The analyst presents a bullish thesis for Synapse ($SYN), citing its role as the governance token for the Hypercall options platform with a target valuation comparable to Robinhood ($HOOD). Key data points include an $81M Fully Diluted Valuation (FDV), 88% circulating supply with no private VC unlocks, and potential upside of 37x to 300x relative to competitors like Deribit, Coinbase ($COIN), and CBOE ($CBOE). The post also notes that Hypercall generates hedging volume for Hyperliquid ($HYPE), potentially driving further buybacks for that ecosystem.