On-Chain Volatility Layer: The Next DeFi Vertical for Cryptocurrencies On-chain options trading has leaped from obscurity to become a trading platform with an annual trading volume of $7.5 trillion, a year-on-year increase of 382%, capturing approximately 7-9% of the centralized exchange (CEX) market share, and is still accelerating. The options market is worth $3.2 trillion, but on-chain penetration is less than 1%. In 2024, the number of exchange-traded options contracts globally will reach 177 billion, marking a new record high for the sixth consecutive year. The daily notional trading volume of US-listed options alone is as high as $4 trillion, and is projected to grow by 42% in 2025. Similar structural factors, but more difficult to build, and with greater rewards. Over the past few weeks, I have been researching the on-chain options vertical and ultimately chose @DeriveXYZ. It is the only protocol that has survived on architectural innovation, while others have not. This article will provide a comprehensive analysis of its valuation, token economic model, competitive threats, and its position within a portfolio. The new in-depth analysis is now available to @RealVision Pro members.