Ithaca Protocol is developing a non-custodial, composable option protocol aimed at creating permissionless cross-chain infrastructure for optimal risk sharing. Their offerings include an Option Trading Protocol, an Algorithmic Market Maker, and a Collateral Optimization Engine, with future plans for a margin lending and liquidation mechanism and decentralized governance. Ithaca emphasizes liquidity, composability, and cross-chain operability, leveraging partnerships like Axelar for enhanced interoperability.