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📢 After perps, the next big revolution in on-chain finance will likely play out in options.
Perps already proved you can be fast and competitive on-chain, thanks to @HyperliquidX. Options, on the other hand, are still in their early days, one step behind.
And for good reason. Over five years, five generations of protocols have tried and failed. But today, something is clearly starting to shift.
Starting Monday, OAK Research is launching a week of content dedicated to the topic, with a focus on @DeriveXYZ, the sector's leader and the one best positioned to become its giant.
On the menu:
▫️ Why

🟠 Derive V3 just unlocked something every options market maker was waiting for. And it could change everything for the protocol.
To understand it, we need to talk about Derive's "risk engine". It lets a market maker calculate how much collateral to post in order to sell an option to a trader.
👉 Since Derive V2, this engine computes risk across the market maker's entire portfolio, not just on a single position. That already allows for much better capital optimization.
For example, if one option sold requires buying BTC and another requires selling the same amount, and all the parameters are i

🟣 EtherFi just announced the launch of its own stablecoin issued by Ethena through its Whitelabel solution.
The main issue for neobanks so far was the fact that their stack was almost entirely outsourced to other providers. With this new launch, @ether_fi will be able to earn interest on the idle balances that sit within the user accounts, potentially allowing them to redistribute this yield or allocate it to $ETHFI buybacks.
With this move, EtherFi joins Jupiter, MegaETH, Sui and Maple on the list of projects that have opted for @ethena to issue their own stablecoins.
As a reminder, the Whit

🟣 EtherFi just announced the launch of its own stablecoin issued by @ethena through its Whitelabel solution.
The main issue for neobanks so far was the fact that their stack was almost entirely outsourced to other providers. With this new launch, EtherFi will be able to earn interest on the idle balances that sit within the user accounts, potentially allowing them to redistribute this yield or allocate it to $ETHFI buybacks.
With this move, EtherFi joins Jupiter, MegaETH, Sui and Maple on the list of projects that have opted for @ethena to issue their own stablecoins.
As a reminder, the White

🔗 OAK Research x @re
We are pleased to announce our latest partner Re, an onchain reinsurance protocol that allows stablecoin capital to serve as collateral for real reinsurance contracts.
With nearly $717 million dollars in TVL, Re has established itself today as the main gateway to the $700B reinsurance market, long reserved for institutional investors.
Our goal will be to clarify the relationship between reinsurance, onchain yield, and the risk associated with this business. Besides, we want to explain how Re actually works and what the protocol does beyond offering an interesting yield op

🟣 195M$ in buying pressure on hyperliquid:native
Tomorrow marks the very first payout under AQAv2, which was agreed at the end of August when @circle committed to passing 90% of the revenue generated by the ethereum:0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48 supply on HyperCore to @HyperliquidX's Assistance Fund.
Based on current figures, that represents nearly 195M$ in additional annualized revenue for the Assistance Fund. As a reminder, most of its treasury is used to buy and burn HYPE on the open market. AQAv2 could therefore translate into roughly 536,000$ in daily buybacks.
Compared wi

🟣 USDAI: a new TVL ATH on the way?
After a sharp drop earlier this year, @USDai_Official's TVL is recovering.
The protocol's total TVL now stands at over $650M, after a previous record of $690M set in November 2025.
What's interesting in this data is that the share of unstaked base:0x0a1a1a107e45b7ced86833863f482bc5f4ed82ef keeps shrinking over time. This means that mercenary capital, which was only there to farm as many points as possible ahead of the airdrops and the $CHIP token ICO, is moving away. The protocol can therefore focus more on what gives it its real added value: GPU-backed loan

🟣 Why Join OAK Premium?
A year ago, we launched our premium subscription with a simple idea: give you daily access to our analysis and to the positions we take ourselves in the market. Here's how it went:
◻️ OAK Research Portfolio performance: Over one year, our Portfolio is up 52%, while BTC is down 24%. Since its launch in October 2024, it has returned more than 450%. All our members have access to the full details of our Portfolio, from its composition to the reasoning behind every decision we make.
◻️ Two of our analyses called the market particularly well: we called the end of the bull r

👻 OAK Research x @aave
OAK Research is proud to announce a strategic partnership with Aave, the world’s largest lending protocol with over $31 billion in deposits.
We’ve been using and covering Aave for years. Today, we’re taking that involvement further through in-depth research and ongoing coverage of the protocol, the insights into where the protocol is headed.
Our focus will be on understanding how Aave actually operates: the role of its service providers, the structure and governance behind the protocol, and what its latest developments mean for users and token holders.
We believe that

🟣 The $XPL debate almost always comes down to the September 25 unlock.
So on our side, we decided to look at the data around Plasma One, the main driver behind XPL demand today.
Since its launch on June 17, the neobank has recorded:
▫️ 165,692 users with 58,257 activated accounts
▫️ $66.3M in cumulative card volume
▫️ +20.9% volume over 30 days, one of the strongest growth rates among crypto cards
This acceleration is partly driven by a wave of cashback offers on the app, with up to 20% on Dyson, among others. Enough to encourage daily use rather than remaining just another crypto card.
This

🫡 We are proud to announce that OAK Research has been elected to serve on the @ethena Risk Committee.
We would like to thank everyone who supported our application and placed their trust in us. This election represents an important milestone for OAK Research and a new responsibility toward $ENA holders.
Our work will from now on be divided into two distinct areas: our ongoing research and coverage of Ethena, and our Risk Committee work on risk parameters and protocol improvements.
These activities will remain separate and be conducted independently of one another. Through both, we aim to impr

🚨 SK Hynix $SKHY announces a record share buyback of 28.6 billion dollars.
The group will repurchase around 24 million of its own shares between August 20 and November 19, before cancelling them outright.
That represents 3.3% of the share capital, the largest share cancellation ever carried out by a listed company in Korea.
At the same time, SK Hynix is raising its shareholder return target, from "up to 50%" to "at least 50%" of its cumulative free cash flow over 2025-2027, with even the possibility of special dividends.
A share buyback usually concerns a mature company, one that invests litt

Read the full Alpha here:

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📢 We’ve just launched a new format on OAK Research: the Market Briefing, a concise market recap with our analysis and an update on our positioning.
Over the past year, we’ve published several in-depth reports to share our market views (on October 20, 2025, we outlined our bear market thesis, and on July 7, we explained why we believed that bear market was approaching its end).
In between, we shared updates through articles and Alpha posts, but it was difficult to maintain a clear thread connecting our analysis over time.
The only place where we really did that was in our weekly Block-Note new