Using options in DeFi isn't a new idea, and many options protocols and designs have been tried before. More than that, options protocols are thriving - look at Uni v3 LPing side.

Vitalik's idea relies on "slow oracles", but DeFi can be run without oracles at all. 3 years ago, @smykjain shared a design for an oracle-less lending protocol on top of Uni v4 with 99% LTVs, Transient Liquidations (if the price of collateral goes down temporarily, but returns to its original price, the position will return to its original value), boosted returns for LPs, etc.

There are also limitations to this design - users can not borrow more than there is liquidity on the DEX, and under certain conditions, DEX LPs will not be able to withdraw liquidity until the debt is repaid (although LPs will be receiving even higher returns in this case.

Given that the Lending markets have a much higher TVL and borrowing demand than DEXes can realistically accommodate, this design has not entered into production, but can act as an inspiration for other innovative ideas.

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