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This is your last chance. After this, there is no turning back. You take the blue pill — the story ends, you wake up in your bed and believe whatever TVL numbers you want to believe. You take the red pill — you stay in DeFi land, and I show you what real fundamental analysis looks like.

Remember: all I’m offering is the truth. Nothing more.

Utility of TVL as a Metric

In the early days of DeFi (2018–2019), one of the most common debates on cryptotwitter was about which metric to use to describe the success of various DeFi protocols. DEXs used trading volume as…

Over the last year, there has been an explosion in the number of options protocols in DeFi. The first one, Opyn, launched on Feb 12 2020 and multiple other competitors quickly came onto the scene. These include Hegic, Primitive, Auctus, Pods, Siren, Charm, Premia, Potion, and so on. Each of these protocols have their differences, but due to their complexity, the differences are often hard to grok. This essay attempts to design an options protocol from scratch, by exploring the various axes that they can differ on, and their respective tradeoffs.

1. Minting & Collateral

The first question to consider when designing an options…


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