Variant Fund forecasts significant growth in the on-chain options market, citing improved infrastructure and market design as key drivers. The fund notes a stark contrast between traditional stock options, which see $450 billion in daily trading volume in the U.S., and crypto options, which only account for $2 billion. This highlights a potential 10x growth opportunity. The report identifies past challenges in liquidity and order flow for early on-chain options but acknowledges recent advancements in automated market makers (AMM), gas efficiency, and infrastructure that have mitigated these issues. To capitalize on this growth potential, the report suggests targeting hedgers, such as miners, and retail traders with innovative market strategies to establish robust on-chain options markets.