Vitalik Buterin has proposed a new options-based DeFi design that would replace the usual debt-and-liquidation model with paired assets that always redeem back into one ETH. The June 1 Ethereum Research proposal starts with a simple problem: DeFi can create synthetic assets and stable-value exposure, but most designs depend on collateralized debt, real-time oracles and forced liquidations. When markets move fast, that structure can turn oracle stress into liquidation cascades and bad-debt risk.