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).
DRV price
$0.1096
-2.9% 24h
Latest data · 15 min delay
Risks identified
- Smart Contract
The protocol relies on complex on-chain options, margin and settlement contracts (V1 AMM, V2 matching, PPTSA and basis-vault contracts). A bug in margin/liquidation or settlement logic could lead to loss of LP or trader funds despite multiple audits.
- Oracle
Options pricing, margin and liquidations depend on accurate spot/implied-volatility price feeds. Manipulated or stale oracle data could mis-price options or trigger unfair liquidations.
- Network
Core execution runs on Derive Chain, a self-operated OP-Stack rollup that settles to Ethereum. Sequencer downtime, rollup bugs or bridge issues could halt trading, delay settlement or impede withdrawals.
- Counterparty
In the AMM/vault model, liquidity providers act as the counterparty underwriting options; adverse market moves can produce large LP drawdowns, and cross-margin between options and perps concentrates risk if a large account becomes insolvent.
- Governance
DRV/stDRV holders govern tokenomics including the buyback rate (raised from 25% to 35%), staking emissions and protocol parameters; concentrated voting power or contentious proposals could adversely change incentives.
- Regulatory
On-chain options and perpetual futures are derivatives that face uncertain and tightening regulatory treatment across jurisdictions, which could restrict access or the protocol's operations.