In Options Trading Terms, How Is a Governance Token Analogous to a Call Option?

A governance token is analogous to a call option because it gives the holder the right, but not the obligation, to participate in the future success and economic upside of the underlying protocol. If the protocol generates significant revenue, the token holder can vote to direct that revenue (e.g. via dividends or buybacks), much like exercising an option to gain from a price increase.

The token's value is derived from the volatility and potential growth of the underlying network.