Smart Automated Market Maker (THEO) provides the network legacy exchange grade liquidity to standardized vanilla and exotic on-chain options markets. Using such an AMM with external market context being provided by independent theoretical pricing nodes can allow a system to efficiently build liquidity across the volatility surface of any digital asset. This result has the potential to solve the liquidity consistency problem typically faced by on-chain options markets whilst being efficient enough to keep fees to participants low. Ongoing governance is then required for parameter calibration to keep the system in a state of equilibrium. More information on THEO protocol can be found here.