A blockchain history of ideas that didn’t work — until they did

Joyride is betting on 0DTE options on Solana, even though options on-chain have never quite flown before

Joyride will launch soon on Solana (but not the U.S.). It’s a bet from veterans of the ICO-era of blockchains that perps will not be the only way for retail to place a directional bet about a coin’s future price — one of these days. Joyride’s founders think they can finally crack selling options on-chain and that a certain category of traders will like the way that options make it easy to watch your downside.

This is an idea that we’ve seen before. Some of the projects that have come out are still live, but options have never gotten that big on-chain. Coinbase’s Deribit platform rules the roost for options so far, but it’s centralized.

But the fact that a concept didn’t work the first time is no guarantee it won’t work eventually — particularly in crypto.

Joyride is going to start with BTC, ETH and SOL options that expire today — always today (0DTE, in the lingo). A user who wants to let it ride can always roll it over, but by limiting it to one period (a tenor, in the lingo), that conce…