The Biggest Crypto Market Nobody Is Paying Attention To

Summary

Nick Forster discusses Derive's onchain options platform, its upcoming V3 upgrade, and the potential for options to outpace perpetuals. He highlights the role of tokenized real-world assets and AI in expanding the market. The conversation covers Derive's tokenomics, governance, and the decision to potentially settle on Ethereum L1.

• Derive is the largest onchain options exchange with products for BTC, ETH, and gold.
• Options offer granularity, yield generation, and are not path-dependent like perpetuals.
• Derive plans V3 as an integrable, programmable exchange to become the 'infinite payoff factory'.
• Tokenized RWA options, starting with Tether's gold (XAUT), are a key growth area.
• AI and agentic finance will favor precise instruments like options.
• Derive token has fee buybacks and insurance fund governed by holders.
• The team is considering settling on Ethereum L1 for security and liquidity unification.