Vitalik mentioned that the Gas futures market is actually quite similar to the fuel futures market in the aviation industry. Fuel accounts for the largest cost for airlines, making up 25% to 40%, but fuel prices are highly volatile. Meanwhile, airline tickets are sold months in advance at fixed prices, meaning revenue is fixed while costs are dynamic, making budgeting nearly impossible. To lock in future fuel costs, airlines use financial derivatives to buy fuel call and put options, essentially hedging their risks. So logically, the Ethereum Gas futures market makes sense. But when you think about it more carefully, it’s actually different from the aviation fuel futures market. In aviation, fuel costs are directly paid by airlines, not by passengers. Since airlines are major fuel consumers, they have a strong need to hedge. However, in blockchain, Gas fees are directly paid by users, not by a single large project. The demand is dispersed—there’s no equivalent of American Airlines Uniswap or Emirates Airlines AAVE as major consumers. Naturally, the options market doesn’t have as much demand.