Context Before we get to the heart of the story of options in DeFi, what exactly are options? Options are derivative products that derive their value based on the change in the price of the underlying asset. People use options to largely speculate or hedge their positions. Any change in the underlying asset’s price drives a change in the option’s price. In DeFi, we have options trading protocols such as Opyn, Dopex, etc. These could be looked at as base layer protocols i.e., where options are...