diff --git a/MEV_and_trading/derivatives/options.md b/MEV_and_trading/derivatives/options.md
index 37cae69..6a0bc0d 100644
--- a/MEV_and_trading/derivatives/options.md
+++ b/MEV_and_trading/derivatives/options.md
@@ -1,8 +1,24 @@
-### options
+## options
 
 <br>
 
-#### thales
+### tl; dr
+
+<br>
+
+* options can be thought of as "insurance-like" contracts where one pays a premium upfront. profits come from "disaster events", with **capped losses** and **unlimited upsides**.
+* purchasers of options receive the **right** to buy or sell the underlying asset at a predetermined **strike price**. **option chains** list **calls** (ability to buy the asset) and **puts** (ability to sell the asset) for a given expiration across a variety of **strikes**.
+* options also gives leverage by chasing cheaper premiums (e.g. shortening expirations).
+
+<br>
+
+---
+
+### protocols
+
+<br>
+
+#### [thales](https://thalesmarket.io/)
 
 
 
@@ -14,11 +30,11 @@
 
 
 
-#### lyra
+#### [lyra.finance](https://www.lyra.finance/)
 
 * decentralized options trading protocol powered by a specialized AMM system.
-* it uses Synthetix's sUSD stablecoin as its exclusive quote asset, so traders pay for opening long positions or closing short positions with sUSD.
-* uses Synthetix as a one-stop protocol for getting long and short exposure on its markets' base assets (delta hedging).
+* it uses synthetix's sUSD stablecoin as its exclusive quote asset, so traders pay for opening long positions or closing short positions with sUSD.
+* uses synthetix as a one-stop protocol for getting long and short exposure on its markets' base assets (delta hedging).
 
 <br>