The analyst presents a highly bullish outlook on Synapse ($SYN), citing its pivot to the Hypercall options platform as a potential 100x to 900x opportunity with a price target of $50. Key metrics include an $81M–$100M valuation, 88% circulating supply with no VC unlocks, and daily trading volumes reaching up to $1B. The thesis compares $SYN to Deribit, $CBOE, and $HOOD, suggesting it could capture global demand for US equity options and drive volume for $HYPE through delta hedging.