Derive

Derive is a non-custodial derivatives trading platform where users can trade options, perpetual contracts and spot on-chain. The project is the successor to Lyra, known as a decentralized options protocol on Ethereum; trading largely takes place on Derive Chain, the project's own chain built with the OP Stack. DRV is the project token, issued on Ethereum and also available on networks such as Base, Arbitrum and Optimism.

On the platform, orders are matched in an order book; the margin system uses a portfolio-based risk model in which options and futures positions are assessed together. Users can also join vaults that offer ready-made strategies, and developers can build market-making systems through the API. DRV is the token used in the protocol's governance and ecosystem incentives; holders can take part in proposals on the protocol's development.

Factors that may affect the DRV price include options and futures trading volume on the platform, the level of market volatility, competition with options markets on centralized exchanges, the token distribution schedule and regulation of derivative products. The Derive page on Lzzo.com uses DefiLlama's US dollar reference price and a chart built from the same source's historical data.