DerivePrice

(DRV)

Derive (DRV) is the new identity for Lyra Finance, representing a strategic evolution from a focused options protocol to a comprehensive 'Derivatives Network.' This transition includes the launch of its own Ethereum Layer 2 rollup, known as the Derive Chain, built utilizing the OP Stack. The DRV token is a distinct, new token that replaces the previous LYRA token. Holders of both LYRA and staked LYRA (stkLYRA) are eligible to migrate their tokens to DRV at a 1:1 ratio.

Users must visit the official Derive 'Holder Page' or 'Airdrop Portal' to claim and migrate their LYRA tokens to DRV. The eligibility for migration is based on a snapshot taken on May 8, 2024. While the migration portal remains active, the project encourages early migration to enable participation in governance and staking. It is important to note that LYRA tokens acquired after the May 2024 snapshot will not be eligible for the 1:1 migration. For users holding LYRA on centralized trading platforms, most major platforms supported the migration automatically, but users are advised to consult specific announcements from their respective platforms.

Staking DRV tokens converts them into stDRV, which offers several key benefits. Stakers earn a portion of the protocol's revenue, as 25% of all collected fees are used for DRV buybacks. Additionally, stDRV holders gain voting power within the Derive DAO, allowing them to participate in governance decisions, and they also receive trading fee discounts. Regarding unstaking, there is a standard 28-day cool-down period required to unlock staked tokens. For those needing immediate access, an 'Instant Unlock' option is available, though it incurs a 20% penalty (haircut) on the staked amount.

Eligibility for the DRV airdrop is typically determined by several criteria, including past trading volume on Lyra/Derive, provision of liquidity in vaults, and successful referrals. Specific partner groups, such as sENA (staked Ethena) holders and Hyperliquid traders, were also included. When claiming the airdrop, users are often presented with an option to 'Claim and Stake' their tokens immediately. Choosing this option usually grants a 25% bonus on the total airdrop amount, incentivizing long-term commitment and participation in the Derive ecosystem.

The total supply of DRV was initially set at 1 billion tokens, matching the original supply of LYRA. However, a significant '500 Million Token Proposal' was introduced in late 2025. This proposal suggests increasing the token supply by an additional 500 million DRV, representing a 50% increase, with the aim of funding institutional expansion and strategic partnerships. This proposal is a frequently discussed topic within the community due to concerns about potential token dilution and its long-term implications for token value.

The project strongly emphasizes that users should exclusively obtain the official contract address details from the verified `derive.xyz` website. This is particularly important for security, given that DRV exists on both the Ethereum Mainnet and Derive’s Layer 2. Regarding security, the protocol has undergone audits in the past, notably by reputable firms such as OpenZeppelin during its Lyra era. However, the community frequently requests the latest audit reports, especially concerning the new 'Derive Chain' infrastructure, to ensure continued security and reliability.