《On-Chain Options Segment Reboots: From Complex Tools to Real Demand》（Author Castle Labs; compiled by Deep Tide TechFlow） On-chain options have repeatedly failed due to insufficient liquidity, low capital efficiency, difficulties in pricing, and complex user experience. Early protocols such as Opyn, Hegic, Ribbon, and Lyra were unable to establish a sustainable market. However, as Rollups reduce costs, CLOB and RFQ improve the market-making environment, institutional demand for crypto options rises, and prediction market education helps users accept nonlinear payouts, on-chain options have begun to recover. Currently, protocols such as Derive, Rysk, and Aevo are exploring paths that include professional exchanges, yield-bearing options, and all-in-one derivatives platforms. The key to the sector still lies in whether it can find real use cases that cannot be replaced by contracts and prediction markets. Read more: