Derive
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).
Protocol TVL
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+3.4% 24h
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Research
Components, facts, FAQ, timeline, and tokenomics in one place
Main components (6)
Derive Protocol
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.
Derive Chain
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.
Derive Matcher (CLOB)
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.
Cross-Margin Risk Engine
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).
Options AMM (V1 legacy) & Option Vaults
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.
DRV Token
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.
Differentiator
A purpose-built options AMM + settlement chain, offering composable options and yield vaults with cross-margin.
Organizational structure
Units & roles
- Co-founder
Nick Forster
Co-founder of Lyra Finance / Derive, an on-chain options and derivatives protocol originally launched on Optimism.
Investment rounds
| Date | Round | Amount | Investors | Link |
|---|---|---|---|---|
| 2021-07-26 | Seed | $3.3M | Framework VenturesParaFi CapitalDeFi AllianceOrthogonal TradingRobot VenturesApollo Capital | Source |
Similarity to traditional finance products
How Derive maps onto established TradFi structures, and where it diverges.
| TradFi product | Similarity to Derive | Key differences |
|---|---|---|
| Listed equity/index options exchange (e.g. CBOE) | Both offer standardized options with defined strikes and expiries, portfolio margin and central price discovery for buyers and sellers. | 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's risk engine offers cross-margining and multi-asset collateral akin to a prime broker netting positions across products. | 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. |