Published July 202695 pagesNoveleader · BlockScholes
The Renaissance of Onchain Options
Mapping the expansion of options as a trading instrument and the volatility that prices them — co-authored with BlockScholes
“Options remain onchain derivatives' smallest major category — that gap is the opportunity.”
▮ The numbers that matter
$450M+
Polymarket TVL on Polygon
$16B
Derive cumulative options volume
<1%
Options share of onchain derivatives volume
24/7
Volatility venues never close
The Thesis
Onchain options are having their renaissance: after the DOV boom and bust, a new generation of venues — orderbook, AMM, and structured — is rebuilding options as a genuine trading instrument rather than a yield wrapper. Co-authored with BlockScholes, the report maps the expansion of onchain options and the volatility that prices them, with interviews from Derive, Rysk, Gammaswap, Panoptic and others across the stack.
Covered in the report
PolymarketKalshiDeriveRyskAevoHyperliquidAzuroLimitless
Inside
- 01The State of Onchain Options
- 02Prediction Markets as Information Venues
- 03Binary Markets & Volatility as an Asset
- 04Ecosystem Mapping & Product Overview
- 05Use Cases: Hedging, Speculation, Information
More on this topic: Prediction Markets & Volatility