Decentralized Finance (DeFi) applications have made notable headway in the last few years, with decentralized exchanges, margin trading, and money market platforms attracting significant volumes. Options protocols are one of the latest additions to DeFi. Those being built include Opyn, Hegic, OhMyDeFi, and Primitive Finance. The liquidity and pricing dynamics lead them to be more appropriate for retail traders as opposed to sophisticated institutional traders. That being said, they will likely attract some volume from the DeFi & non-custodial crowds.