The top Perp DEX collectively entered the options market, and the trend of on chain derivatives has changed. Last week, BTC option OI accounted for nearly 60% of all derivatives; The nominal trading volume of on chain options has surged nearly fourfold in a year, while perpetual trading has almost halved during the same period. The pattern of Hyperliquid doing infrastructure, Lighter using binary options to attract new customers, and Variational targeting institutions - Derive dominating 80% of the market share - is about to be shaken.