Derive is a decentralized derivatives protocol for programmable onchain options, perpetuals, and structured products. It began as Lyra, an options trading protocol in the Ethereum layer 2 ecosystem.
The project rebranded to Derive in 2024, and LYRA tokens were migrated to DRV at a 1:1 ratio. Governance is handled by the Derive DAO, in which DRV holders participate.
Derive runs on Derive Chain, an Ethereum rollup built with the OP stack. It is a permissionless smart contract platform designed to settle derivatives such as options and perpetuals onchain.
Derive Pro, an AI-powered trading app built with Messari, turns a user's market views into trades. It uses smart contract wallets to offer one-click, gasless and chainless trading, and aims to connect with spot AMMs on Optimism, Arbitrum and Base.
Data provided by CoinGecko
DRV kept LYRA's total supply of 1 billion tokens at migration. In October 2025, a governance vote approved a 50% supply increase, raising the maximum supply to 1.5 billion, with the new tokens allocated to the Derive Foundation.
The Derive DAO earns trading fees from the protocol and gas fees from Derive Chain, and trading fees flow into an insurance fund that supports robustness. In 2026, DRV was listed on major exchanges including Coinbase and Upbit.
Derive's notable features include its long track record in options, a dedicated rollup chain, an insurance fund model, and AI-assisted trading tools. It is often described as a decentralized alternative to centralized derivatives venues.
However, derivatives are complex and leverage can amplify losses, while smart contract bugs and rollup operational issues remain possible. Because supply has already been expanded by governance, token dilution and changing regulation are also worth considering.
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