Derivatives · Option Vaults · DRV
Derive (rebranded from Lyra) is an on-chain options and structured-products protocol with an options AMM and automated vaults, deployed on its own OP-stack chain alongside Optimism, Arbitrum and Base.
On-chain options and structured products (formerly Lyra).
DRV price
$0.0930
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A purpose-built options AMM + settlement chain, offering composable options and yield vaults with cross-margin.
The trustless on-chain settlement layer for options, perpetual futures and spot; enforces margin, collateral and settlement rules on-chain. Evolved from the original Lyra options AMM.
A dedicated OP-Stack layer-2 rollup that settles to Ethereum mainnet and acts as V2's execution environment for margin, liquidations and settlement of options and perpetuals.
Off-chain order-matching service exposing REST and WebSocket APIs that provides a gasless central-limit-order-book experience with on-chain settlement, replacing the pure AMM model of V1.
Portfolio-margin engine that supports cross-margining between options and perpetuals plus multi-asset collateral (e.g. using stETH to sell ETH covered calls at leverage).
The original automated options market maker and automated market-maker vaults (MMVs) where LPs underwrite options exposure; a founding primitive that later expanded into structured Option Vault products.
Utility and governance token of the Derive Derivatives Network; staked as non-transferable stDRV for governance and rewards, with a buyback program funded by protocol revenue.
$3.3M co-led by Framework Ventures and ParaFi Capital (July 2021)
CoinDesk1,500,000,000 DRV (Ethereum mainnet + Derive L2)
Derive Docs — Token35% of protocol revenue funds weekly DRV buybacks
Derive Docs — TokenHow Derive maps onto established TradFi structures, and where it diverges.
Listed equity/index options exchange (e.g. CBOE)
Derive
Both offer standardized options with defined strikes and expiries, portfolio margin and central price discovery for buyers and sellers.
TradFi analogue
Derive settles trustlessly on its own OP-Stack rollup with 24/7 crypto-underlier markets and permissionless access, versus centralized clearing, regulated intermediaries and market hours in TradFi.
Derivatives clearing house / prime broker cross-margin
Derive
Derive's risk engine offers cross-margining and multi-asset collateral akin to a prime broker netting positions across products.
TradFi analogue
Margin, liquidations and collateral rules are enforced on-chain by smart contracts rather than by a central clearing member, and there is no credit intermediation.
Nick Forster
Co-founder Co-founder of Lyra Finance / Derive, an on-chain options and derivatives protocol originally launched on Optimism.
Seed
2021-07-26$3.3M
Key milestones: launches, upgrades, exploits and governance events.
Lyra V1 options AMM on Optimism
ExecutedInitial mainnet launch of the Lyra options AMM on Optimism.
SourceAvalon upgrade
ExecutedPartial collateralization, anytime LP entry/exit and longer expiries.
SourceNewport upgrade & multi-chain (Arbitrum)
ExecutedNewport removed the need for the AMM to swap to spot, collateralizing with cash and hedging with perpetuals, and Lyra deployed Newport on Arbitrum going multi-chain.
SourceLyra V2 / Derive Chain announced
ExecutedOP-Stack Derive Chain, CLOB Matcher and cross-margin risk engine proposed for V2.
SourceDRV token generation and migration complete
ExecutedDRV launched with 1:1 migration from LYRA plus airdrop and staking/buyback tokenomics.
SourceYes. Derive is the rebrand of Lyra Finance, completed in 2024 as the project expanded from options-only into a broader derivatives suite (options, perpetuals and spot). The LYRA token migrated 1:1 to DRV.
A snapshot of all LYRA and staked LYRA (stkLYRA) balances across Ethereum, Optimism and Arbitrum was taken on 8 May 2024 at 00:00 UTC. Snapshotted balances convert 1:1 to DRV, and the DRV token became claimable from 15 January 2025.
Derive Chain is the project's own layer-2 rollup built on the OP Stack that settles to Ethereum. It serves as the execution engine for margin, liquidations and settlement of both options and perpetuals in the V2 architecture.
V1 pioneered an on-chain options AMM. V2 shifts to a gasless central-limit-order-book (the Derive Matcher) with on-chain settlement and a cross-margin risk engine supporting portfolio margin across options and perps.
DRV can be staked as non-transferable stDRV to participate in on-chain governance and earn staking rewards. 35% of protocol revenue funds weekly DRV buybacks.
