Derive

About

Derive is a decentralized crypto derivatives exchange focused on on-chain options trading, perpetual futures, and spot markets. Formerly known as Lyra, the platform is designed for professional crypto traders looking for institutional-grade execution combined with self-custody and DeFi transparency. Built on Ethereum infrastructure and powered by the OP Stack, Derive delivers high-speed crypto trading with advanced portfolio margin systems, cross-margin capabilities, and multi-asset collateral support. Traders can use BTC options, ETH options, crypto perpetuals, yield strategies, and risk management tools while still keeping control of their own assets. Key Features of Derive • • Uses portfolio margining to improve capital efficiency across positions. • Supports crypto options trading for BTC, ETH, and altcoins with advanced trading strategies. • Includes an RFQ system for large block trades and complex trading strategies. • Built on an Ethereum Layer 2 network using OP Stack for lower fees and faster transactions. • Uses audited smart contracts and transparent risk management systems. Derive Milestones Year Key Achievements 2021 Founded as Lyra Finance. Raised $3.3M in a seed round led by Framework Ventures and ParaFi Capital. Launched on the Optimism mainnet as the first major options AMM. 2022 Raised an additional $3M to support scaling and growth. Introduced the “Avalon” upgrade. 2023 Announced and launched the “Lyra Chain.” Moved from a general Layer 2 network to a dedicated chain built for high-throughput trading. 2024 Lyra officially rebranded to Derive in August 2024. Expanded from options trading into a full derivatives suite. Partnered with Ethena for yield and collateral integration through $USDe. 2025 Launched the $DRV token in January 2025. Migrated from the original $LYRA token. Added RFQ (Request-for-Quote) support for institutional-sized block trades.

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