V3 Launch
Derive (DRV) · Releases & Updates · October 6, 2026
Derive (DRV) migrates to V3 on October 6, 2026, after the DAO approved the DIP: Launch Derive V3 proposal on Snapshot.
Derive (formerly Lyra), the onchain derivatives protocol for options, perpetual futures, spot and structured products, migrates to V3 on October 6, 2026. Derive V3 runs as a zkVM program settled on Ethereum mainnet. The migration moves V2 accounts, balances, positions, rewards, native ETH and ERC-20 assets into the V3 genesis state, and the Derive Chain is set to be shut down. V3 adds new vaults, support for real-world assets (RWAs) and a simpler integration layer for builders. The DIP: Launch Derive V3 proposal passed on Snapshot with over 99% of votes in favor, and Derive confirmed the October 6 migration date on X. DRV is the protocol's governance token and is supported by weekly buybacks.