Arthur Hayes, co-founder of BitMEX, has made headlines by purchasing 6.16 million SYN tokens for approximately $2.2 million through OTC platform Flowdesk. Hayes described SYN as a highly asymmetric investment and introduced Hypercall, an on-chain options trading protocol, as a challenger to Deribit, the dominant player in the crypto options market. SYN's price surged over 40% in 24 hours, reflecting growing interest in on-chain options. Hypercall, developed by the Synapse team, aims to offer decentralized, permissionless options trading without KYC requirements. It supports trading of any asset size and promises transparency and 24/7 trading. Despite its potential, Hypercall is still in its early stages, with liquidity depth far less than Deribit's. Hayes' promotion of SYN and Hypercall highlights the increasing demand for decentralized options platforms as alternatives to centralized giants like Deribit.