The analyst identifies Synapse ($SYN) as a high-conviction investment due to its pivot into the Hypercall options platform, citing an $81M FDV with a potential 37x upside compared to Deribit and 300x relative to $CBOE. The thesis highlights that $SYN has no VC unlocks, 88% circulating supply, and a token-only governance structure that plans to implement automated buybacks similar to $HYPE. Additionally, the platform enables global options trading on assets like $SPX and $SPCX, with hedging activity expected to drive volume for Hyperliquid ($HYPE).