. And that's where the conversation gets interesting. The craziest part is that options may actually have stronger network effects than perpetuals. Liquidity is harder to build because options can have positions open for months, sometimes much longer. Once a platform becomes the place where that liquidity lives, traders have a much stronger reason to stay. Traditional finance already has trillions of dollars flowing through structured products, yield-generating strategies and hedging instruments that are often expensive and difficult for ordinary people to access. The thesis is that putting these products on-chain could make them more accessible, programmable and available to a much wider market. So the bet isn't simply: Options vs. Perpetuals. It's: What happens when options become the building blocks for an entirely new financial system? If that happens, it might be “As big, if not bigger than perps in the next 5 to 10 years.”

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