DeFi Options Trading in 2025: How Lyra, Dopex, and Panoptic Are Reshaping Derivatives
Decentralized finance options trading has undergone a dramatic transformation in 2025, with on-chain options volumes surging over 10x year-on-year to reach new heights while three pioneering protocols - Lyra (now Derive), Dopex (now Stryke), and Panoptic - fundamentally reshape how derivatives funct