Zhu Su explained in a post the reasons for Deribit's success: it won the B2B enterprise market, with companies like Babel directing all trading traffic to Deribit. 3AC drove bullish positions in call options and gamma squeezes. Venture capitalists mostly believe that DeFi options will rise, but only Ribbon and Hegic have gained some adoption, and ultimately true market makers still need to manage risk on Deribit. Deribit wisely resisted all my efforts to get them to issue tokens and prudently rejected attempts to list options on all alts. In the end, they triumphed with high availability, Risk Management, stable products, and a strategy focused on professional users.