The analyst presents a highly bullish thesis for Synapse ($SYN), identifying its pivot into the Hypercall options platform as an asymmetric investment with a potential 37x to 300x upside compared to Deribit, Coinbase ($COIN), and CBOE ($CBOE). Key financial data includes an $81M Fully Diluted Valuation (FDV), 88% circulating supply with no private VC unlocks, and a proposed DAO-led buyback structure similar to Hyperliquid ($HYPE). The post also notes that Hypercall's options hedging will drive volume for Hyperliquid ($HYPE), while mentioning Nasdaq ($NDAQ) and Robinhood ($HOOD) as market cap benchmarks.