“The only institutions that are fully on-chain that could generate organic demand for these derivatives products are DAOs, which have a need to deploy tokens strategically to maximize their longevity,” Chitra said in an interview. “DAOs have this capital, so it’s about starting a flywheel where they send allocations to other on-chain protocols, which causes the liquidity to rise in those protocols and lowers the price for execution, and then it makes it easier for new DAOs to purchase. That feedback loop has been missing.”