Petro D. | ResearchCommunity

@PDmytriiev

Kool Krypto's @koolkrypto223 appearance on @counterpartytv is really an options trader making the case that onchain options are about to have their growth spurt, with @DeriveXYZ as the purest way to own it. @koolkrypto223 explains how he mined $BTC in 2010-14, came back through DeFi, only started trading options seriously around the turn of this year, and now runs a fund with one partner. That context matters: almost every thesis below is also a position he holds. Derive (DRV) → He bought at around a $50M FDV, arguing options needed a mature perps market to hedge against and that market now exists. → He values $DRV on growth rather than current revenue. His view is that onchain options could grow 5–10x next year while perps grow maybe 2x. → His upside case is a re-rating to "the ETH mainnet derivatives venue," valued closer to Lighter, which he calls roughly a 10x. He gives no price target. Options vs perps → He sees them as complements. Puts can insure a perp long, collars protect spot, and deep OTM calls express views that would get liquidated as leveraged perps. → The main advantage is being path-independent: a scary wick doesn't wipe you out. → He thinks theta is overrated as a fear. It only really bites in the final week, and he compares it to paying perp funding. His trades → $ETH $2,000/$2,400 call spreads: made about $1.5M buying cheap summer volatility. → $ETH $5,000/$7,000 call spread: risks $1M to make $47M, a bet that ETH either re-rates as the tokenization layer or stays a low-revenue tech stock. → Long $AERO / short $UNI: Uniswap's 16–25% fee take is ripe for compression, and he thinks UNI is overbid. → Short Solana: he blames the Foundation's kingmaking and says $SOL is losing perps, RWAs and memes to Hyperliquid and Robinhood Chain. → $ZEC: neutral, since pure momentum means no floor and no ceiling. Hyperliquid and Kinetiq → He made about $28M on HYPE and still holds a lot. → Kinetiq is a big position. His view is that HyperEVM has failed and Kinetiq's L2 will build the ecosystem Hyperliquid's team won't. Macro → He expects a possible local top within weeks but no new lows. He's very bullish on a 6–12 month view as the overhangs (wars, rates, CLARITY) unwind.

Thursday, September 24, 2026 at 05:26 PM UTC