Zhu Su explained in an article the reason for Deribit's success: it has won the B2B enterprise market, and companies like Babel have pushed all transaction traffic to Deribit. 3AC has driven the long and gamma squeeze of call options. Most venture capitalists believe that DeFi options will rise, but only Ribbon and Hegic have gained some adoption, and ultimately true market makers still need to clear risks on Deribit. Deribit