Ethereum mainnet matters because Rysk's RFQ design sells per-position optionality, not pooled Ribbon-era DOV exposure, so ETH/LST holders choose strike and expiry instead of inheriting a vault's weekly book. This is idle wstETH/stETH collateral turning into explicit short-vol inventory, with upside capped by the strike rather than buried in vault PnL. DefiLlama still shows Rysk as basically a HyperEVM venue, $57.88M of $58.07M TVL there, with $1.24B cumulative options notional.

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