How Onchain Options Could Replace the Basis Trade as Crypto's Yield Strategy

The basis trade paid 15–30% near risk-free for years. Options couldn't compete. Then 10/10 happened. ======================================================== As Bitcoin's application layer, Citrea gives you access to the first trust-minimized BTC on a fully programmable platform and a native stablecoin for Bitcoin, ctUSD. You can now participate in Bitcoin capital markets with lending, privacy, payments, Bitcoin yield, trading and predictions. You get expanded Bitcoin utility without sacrificing its security. Citrea mainnet is live. Put your BTC to work at citrea.xyz/unchained. Ether.fi is giving Unchained listeners 15% cashback on food and ride apps — and that's on top of the 3% you get on everything else. Your bank is charging you to use your own money. Laura switched and loves her card! Go to ether.fi/unchained to claim your offer. ======================================================== For years, the basis trade and token-launch points farming crowded out options as a yield tool in crypto — not because options were inferior, but because the alternatives were simply too easy and too lucrative. That changed on 10/10. With the basis trade effectively dead and altcoin valuations cratered, a window has opened for onchain options to compete for capital in a way they never could before. Nick Forster, CEO of Derive (formerly Lyra), has been building toward this moment for five years. He joins LTR, venture investor at Cosmos, who has tracked the full graveyard of failed options DEXes — Opyn, HEGIC, Ribbon, Dopex, Strike — and still believes this time is different. The question isn't whether crypto options will scale. It's whether the infrastructure is finally ready. Host: ⁠⁠Laura Shin⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Nick Forster, CEO and Founder, Derive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LTR, Venture Investor, Kosmos Timestamps 🚀 0:00 How crypto derivatives evolved from spot to perps to options 🏛️ 4:13 How Deribit built options liquidity — and why Coinbase paid $2.9B ⚰️ 13:53 The graveyard: Opyn, HEGIC, Ribbon, Dopex — why they all failed 🏗️ 15:55 Why Nick built Derive on the premise that complexity is a feature 📉 26:02 How the basis trade's death cleared the field for options yield 🌐 31:35 What onchain options look like when tokenized stocks arrive 🤖 40:32 Why Nick thinks AI agents are the killer app for options at scale 🏦 43:53 The institutional pitch: custody, fees, and milestones to watch Learn more about your ad choices. Visit megaphone.fm/adchoices