>"Derive feels too small" People clearly aren't thinking about Derive properly: it's more than an options exchange and it's ceiling for "relevance to global finance" is higher than almost anything else in crypto Here's how I see it: To start, options will continue to command more attention this cycle than anyone expected Why? Twofold. 1) There's no other way to get >20x leverage on alts. When the market gaps, Derive PnL cards will print like crazy 2) Options are the only way to social signal positions traders _actually_ believe in long-term. Crypto was built on deeply held, contrarian, long-term beliefs and perps are too fickle to support them (liquidations make them sub-optimal for expressing long-term beliefs) We just saw this with @koolkrypto223. Traders will flock, and the flywheel continues But all that attention is only the hook. Derive IS NOT just a crypto options exchange v3 will scale the number of markets massively. Options on commodities, equities, alts... only liquid, traded 24/7 on Derive And all of those long-dated expressions from earlier will open the door for perps on Derive... The market makers on the other side are forced to hedge, creating a source of price insensitive flow that will subsidize perps liquidity in a way that's only possible on Derive The ceiling from there isn't limited. We've been talking about programmable finance for years, but progress has been slow In the limit, with liquid options and futures markets on a single, programmable venue, traders can express and tokenize any view on any assets on any time horizon. This would be true programmable finance, the holy grail, that much of this industry has been building towards this whole time

This is the biggest copy trading moment outside of memes in a long time Reach out if you're building a social trading app or a wallet w/ an existing perps offering, it's time to add options now, or you'll be late

We've probably seen close to 9 figures of copy trades on @koolkrypto223 's spread There's an opportunity here for wallets to integrate @DeriveXYZ and make it easy to trade options on-app

My position is typically to focus on getting things to work rather than making noise about what needs to be done, but enough people have messaged me in last 24 hours that felt I should write some brief thoughts. The tl;dr is I completely agree with the sentiment but think no-one aside from Pluralis is earnestly moving towards a realistic solution. The reality is without some mechanism to pool resources for the creation of the models - with hardware that can't be taken away - the situation remains exactly the same, with a faint hope that Nvidia pours enough money into various challengers that the open <> closed model gap stays narrower for longer. I see very few scenarios where an individual group can pull ahead to the frontier (and even if they do, they will be subject to the same dystopian regulation the labs are now speedrunning towards). It must be a community driven effort to achieve this and hence we require a substrate to pool compute, data, and expertise effectively. This looks like p2p/distributed/multiparty training using hardware that has already been purchased to do local AI, thats sitting idle half the time, is physically controlled by individuals and can't be taken away. Repurposing this hardware for creation of the models and not just consumption is absolutely critical. I don't view most of the other things in this list as meaningfully moving the needle towards a good outcome. RL post-trains as a service.. ok great you made it easier for enterprise clients to use open models. Inference providers serving openweights... ok you host models and make money I don't see what you've changed. Open harnesses... my concern was never that I'd be locked out of the harness layer. Local inference... I don't really care about qwen3.8 27b running at 200 tok/s I want deepseek v4 pro running locally, and I want a better model than deepseek v4 pro. I wanna own and impact the process not the output. We don't have this yet because its hugely technically challenging - it requires solving fundamental research problems around low-bandwidth training and a re-write of most layers of the training stack. This is what we've been doing with extreme urgency for the last year and what we will continue to do until its working. Once such a system exists however, we will look back and find it strange that private companies ever felt they would be able to monopolize and control something this fundamental.

A perp has a fixed slope. An option has convexity. For a perp, twice the move gives you twice the P&L. For an option, the curve shrinks when wrong and grows when right. That's why option payoffs are asymmetric .

A 13B stress-test has just finished in Agora and instead of winding down we're going to ramp the contributor count until it blows up. If you have access to good local ML hardware, point your agent at agora-testing.pluralis.ai and join the pre-train for a few hours. Currently at 165 consumer GPU's.

shit is so weird now that it literally sounds like i'm making things up when i'm talking to people not in the know (99.9% of the human population atp)