The analyst expresses a highly bullish sentiment on Synapse ($SYN), setting an explicit price target of $50 based on its pivot to the Hypercall options platform. The thesis highlights a significant valuation gap, noting $SYN has an $81M FDV compared to competitors like Deribit ($2.9B) and CBOE, while benefiting from 88% circulating supply and no VC unlock overhang. Additionally, the post notes that Hypercall's hedging activity on Hyperliquid ($HYPE) could further drive value through increased volumes and fees.