More than $50 billion worth of crypto assets have been deposited/staked in Ethereum/BSC/HECO based DeFi applications since July 2020 and it is still growing at an unprecedented rate. With traditional companies like Tesla, Fidelity, and Citadel entering the space, financial tools such as options will be critical for mass institution adoption. Many users have been drawn to DeFi due to the high USD-denominated yields offered on DeFi lending platforms, touting these as superior to the low interest-rate FDIC-insured accounts in which many Americans have their savings. In truth, it is well accepted in finance that high yields reflect the significant risk inherent in using such protocols, such as smart contract hacks, hard forks, flash crashes in the price of collateral, and liquidity crises in DeFi. Indeed, hundreds of millions of dollars have already been lost in smart contract hacks.