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The reflexive nature of the financial market tells us that there are often more opportunities to go to places with fewer people. Encrypted options are a narrow door that few people walk through, but the golden light is shining all the way.
From single to multiple, from order to disorder, from linear to chaos, the encryption trading ecology is becoming more and more complex. To deal with the chaotic market in the encrypted world, linear trading tools are already stretched.
Options, a trading tool beyond linearity, are quietly growing.
In 2014, BitMEX brought leverage into the encryption market. The mathematical model of leverage is f(ax)=af(x). For the change of the price factor of a single underlying asset, traders have a proportional causal relationship. At this time, the market is still orderly and clear, and various technical analysis methods are still effective, so leverage has not changed the linear characteristics of the encryption market.
In 2016, Deribit brought options into the encryption market. The mathematical model of options is C0 = S0N(d1) – Xe-rTN(d2) Where d1 = [ln(S0/X) + (r + σ2/2)T]/ σ √T And d2 = d1 – σ √T. The factors affecting the price of the underlying asset become multivariate due to the addition of theta (Θ), delta (Δ), gamma (Γ) and vega factors. For changes in any factor, traders are in the feedback of an unbalanced state. At this time The market is disordered and difficult to determine, and technical analysis methods cannot undertake this chaotic and complex relationship. The feedback of this imbalance has shaped the nonlinear characteristics of the brand-new encryption market.
In 2020, DEFI brought derivatives to the chain, and options on the chain began to sprout. The mathematical model of derivatives on the chain is f(everything)=visible. The structure of the trading market began to be reshaped on the chain. The characteristics of linearity and non-linearity intersect under the same relatively transparent rules. The underlying trading structure is still moving forward stubbornly.
To deal with the increasingly complex crypto market, it is necessary to have power beyond linearity.
This article will address the following:
1. The development track of encrypted options
2. The basis and operation of options
3. Options pricing model and factors
4. Option investment strategy
6. Summary and Prospect of Encrypted Options Market
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1. The development track of encrypted options
Origin and Development of Options
In the Netherlands in the 17th century, there was a tulip frenzy and the market was in short supply. Many wholesalers paid a fixed deposit to the growers in advance to obtain a right to buy tulips from the growers at an agreed price when the tulips were on the market.
This right is the option, and the margin is the option premium.
Option is a kind of option. It is a financial instrument generated on the basis of futures. It gives the buyer the right to buy a specific asset under specific conditions in a specific scenario, and also gives the seller the right to sell a specific asset under specific conditions in a specific scenario. property rights.
After the option enters the secondary trading market, there will be a different story, and the liquid option derivatives will also have richer functions.
In 1973, the Chicago Board Options Exchange (CBOE) was established, and options trading officially entered a stage of comprehensive development of unification, standardization and normalization. Driven by the US options market, countries around the world began to prepare their own options trading markets one after another.
With the successive establishment of options trading markets in the United States, the United Kingdom, Japan, Canada, Singapore, the Netherlands, Germany, Australia, and Hong Kong, China, options trading has also expanded from the initial stock variety to the current commodities, financial securities, foreign exchange, and gold. Nearly 100 varieties including silver.
Even in the current macro weakening, the trading volume of traditional options contracts still hit a record high. Last year, the total turnover reached 30.39 billion contracts, a year-on-year increase of 52%.
In 2016, options were introduced to the crypto industry. The development of encrypted option products is different from other encrypted derivatives. The high cognitive threshold of option tools has erected a high wall between the option market and public investors. Except for mainstream asset management institutions, few retail investors trade Groups conduct option-related transactions, and the total transaction volume has also been stagnant.
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With the rapid development of options on the chain, centralized options platforms are still the protagonists of the current encrypted options market. After all, centralized options products have obvious advantages over on-chain options in the current market. For example, centralized products are more interactive. Well, trading liquidity is more sufficient, etc., but its inherent opacity, operational logic and asset security and other defects also isolate a group of potential users. These problems are giving birth to the development and maturity of on-chain options.
At the end of 2020, the battle of DeFi has spread to the field of derivatives. The structured products on the chain of options make it possible to operate complex trading steps with one click. The simplified product design makes the crypto options market have a relatively significant traffic aggregation effect. After 2020, trading platforms for encrypted options will blossom one after another, and the market trading volume will gradually increase.
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Against the background that the encryption trading market is becoming increasingly mature and the overall volatility tends to decline, many platforms are exploring more user-oriented option products to meet market demand, and structured products are all the rage. According to data from Defillama, as of 2022 8 In March, there were as many as 39 options products on the chain, and structured products accounted for nearly 80%.
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Options are a trading tool for the minority, and encrypted options are a narrow door for public investment. Before launching the research and discussion of the industry, let’s first understand some basic and operational keywords.
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1. American options and European options
American options
American options can be exercised at any time before the expiration date;
The last trading day for American options is the third Friday of the expiration month, with some exceptions, such as quarterly and periodic options;
The settlement price of an American option is the official closing price on the expiration date; unless the holder specifies otherwise, the option is automatically exercised even for 1 cent. The settlement price is the regular closing price before the market close on the third Friday, excluding after-hours trading.
European options
European options can only be exercised on the expiration date;
In European options, the settlement price is not announced until a few hours after the market opens and often differs from the previous night's close, making holding an overnight position somewhat risky.
2. Put and call options
call option
A call option means that after the option buyer pays a certain amount of deposit to the seller, he has the right to buy a certain amount of specific commodities specified in the contract from the option seller at a pre-agreed price within the validity period of the option contract, but does not assume the obligation to buy. obligation. The option seller is obliged to sell a specific commodity at the specified price at the buyer's request within the validity period.
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A put option means that the option buyer, after paying a certain amount of deposit to the seller, has the right to sell a certain amount of specific commodities specified in the contract to the option seller at a pre-agreed price within the validity period of the option contract, but does not assume the obligation to sell. obligation. The option seller is obliged to buy a specific commodity at a specified price at the buyer's request within the validity period.
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3. The biggest pain point
The most painful point refers to the price at which the buyer has the smallest profit and the largest loss and the seller has the smallest loss and the largest profit when the option expires and is exercised. "Pain" is mainly for the buyer, but because the most painful point will change with the change of the position and the exercise position of the position within the validity period, when the exercise date is approaching, the most painful point is that all holdings Traders (i.e. buyers) are calculated as a whole and have nothing to do with the positions of individual traders.
Therefore, the market makers on the seller side have great motivation to pull the price of the underlying asset near the biggest pain point on the exercise date, so that they can obtain the maximum profit when the option is exercised.
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A key element of an options contract is an agreed price, known as the strike price or strike price. The strike price is the predetermined price at which the user can buy (in the case of a call) or sell (in the case of a put) an underlying futures contract when the option is exercised.
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5. Real value, imaginary value and average value
The premium cost of real-value options is relatively high, and the leverage ratio is lower than that of at-the-money and out-of-the-money options. Real-money options have intrinsic value and time value, and time damages the buyer. rate is greater. As long as the underlying fluctuates favorably, in-the-money options can generate income.
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Out-of-the-money options are just the opposite, which refers to the state where the strike price of the purchased option is higher than the market price of the underlying asset, or the strike price of the sold option is lower than the market price of the underlying asset.
At-the-money option means that the price of the index is equal to the strike price of the option. The time value of at-the-money options is the largest, and the transaction is usually the most active. At this time, it is difficult to determine whether the option is converted to real value or virtual value. If it is converted to real value, the buyer will make a profit, and if it is converted to a virtual value, the seller will make a profit. Therefore, it is the most speculative , has the greatest time value.
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The pricing of option premium is the core factor of option products, which represents cost and benefit. In the face of non-standardized products, the option pricing model must be versatile to meet the needs of market circulation. Currently, the commonly used option pricing models in the market can be divided into binary tree and BSM models.
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1. Binary tree
Generally, there are two pricing methods. The first is to construct a risk-free portfolio, that is, sell an option to buy delta shares of assets. The binary tree model can be used for European option pricing and American option pricing.
Binary tree pricing is to divide the continuous time of the option price into multiple small segments (discrete nodes) under the condition of risk neutrality, and use the price tree path formed by each discrete node to reversely solve the value of the option.
Assume that the underlying asset is a token, and within the period of investigation, the probability and magnitude of each upward or downward fluctuation of the token price remain unchanged.
Then within time A, the token price will rise to uS or drop to dS (A is only a specific time period, u is the range of token rise, and d is the range of token decline).
The model notation assumes the following:
S: the current price of the underlying asset of the option
X: option strike price
T: the expiration time of the option
St: the price of the underlying asset at time T
σ: the standard deviation of the price fluctuation of the underlying asset of the option
r: the risk-free rate of the investment that matures at time T (r>0)
c: the price of the call option
For example: to establish a risk-free portfolio, buy a Δ amount of the subject matter and a put option, in this case, the price at the beginning of the period and the strike price should be consistent. yields the following formula:
call option
call option
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2. BSM model
The BSM option pricing model, namely the Black-Scholes-Merton Option Pricing Model (Black-Scholes-Merton Option Pricing Model), is translated into the Black-Scholes option pricing model.
1) BSM option pricing method
Both the option price and the underlying asset price are affected by the same uncertain factor. The assumed price follows a random process, which is a random fluctuation. By constructing an asset portfolio containing an appropriate option position and underlying asset position, this uncertainty factor can be eliminated. The profit and loss of the underlying asset position and the derivative asset position can offset each other, and the asset portfolio constructed in this way is a risk-free asset portfolio (otherwise, there will be arbitrage opportunities). In the absence of risk-free arbitrage, the return rate of the asset portfolio should be equal to risk rate.
2) Assumptions
The asset price behavior obeys the lognormal probability distribution model, and the expected rate of return and price volatility are constant;
During the validity period of the option, the risk-free interest rate and financial asset return variables are constant;
There is no friction in the market, that is, there are no taxes and transaction costs, and all assets are completely divisible;
Financial assets have no dividends or other income during the validity period of the option;
There are no risk-free arbitrage opportunities;
Transactions in option rights are ongoing;
Investors can borrow at risk-free rates;
On the basis of the above assumptions, BSM gives the following formula:
C0 = S0N(d1)–Xe-rTN(d2) Where d1 = [ln(S0/X) + (r + σ2/2)T]/σ√T And d2 = d1–σ√T
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In the formula, the option value is determined by five variables: the expiration price S of the underlying asset, the option strike price X, the risk-free rate r, the option expiration time T, and the standard deviation of the price of the underlying asset (usually called volatility) σ, the BSM option pricing formula is correct only when the interest rate r is a constant. And each Greek letter represents a factor, Theta (Θ), Delta (Δ), Gamma (Γ) and Vega.
4) Advantages and disadvantages of BSM model
All variables included in the model can be observed or estimated, and the innovative idea embodied in the model is that the option price has nothing to do with the expected return of the underlying asset, that is, risk-neutral pricing. The option price does not depend on the investor's risk appetite, which simplifies the pricing of options.
1) The spot price of the subject matter
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It can be seen from the figure that the higher the price of the underlying, the higher the price of the call option; the lower the price of the underlying, the lower the price of the call option, and there is a positive relationship between them. For example, the holder buys the underlying call option for $100. Then the higher the price of the subject matter at maturity, the better, and the part that exceeds $100 is a profit. Therefore, the higher the underlying price, the higher the probability of the call option being exercised; the higher the price. The lower the price of the underlying, the lower the probability of the call option being exercised and the lower the price.
2) Exercise price
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The strike price determines the core factor of the option, because the lower the strike price, the higher the price of the call option; the higher the strike price, the lower the price of the call option. For example, if the current price of the underlying stock remains unchanged at $100, the lower the strike price, the higher the call option exercise probability; the higher the strike price, the lower the call option exercise probability.
The higher the strike price, the higher the price of the put option; the lower the strike price, the lower the price of the put option.
Time is also an important factor in options, which determines the overall price decision during this period.
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The longer the time to expiration, the higher the price of the call option. For example, if a token is currently worth $2,000 and the risk-free rate is 0, the expected value of the token price is $2,000 no matter how long it takes. For the buyer of the call option below 2,000 US dollars, the cash will not be exercised, and the loss is fixed as the fund for buying the option; if it exceeds 2,000 US dollars, the profit will be infinitely magnified. Therefore, the longer the maturity date, the higher the probability of rising to $3,000, and the higher the return. Although the probability of falling to $1000 is the same as that of rising to $3000, falling more will not increase the loss.
The farther away from expiration, the higher the price of the put option. The reason is the same as that of a call option. For the buyer, the longer the time, the more profits will be made, and the more gains will not be lost.
Implied volatility is the core factor of option prices, and the market volatility it represents is closely related to the yield of the corresponding option.
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The greater the implied volatility, the higher the price of the call option. Because the greater the volatility, the higher the probability of a big rise and a big fall; there is no upper limit for a big rise, and buyers will not pay for a big fall.
The higher the risk-free rate, the higher the price of the call option; the lower the risk-free rate, the lower the price of the call option.
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The higher the risk-free rate, the lower the price of the put option; the lower the risk-free rate, the higher the price of the put option. A put option is the right to sell the underlying object in the future, so when the risk-free interest rate is higher, the discounted value of the underlying object is smaller, which is unfavorable to the buyer and beneficial to the seller. Therefore, the higher the risk-free rate, the lower the price of the put option.
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4. Option investment strategy
The non-linearity of options is reflected in two aspects: one is that the profit and loss curve at the maturity date is non-linear; the other is that the real-time fluctuation relationship between the option contract price and the underlying asset of the option is non-linear.
According to the nonlinear characteristics of encrypted options, the operation strategies of encrypted options are also relatively diverse. The most commonly used scenarios are protective put options and covered call options.
The protective put option is a combination of spot and put options, that is, when investors invest in a certain amount of cryptocurrency, they are worried that the price of the cryptocurrency will fall on a certain date in the future, so investors choose to buy cryptocurrency at the same time. Put options on the cryptocurrency. This investment strategy is equivalent to an insurance policy for the invested cryptocurrency. This investment strategy essentially locks in the investor's minimum net income and minimum net profit or loss.
There are many specific operation strategies for options. The following is our classification of 8 commonly used execution strategies for options.
The relationship between the underlying asset price and profit and loss corresponding to each strategy is shown in the figure below:
1. Buy call options
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The profit that can be obtained when it expires is: currency price - execution price - option premium. The maximum profit depends on the potential price increase of the underlying asset, which is theoretically unlimited. The value of a call option is usually equal to its intrinsic value, and potential losses, although limited, can be as high as 100% of the option premium.
2. Sell call options
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It is a purely directional bearish speculative strategy to profit from the decline of the target. When the price rises, the loss of selling call options is the same as that of selling futures, but the premium can make up for part of the loss, and you can still get a profit when the price is in consolidation or the price fluctuates little.
3. Buy put options
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This operation has less potential risk, but it can provide investors with greater leverage. Generally speaking, the higher the degree of out-of-the-money options, the stronger the bearishness of the strategy, because the price of the underlying token needs to fall more sharply for the option to reach the breakeven point.
4. Sell put options
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The purpose of selling a put option is to buy the underlying asset at a price lower than the current market price. If the option expires and becomes out of value and the value returns to zero, the option premium obtained by selling the option can be retained. In this way, the maximum profit is limited, and only the premium can be obtained, while the maximum loss is unlimited.
In addition to the four basic strategies, for professional traders, option tools can ignore bulls and bears, and the following are more complex operation strategies.
Mainly divided into bull market call option spreads, bull market put option spreads, bear market call option spreads and bear market put option spreads, as follows:
5. Bull call spreads
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In conditions ranging from mildly bullish to bullish, exercising a bull call spread can profit from a small increase in the price of the underlying stock.
If investors are strongly bullish on the currency price, then buying a simple call option directly can usually make a greater profit. However, the cost of buying and holding call options alone is too high. If you are not sure about the bullish market, using this spread can also reduce the risk.
When the currency price rises, the bull call option spread tends to be profitable. This spread can be done in one trade, but there will always be a net fee because the lower strike call will always be more expensive than the higher strike call. This spread typically generates the biggest losses when the price of the underlying asset falls below the lower strike price.
6. Bull put spreads
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If both options become out-of-the-money, zero in value, all premiums are lost. The underlying price is higher than the strike price of the high-price put, so that both options will expire in-the-money. Investors can execute the bought low-price put, buy the underlying at a low price, and then sell the underlying when the high-price put is executed.
7. Bear call spread
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The bear market call option spread is a double hedging strategy. The cost of buying a high-priced call can be offset by the premium of selling a low-priced call.
When the underlying price is lower than the low call, the investor can execute the bought low call, sell the underlying at the higher strike price, and then sell the underlying when the lower strike price option is exercised.
If both options become out-of-the-money and go to zero in value, the investor will lose all of the net fee paid for the spread. The greatest profit from this spread usually occurs when the price of the underlying asset falls below the lower strike price, such that both options expire in-the-money. An investor can exercise a bought put option, sell the underlying at the higher strike price, and then sell the underlying when the lower strike price option is exercised.
8. Bear Put Option Spread
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The bear market put option spread is suitable for a slight decline in the market outlook. Its advantage is to reduce the premium cost of buying puts. Buying high-priced puts is more expensive than selling low-priced puts.
If both options become out-of-the-money, with zero value, the investor will lose all of the net fee paid for the spread, and both options will expire in-the-money.
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5. The differentiation and development of options on the chain
The overall size of the crypto market is small. After Deribit made a breakthrough and provided the first batch of retail-friendly crypto options products, crypto options began its decentralized on-chain exploration.
Based on our research, this paper divides on-chain option products into two categories: underlying platform products and structured products.
Structured products are a type of strategic innovative products based on the underlying platform, using different combinations of basic financial instruments and financial derivatives. It provides a one-click fool-like operation process, which enables users to use option products more conveniently and meets the universal user needs.
After two years of development, on-chain options have launched 39 projects on 11 chains including Ethereum, BSC, Avalanche, Solana, and Arbitrum. The current TVL totals 378 million US dollars, of which the number of structured products and the scale of funds occupy an absolute dominant position.
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Opyn
Opyn is a decentralized option protocol based on a convexity protocol. There are three main parties on Opyn, one is an option seller, one is an option buyer, and the other is an option arbitrageur. The purposes of different subjects are different, and together they form an options market, and the formation of this options market can help DeFi users protect their asset value.
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Opyn allows users to earn premiums or hedge risk by using smart contracts to trade DeFi options on ETH and ERC20 tokens in a permissionless manner. It allows users to easily track and manage their long and short positions, provide timely feedback on the income of assets, and help users adjust collateral or even close positions.
Sellers can also create spreads and other combinations, atomic transactions, flash loans to mint oTokens, assign operators to create perpetual instruments, and more. This is a very powerful options platform that allows users in DeFi to hedge DeFi risks or take on different cryptocurrencies position.
It also allows any user to create option tokens and exercise the right to buy or sell a certain asset at a predetermined price when it expires.
The only effective way to do lending, underwriting, etc. in DeFi is to share the risk and reduce the onerous capital intensity of these products. By incorporating option collateral, Opyn opens up a viable avenue to lower capital requirements and not require 100% collateral to be option-secured.
Hegic
Hegic allows users to buy put and call options on ETH and WBTC. The protocol does not require KYC and can be operated with an Ethereum wallet. Unlike order book-based approaches, Hegic is based on liquidity pools, similar to automated market maker-based decentralized exchanges. Hegic's liquidity pool is used as collateral for options, and each asset has a corresponding liquidity pool.
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So Hegic writers are blind because they don't know what option they might be buying the next minute and they have to write it unconditionally which may not give the best offer but it's an attractive The design of , like an AMM for trading, it is simple and efficient.
Hegic's option writers are effectively volatility bearers, and like liquidity providers in an AMM, they may suffer temporary losses. But if the volume is high, sellers should make a profit, and if the market is efficient, there should be an equal number of puts and calls over a considerable time frame.
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Dopex
Dopex is a decentralized options protocol that focuses on maximizing liquidity, minimizing the loss of option sellers, and maximizing the benefits of option buyers, and completing all these procedures in a passive manner.
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Pool participants can simply deposit base (BTC, ETH, LINK, etc.) or quote (USD stablecoin) assets into the pool, and the assets will be used as liquidity for users who wish to purchase calls and puts. At the end of each epoch participants will be able to collect a share held in the pool, which includes a premium paid for all options related to the size of the pool, as well as an initial phase reward of DPX tokens as an incentive to provide liquidity.
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Liquidity is maximized through the use of option pools and the risk of option writing is shared across all liquidity providers without having to deal with any of the complexities that come with manually writing options. Dopex uses Black-Scholes to determine the option price. Unlike other agreements, it ensures that all options are priced correctly. Representatives who hold pledged DPX are selected as multipliers for regular quotes that affect option prices to replicate real Supply and demand and fair pricing provide a fair option price for buyers and sellers. Initially, the platform represented the 5 largest derivatives trading firms in the crypto space.
Lyra
Lyra is an option AMM protocol deployed on Optimism, and is also one of the projects in the synthetic asset Synthetix ecosystem. In response to the high free, high risk and low liquidity problems faced by the existing DeFi option agreements, Lyra proposes to reduce the risk of LP liquidity providers and improve the liquidity of automated market makers AMMs through active risk management.
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It is a kind of exercise performed by the user by purchasing or selling the asset price at a specific time on the platform. The seller mortgages sUSD or sETH to the platform and sets a specific time period and its exercise price. Its partial mortgage is only for the put equity sold. If you choose partial mortgage, you will have the risk of being liquidated, and you need to deposit a minimum amount of collateral.
Liquidity providers deposit sUSD into a Lyra market maker vault for a specific asset, and this liquidity is used to establish a two-way options market for the asset specified by the vault. LPs deposit liquidity into their vaults to earn the fees they pay when trading options. The risk lies in the market-making risk of options and the risk of smart contracts.
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Ribbon Finance
Ribbon Finance is a structured product protocol for generating sustainable returns. It combines options, futures and fixed income to improve the risk-reward profile of a portfolio.
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Its first product focuses on using the underlying protocol (such as Opyn on Ethereum and Zeta Markets on Solana) to increase returns through automated option strategies. It is called Strangle. Strangle is an option strategy that essentially targets the underlying assets A volatility bet is the simultaneous purchase of an out-of-the-money (OTM) call option and a put option at different strike prices for the same period.
In addition, its Theta vaults are a group of structured products that focus on asset return enhancement strategies. Allows users to deposit ETH and WBTC into the Vault to generate an annual rate of return (depending on option pricing). Theta Vaults operates two options strategies to generate returns:
Puts - Vault sells puts;
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Ribbon Finance is a big step towards DeFi options products, giving users the option to generate additional yield on their capital. While their strategies are inherently complex, their vault greatly enhances the user experience for automated options strategies, and we look forward to future product launches from Ribbon Finance.
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6. Summary and Prospect of Encryption Options Market
It has been nearly seven years since encrypted asset options officially appeared in 2016. In the past seven years, in addition to the spot market, the scale of derivatives has also continued to grow, and options in the field of encrypted derivatives have also inherited the dividends of the trend and flourished.
Options are not only complex in structure, but also require high pricing and margin conditions. The relatively professional threshold isolates most users, and those who can participate are elite groups and institutional users. This situation seriously restricts its market liquidity. Even so, in the context of the gradual maturity of the market, more and more professional players are pouring into the encrypted options market, and the trading volume is also increasing. The options trading market will continue to grow in the future, and the future development trend of the options track will also It's getting more and more obvious that it's happening:
Higher security requirements: A large number of assets continue to flow into the chain, and the security of DEFI products has always been a top priority, and the requirements will only be higher in the future;
Product structure: Only structured option products can be oriented to the public, and more convenient and easy-to-use structured products can establish user habits. At the forefront of trend innovation, structured products are also leading the future direction ;
Liquidity Aggregation: Liquidity is also the biggest problem of options projects at present. Many products are declining due to lack of liquidity. It is inevitable to continuously aggregate the transaction depth so that users can trade at will to increase liquidity;
Enhanced scalability: The current option project is relatively simple, whether it is a point-to-point or point-to-pool solution, whether it is an order book or an AMM trading model, they are all products under specific needs, and the scalability of transactions will follow the market. maturing and growing;
Composability improvement: A comprehensive trading platform will definitely appear, and composable interfaces and composable capabilities will become essential elements for every vertical application, especially for niche market options.
The trajectory of the development of encrypted options starts from the underlying platform. After the underlying platform has fully paved the way for the underlying infrastructure, structured products emerge as the times require. The relatively concentrated solution of structured products has become more and more popular in the retail market when they come into contact with encrypted options. entrance.
We believe that in the future encryption market, under the guidance of structured products, liquidity will continue to aggregate and scalability will gradually increase. With the maturity of products, the aggregation of users, the inflow of funds and the product ecosystem The increasingly perfect and composable applications will gradually come to the front end of the market. At that time, the narrow door of the encrypted derivative world will lead to an extremely wide road!
Note: This article comes from the joint investment research between Basics Capital and 7 O'Clock Capital. The content is only for discussion and exchange, and it is not for commercial use. If you have different opinions, please leave a message for discussion.
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References:
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