‘The Missing Link in DeFi: Analyzing the History and Future Direction of On-Chain Options’ (Author: @alphaomegacat; Translated by Wu Blockchain) Crypto options have long underperformed expectations. The core issue isn’t the absence of tools, but rather the market’s excessive focus on building professional trading layers while neglecting idle capital from spot holders, DAO treasuries, LSTs, and long-term whales that could truly provide scalable order flow.