The analyst presents a highly bullish outlook for $SYN (Synapse), projecting potential upside of 37x relative to Deribit, 300x to $CBOE, and 1000x to $HOOD market caps following its pivot to the Hypercall options platform. Key financial data includes an $81M FDV, 88% circulating supply with no VC unlocks, and a plan for $SYN DAO-governed buybacks using 80-90% of platform fees. The thesis also highlights positive synergy for $HYPE, as Hypercall market makers are expected to hedge deltas on Hyperliquid, driving further volume and buybacks.