Have a larger reflection post coming next week - but man is our liquidity night and day from where it was ~3 months ago Been a huge slog in 2025 but our books have never been more consistent - 0.9 vols wide, 500k up in the 1 month ATMs for $BTC, and much more behind on the RFQ. In fact, on ~50% of shows on the RFQ in the last month for BTC, we're better than Deribit up to 5 BTC and 50 ETH. There is still work to do on bigger sizes, but we've been laser focused on making onchain options extremely liquid, and it really feels like we're about to break the market wide open in 2026 (source: internal analytics, current options board)