The analyst expresses a highly bullish sentiment on Synapse ($SYN), citing an $81M FDV as an asymmetric entry point with a potential 37x upside compared to competitors like Deribit and Coinbase ($COIN). The thesis highlights that $SYN has no VC unlocks, 88% circulating supply, and a token-only governance structure where the DAO may implement buybacks similar to Hyperliquid ($HYPE). Additionally, the launch of Hypercall is expected to drive volume to Hyperliquid for delta hedging, while providing global access to options on assets like US equities, AI exposure, and $SPCX.