The analyst presents a highly bullish thesis for $SYN (Synapse Protocol) following its pivot to Hypercall, citing an $81M FDV with a projected 37x upside compared to Deribit and a 300x upside relative to $CBOE. The investment is framed as an asymmetric opportunity due to its token-only governance, lack of VC unlocks, and potential to capture global options volume, including $SPX 0DTEs. The post also notes a symbiotic relationship with $HYPE (Hyperliquid), as Hypercall market makers hedge deltas on the Hyperliquid platform.