Reynaerde

ai slop & real thoughts

Hypercall Referral:

[Reynaerde @Reynaerde_xx]

https://t.co/xIKBAe1Xn6

[Reynaerde @Reynaerde_xx]

@SynapseProtocol Big update, Hypercall is maturing

[Reynaerde @Reynaerde_xx]

@hackernoon 24/7 markets need 24/7 risk protection

[Reynaerde @Reynaerde_xx]

Options demand exists in both crypto and TradFi. Hypercall (ethereum:0x0f2d719407fdbeff09d87557abb7232601fd9f29) is showing what that means for Hyperliquid:
- Sep: one options trade reportedly drove 15% of its S&P 500 perp volume.
- Oct: team-shared figures put it ahead of MetaMask, Insilico, Liquid and Axiom in perp volume.

🎯 Next target: $10B in hedging flow to Hyperliquid.

Still early and single events for now. More MMs, tighter spreads, product updates and more and bigger traders are coming.

[Hypercall (by $SYN) @SynapseProtocol]

Hypercalls mission is to bring the next $10b in hedging flows to Hyperliquid

[Reynaerde @Reynaerde_xx]

@SynapseProtocol @CoinDesk UX is smooth as well

[Hypercall (by $SYN) @SynapseProtocol]

Hypercall featured in @CoinDesk today

$640M in notional options volume since June, with 80% on US500 options.

Demand for 24/7 options trading continues to grow. The shift is underway.

https://t.co/nLavp4y056

[Reynaerde @Reynaerde_xx]

A perfect storm for $SYN is forming.

- Jeff endorsing options
- Tradexyz sold? he community is looking for its next champ
- KOLs are still ignoring $SYN
- Chad dev keeps shipping
- The product keeps getting better & Hyperliquid aligned

All roads lead to a surprise rerating.

Options could be Hyperliquid’s next big trade.
$SYN is right in the middle of it.

[Hypercall (by $SYN) @SynapseProtocol]

Jeff was asked: if you couldn't work on Hyperliquid's infra anymore and had to build on top of it, what would you build?

He said options.

We did 🫡

Hypercall is live. BTC, ETH, S&P 500 and more, quoted by real makers, hedged on HL.

Here's what that looks like 🧵

[Reynaerde @Reynaerde_xx]

@DuncanReucassel @EthBoi_ Not to late to listen. Looking forward to the next one with you king

https://t.co/YFmh5mBhl1

[Delphi Digital @Delphi_Digital]

A new episode of Hivemind is out now!

In this special in-person episode, the team discusses crypto’s move from experimentation to adoption, the rise of tokenization, and why onchain options could be the next major opportunity.

Timestamps:
00:00 Intro & Market Surprises
06:00 Tokenization, Zcash & Crypto’s Winners
20:51 Onchain Options: The Next Big Opportunity?
32:52 Is Crypto Still the Frontier?
46:40 AI Labs, Infrastructure & Bubble Risks
1:08:00 What We’re Avoiding
1:20:34 Biggest Risks & What Comes Next

[Duncan @DuncanReucassel]

They actually did 11.2% of notional options volume in September and 0.6% of options premium.

The reason for this is due to the large leverage traders are electing to take on 0DTE calls / puts for tokenized stocks (>1000x).

There is much more demand to trade but the internal MM vault is capped only having $1.2M in capital given the team has been operating for 5+ years and never raised any VC capital - they’ve also bought back >$5M of their token.

The team is working hard to expand capital to MM with through SLP & onboarding external market makers, I think they will make a ton of progress here in short order.

@trajan0x has stuck with @SynapseProtocol the entire way through and when the bridge market got competitive (due to competitors raising billions in VC capital) he could’ve just left the project and raised capital in private markets at a much higher valuation and given himself a ton more tokens. He instead stuck with the project and continued to build.

On the DAT - so far the DAT has acquired 750K $SYN but currently has a private placement open for $4.5M CAD. Given the shell is only $10M CAD market cap this is a very large PP. Way too early to tell here.

I hope this clarifies things a bit, happy to chat more any time.

[Reynaerde @Reynaerde_xx]

DRV - options. Good. You should give Hypercall ($SYN) a thought as an asymmetric addition/ bet for the options thesis.

- Different approach then Derive: RWA focused
- Hyperliquid aligned: already doing significant SP500 perp volume
- More retail product focus, good UX (mobile great, desktop getting there).
- (Chad) team is shipping every week. Focus on product improvements + tigther quotes.
- Token is aligned to community and commuicty friendly

[Tulip King 🌷 @tulipking]

Hype 1T is only a 20-50x from here (depending which measure of supply you want to use). Do some math:

There's ~150 stock pairs on hl today. Across America, EU, Asia, etc. there's ~32,000 stocks. So there's 200x+ more stocks to be listed. & hl can keep growing volume on stocks. I don't think it's insane to say they can do a 1,000x+ on stock volumes without even starting to eat into the major exchanges (now imagine the scenario where they do?!)

You should probably also assume crypto gets bigger. whether you think Bitcoin wins, or Zcash, or Ethereum, or Solana, or Pumpfun, or NEAR, or whatever - I kinda assume we agree crypto will be bigger than it is today 10 years from now. That will drive an insane amount of volume, and as crypto matures and more coins become real investments, volumes should grow and get healthier since the investable scope of the sector grows

Then you should also consider all the priority fees they make (non-zero revenue already today) with all this future trading activity coming onchain

Then you should also consider all the USDC on platform paying them yield to support all this OI

Then you should also assume they'll probably figure out some other ways to make money: maybe prediction markets, maybe options, lending/borrowing as they white-label the risk engine, maybe HyperEVM starts to work

Long story short, hl at least has the potential to 1,000x their business. Say the token needs a full 50x. They only need to capture 5% of that potential. This is absolutely a bet on their continued execution but given the track record, I'm fine making that bet until I see otherwise.

> Ask yourself, can Jeff capture 5% of the full opportunity available to hl? I think probably

This is what I mean by buy & hold good coins, If literally all of finance is coming onchain, these numbers can get ridiculous. My analysis is quick & dirty here, if you want real stuff go read @defi_monk, but it's just to remind of the true scale available to GOOD-WINNING projects like hl (which won't be the only one)

[Reynaerde @Reynaerde_xx]

@tulipking Yes, options on Hyperliquid would help for the moon math --> Hypercall.

Like them or not, the dev is chad

ethereum:0x0f2d719407fdbeff09d87557abb7232601fd9f29

[Reynaerde @Reynaerde_xx]

@DuncanReucassel A lot is in place already
- options meta
- hyperliquid rocking
- Chad team that keeps iterating a really cool product

Won't take much for takeoff

https://t.co/yAZtxFBnMO

[Reynaerde @Reynaerde_xx]

Retail loves options. Crypto is just finding out. https://t.co/faLYdSil9C

[Reynaerde @Reynaerde_xx]

@Delphi_Digital That is pretty compelling

[Hypercall (by $SYN) @SynapseProtocol]

1 hour 50 on Hypercall Spaces. Eight questions. Answered. DATs buying $SYN. The Sunday S&P trade. Why Hyperliquid won't build options. What's next. The recap 🧵👇

[Reynaerde @Reynaerde_xx]

@TheSyntern Wen intern highlight cards?

[Reynaerde @Reynaerde_xx]

@SynapseProtocol Great indepth analyses and nice to see the hyperliquid hedge efficiency

[Reynaerde @Reynaerde_xx]

Retail loves options. Crypto is just finding out. https://t.co/faLYdSil9C

[Hypercall (by $SYN) @SynapseProtocol]

Hypercall settles on Hyperliquid.

Now $SYN trades there too.

Spot. Live. 24/7.

https://t.co/c8QRfAfbq3

[Reynaerde @Reynaerde_xx]

@krugman87 Hypercall $SYN, check it out