cyou yokenn

After listening to Jeff's DAS interview, my $DRV bull thesis is unchanged, and possibly strengthened. No, this isn't cope. Strap in for a long one. First off, it was framed in a terribly misleading way by CoinTelegraph for clickbait (shocking). Jeff was asked if we he wasn't forced to be focused on perps infra, their core business, and was instead a 3rd party builder, what would he find interesting to build. His answer was that he'd look for whatever hadn't really been built yet, and mentioned options as a good example. He then added that they're tremendously important as an instrument in TradFi, so figuring out why that hasn't translated over to crypto would be an interesting problem to solve. He then added that HIP4 is already their attempt at building the infrastructure to allow teams to build options on @HyperliquidX. There are dozens of teams building binary options already using HIP4 infrastructure. There are several teams building vanilla options on top of Hyperliquid already. None of these products have taken a meaningful bite out of @DeriveXYZ market dominance yet, and they are live right now. He didn't say that they were building options in house, he just said that someone should build options on chain because there's a massive gap between the success and traction they've had on chain vs in TradFi. This is extremely validating of the $DRV thesis. People need to realize and remember that @DeriveXYZ wasn't specifically written off for all these years, the entire sector of on chain options was deemed as impossible and uninvestable. We've heard, "Options can't exist on chain, options are obsoleted by perps, no retail crypto traders will learn to trade options, etc etc". Jeff negated all of the FUD that on chain options have received over the years and basically said it was the place to be right now. Jeff did specifically say that no on chain options protocol has reached "escape velocity" yet. So if you read between the lines, he's basically saying that on chain options are interesting and necessary as a tool, that they're nascent in their growth as compared to TradFi TAM, and that it's one of the most interesting spots of the market to be focused on building right now. $DRV pumping 10x and having insane hockey stick volume growth YTD isn't "escape velocity" in his eyes, and he's right. $DRV is still cheap and early relative to the market it's expanding into. Job's not finished by any means. It's important to highlight that unlike Vlad from @Lighter_xyz who explicitly says they are building options in house, Jeff said nothing of the sort. Hyperliquid sees themselves as building the neutral infrastructure layers of liquidity for builders to come and build on top of. Look at TradeXYZ and HIP3. He didn't say that they hired a team of 20 ex-Optiver and ex-SIG guys to be their internal options trading desk, he didn't insinuate a launch date, he didn't say HIP-5 is vanilla options. He basically said, "On-chain options are cool and underexplored, I hope teams come and build them on top of our existing infra". Sidenote, I actually think his description of priority fees was actually way more signal and very bullish $HYPE. Way more bullish priority fee growth and obviously AQAv2 fees than anything HIP4 related. At the end of the day, none of what he said is new information. I always have stated in my $DRV bullposts that they will not maintain their current 90%+ market share in 2027. This is an entire primitive that does quadrillions of dollars in volume in TradFi. The on chain pie will grow massively. There will inevitably be more competition for that pie. $DRV could lose half their market share to @Lighter_xyz and @HyperliquidX and still be cheap here at these prices when on chain options volume 10x's or more. I'd also like to point out the irony that I'm long $HYPE and $LIT calls on @DeriveXYZ right now, and I still can't long $DRV perps on Lighter or Hyperliquid. I just refuse to subscribe to this notion that I should sell a phenomenal asset today because maybe there will be competition tomorrow, or next month, or next year. When they have live products, I'll reaccess the situation. Until then, competing against non-existent products that are just presumed to be superior is an unfair standard that seemingly only $DRV gets held to, and irrational selloffs like today, especially based off misleading headlines, are just better entries for me in the long run.

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