Rysk V12 just hit its first major expiry. Time to look at the numbers. TVL reached an all-time high of $4.20M this week. Fully capped. Each cap filled within minutes. Let’s break down what happened today 👇

Today, $2.7M in covered calls expired on Rysk. This was the first full expiry cycle, across all assets and strikes. HYPE led the way, making up over 66% of the total notional.

So… how many positions actually got exercised? 25% of all positions. Every ETH covered call was exercised. Users took profits and derisked after the pump, benefiting from the covered call strategy.

This is just the beginning. Next cycle starts today. Rysk-on season begins. Hyperrysk.