Primitive: Derivatives without oracles  

Lending markets like Aave and Compound and AMMs like Uniswap and Curve have achieved significant adoption in recent years, currently securing tens of billions of dollars of assets. On-chain derivatives have also started to achieve significant adoption, with protocols like dYdX and Perpetual Protocol attracting significant volumes in 2021. Decentralized options markets are still relatively nascent, however, with centralized services like Deribit owning the vast majority of market share for this vertical. 

Hegic was one of the first on-chain options protocols to launch and was received with great enthusiasm by the community in 2020. Due to inherent technical limitations, however, significant adoption for Hegic failed to materialize. Opyn v1 and v2 offered a more traditional options UX, but were throttled by the inherent constraints of public blockchains and have also achieved limited success.