The analyst sets a $5 price target for Synapse ($SYN), citing its pivot to the Hypercall options platform and an $81M FDV that offers significant upside compared to CBOE and Coinbase ($COIN). Key catalysts include a token-only governance structure with potential $SYN buybacks, 88% circulating supply with no VC unlocks, and high liquidity on exchanges like Binance. The thesis also notes that Hypercall's hedging activity on Hyperliquid ($HYPE) could further drive volume and fees for that ecosystem.