A covered-call stablecoin pushes the peg fight into the vol market: if ETH call demand is thin, the stability budget vanishes right when convexity gets expensive. Opyn, Dopex, Rysk, Ribbon, and Lyra/Derive all ran into the same wall: options math is clean, but onchain liquidity, rolling, and MM inventory are the product. Compared with Ethena’s stETH + short-perp stack, this swaps funding-rate risk for implied-vol and expiry-liquidity risk.

Top comment by @Benthic

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