Penguin intern at @origami_fi and @templedao
Joined August 2021
- Tweets 3,287
- Following 2,222
- Followers 1,025
- Likes 8,327
1,182 Photos and videos
Pengu π§π§π§ retweeted
Jun 9
Over the coming weeks, we'll be sharing Derive trading guides to help you get the most out of the platform.
First up: a $HYPE covered call guide. Bookmark this one.
This content is for educational purposes only and does not constitute financial advice.
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Pengu π§π§π§ retweeted
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Pengu π§π§π§ retweeted
Jun 2
$HYPE continues to cement itself as the leading alt on Derive.
Yesterday:
β’ $182M notional traded
β’ 35% of the volume was HYPE
β’ HYPE surpassed ETH
The dominant alt options market continues to grow.
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Pengu π§π§π§ retweeted
You can create any financial payoff structure out of calls and puts.
This was the core thesis Derive was founded with, and maintains today.
More people are realizing this - options are the most programmable derivative, and onchain finance is the most programmable environment for capital.
Jun 1
Building index-tracking assets on top of options instead of debt
ethresear.ch/t/building-indeβ¦
What if the use options as the base of defi, instead of CDPs and liquidations? So instead of extreme price movements creating a sharp and global "you get liquidated" effect, instead your exposure to the index diverges quadratically from your preferred exposure in a smoother way?
A key benefit is getting rid of the need for instant oracles, and instead making everything work on top of "slow oracles" (ie. the type that prediction markets use)
This design has a significant downside - the need to do regular rebalancing - and an open question of whether and how this rebalancing can be made slippage-resistant enough. But it's worth considering and trying IMO. I would feel much safer holding algostables inside something like this, than in something that depends on an oracle that has to give real-time answers (and therefore could be tricked into giving wrong real-time answers with no time for human recourse).
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Pengu π§π§π§ retweeted
May 31
Another productive month:
β’ Largest HYPE trading day. $70M in HYPE options volume. Since December, HYPE has crossed $1.63B in total notional traded.
β’ Joined Blockworks Token Transparency. DRV went live on the Blockworks Token Transparency Framework, scoring 37/40, with buybacks now totalling 24,580,447 DRV.
β’ Integrated Gold-i. Derive liquidity is now accessible through MatrixNET, giving brokers, prop firms and fund managers a cleaner route into onchain options via MT4, MT5, DXtrade, CLEO and more.
β’ Integrated Oggregator. Traders can now aggregate crypto options pricing, execute trades and generate alpha signals across major venues.
β’ Integrated Amper. @helloamper brings Derive options into a DeFi agent interface for swaps, lending, perps and options.
β’ Stradle execution. @StradleXYZ now combines options aggregation, execution and simplified payoff visualisation.
β’ Launched ADA options. The first large ADA options trade hit the tape: a ~$5M call spread collateralized with ADA.
β’ Agentic trading competition. Co-sponsored @_hummingbotβs Condor Builders Cup, the first live trading competition for AI agents.
On to June.
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Pengu π§π§π§ retweeted
Closing out May with our biggest month ever in $HYPE options, and another $2B month for Derive overall.
Exchange volumes have consolidated after March's breakout, and our market share keeps climbing against a quiet market backdrop.
New traders and liquidity providers keep flooding in. The flywheel is starting to spin, bring on June.
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Pengu π§π§π§ retweeted
Hearing that Derive's $HYPE options markets are the reference point for most of the OTC options activity globally.
Charts are uponly since launch - and with $HYPE breaking out of range/decoupling from the majors - I'm expecting a lot more trading activity and volatility to come.
Options are pricing a ~10% chance of $70 HYPE by end of June π
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Pengu π§π§π§ retweeted
May 19
The next OPAL vault is here!
9x "Liquid Leverage" sUSDe/USDe @merkl_xyz loop via @aave on @Plasma
π 15% APY
π Deep USDT0 liquidity
π Folded sUSDe Merkl yield
Self-optimising to maximise Merkl rewards across campaignsπ
More @ethena vaults coming soonβ’οΈ
Apr 9
OPAL is live.
Deposit into the first vault now:
"Perpetual PT sUSDe"
9x folded @pendle_fi PT sUSDe via @aave on @Plasma
- Auto roll-over at expiry
- No entry/exit fees
- Deep USDT0 liquidity
30d annualised RoE: 10%
More @ethena vaults coming soonβ’οΈ
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Pengu π§π§π§ retweeted
Crypto needed a forest fire to refocus on building financial systems that only work onchain.
I thought FTX was going to catalyze this in late 2022, but instead we had memecoins, restaking, and pre-PMF, 0 revenue teams TGEing on Korean exchanges at multi billion dollar valuations.
Only now - in 2026 - are capital and attention consolidating around teams building systems that leverage what blockchains actually enable:
- Global, instant rails
- 24/7 markets
- Programmable capital
- Open access
Available asset quality is improving (RWAs), and the market is converging on fewer, higher quality tokens. There is no silver bullet, just hard work, attention to detail, and time.
I'm confident we've reached an inflection point in DeFi TVL - and expect to see $1 trillion in assets onchain by the end of 2028.
2026-2028 won't bring another cycle, but itβll be the first real attempt at building a parallel financial system.
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Pengu π§π§π§ retweeted
Apr 30
That's a wrap on April.
β’ Crossed $25B total notional. Took 4 years to do the first $1B.
β’ $1B in HYPE derivatives traded, much of it collateralized with HYPE.
β’ Integrated Laevitas: institutional-grade analytics on Derive's onchain options flows.
β’ Integrated TrueNorth: Options Intelligence now builds scenario-based trading plans from Derive data.
β’ Integrated Optivi private beta live: a perp-DEX UX for options, powered by Derive.
β’ Integrated Octav: track your options, perps, spot, and staking in one place.
β’ Launched funding rate comparison page.
β’ Launched ADA options on RFQ.
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Pengu π§π§π§ retweeted
Apr 29
Tune in! @ksett13 will be on @MCGlive at 1:15pm EDT covering growth, integrators, and where Derive is headed.
x.com/i/broadcasts/1XxygmrZqβ¦
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Pengu π§π§π§ retweeted
Apr 13
OIP-194A has passed! ποΈ
An estimated $2.6M in hOHM buyback and burn capacity will be effected by the proposal
(i.e. ~$14.5k/day over the course of 6 months)
This increases OHM exposure per token and is equivalent to ~$50k daily buy pressure on OHM!
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Pengu π§π§π§ retweeted
The best trading strategies shouldn't require a team and two months to ship.
Derive's v1 vaults proved the model: self-custodial, autonomous, real yield. Our lBTC basis vault is up 9.94% in a year - BTC denominated, and live in production.
Most yield products are black boxes. Derive built the opposite, autonomous execution with full onchain transparency and strong guardrails around execution quality.
Soon, scalable vault infrastructure will available to anyone. One-click deployment and full access to Derive's unique risk engine:
- Options income strategies
- Perp funding strategies
- Hedging strategies
- Accumulators/decumulators
- Tokenized wheel strategies
All with transparent execution and verifiable historical performance.
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Pengu π§π§π§ retweeted
Apr 9
OPAL is live.
Deposit into the first vault now:
"Perpetual PT sUSDe"
9x folded @pendle_fi PT sUSDe via @aave on @Plasma
- Auto roll-over at expiry
- No entry/exit fees
- Deep USDT0 liquidity
30d annualised RoE: 10%
More @ethena vaults coming soonβ’οΈ
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Pengu π§π§π§ retweeted
Apr 7
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Pengu π§π§π§ retweeted
Apr 6
Since 10/10 Ethena was poorly positioned for what has been a material regime change.
In the last few months we have been building out the infrastructure to securely access alternate sources of safe and scalable collateral to better position the business for these periods of downturn.
This is an important piece of work which should have been done a long while ago, but now positions USDe backing to experience less rate volatility during periods of suppressed crypto native interest rates.
Going forward, once approved by the independent risk committee, USDe will have access to:
-Basis on non crypto assets including commodities and equities
-Institutional triparty collateralized lending via @coinbase @krakenfx @Anchorage and others
-Prime lending across CeFi and @HyperliquidX
-Liquid high quality non-tbill RWA exposures
Each of the above represent multi-billion capacity opportunities with that will now sit alongside the existing USDe collateral base to improve the product resilience through the cycle.
USDe reserves are evolving: reducing concentration and building resilience across market cycles with a diversified collateral base.
Four additions to the collateral backing are detailed below for consideration by the risk committee, each a natural extension of existing Ethena allocations:
β Overcollateralised institutional lending
β High quality liquid RWAs beyond TBills
β Equity & commodity basis exposure
β Prime lending
Read more below on proposed updates:
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Pengu π§π§π§ retweeted
Mar 31
Our funding rate comparison page is live: app.derive.xyz/funding
$HYPE funding currently sits at 85% APY, longs paying shorts.
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Pengu π§π§π§ retweeted
Mar 20
Another big day at Derive. $221M notional in 24hrs, with options leading the way. π₯
3 massive condors printed:
100,000 SOL, 8,000 ETH, and 1,680 BTC Contracts
Year of the firehorse π
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