I hadn't fully understood how much the basis trade was crowding out onchain options as a yield product until this conversation. @itseneff and @maybeltr lay out why this moment is different from every failed experiment before. @unchained_pod: https://t.co/wbU8NeFLsm Timestamps: 🚀 0:00 How crypto derivatives evolved from spot to perps to options 🏛️ 4:13 How Deribit built options liquidity — and why Coinbase paid $2.9B ⚰️ 13:53 The graveyard: Opyn, HEGIC, Ribbon, Dopex — why they all failed 🏗️ 15:55 Why Nick built Derive on the premise that complexity is a feature 📉 26:02 How the basis trade's death cleared the field for options yield 🌐 31:35 What onchain options look like when tokenized stocks arrive 🤖 40:32 Why Nick thinks AI agents are the killer app for options at scale 🏦 43:53 The institutional pitch: custody, fees, and milestones to watch