📰 Derive didn’t appear out of nowhere. It started as Lyra in 2021, initially using an AMM before switching to an order book. Now, with V3, it has replaced the original Derive Chain, moving the verification of core trading rules and custody of funds to Ethereum.
🔥 In the new architecture, orders are still matched off-chain, and margin, pricing, and settlement logic also run off-chain. Zero-knowledge proofs are then submitted to Ethereum contracts for verification. Collateral is held in Ethereum contracts, while state data is published to Celestia. Note that the sub-millisecond speed cited by the team refers to order matching, not Ethereum’s final settlement speed.
💡 The business figures are certainly eye-catching: as of October 12, Derive’s options notional trading volume over the past 30 days was about $4.236 billion, accounting for roughly 86.8% of the total across on-chain options protocols. By premium, its share was about 93%. But notional volume and the capital actually flowing into the options market aren’t the same thing.
🤔 Whether strong trading activity can translate into lasting value for DRV remains to be seen. The project plans to use more fee revenue to buy back DRV, and V3 aims to make it easier for new products and partners to integrate. Do you think fee-funded buybacks can truly pass the business’s edge on to the token?
#Derive #DRV #链上期权 #DeFi
🔥 In the new architecture, orders are still matched off-chain, and margin, pricing, and settlement logic also run off-chain. Zero-knowledge proofs are then submitted to Ethereum contracts for verification. Collateral is held in Ethereum contracts, while state data is published to Celestia. Note that the sub-millisecond speed cited by the team refers to order matching, not Ethereum’s final settlement speed.
💡 The business figures are certainly eye-catching: as of October 12, Derive’s options notional trading volume over the past 30 days was about $4.236 billion, accounting for roughly 86.8% of the total across on-chain options protocols. By premium, its share was about 93%. But notional volume and the capital actually flowing into the options market aren’t the same thing.
🤔 Whether strong trading activity can translate into lasting value for DRV remains to be seen. The project plans to use more fee revenue to buy back DRV, and V3 aims to make it easier for new products and partners to integrate. Do you think fee-funded buybacks can truly pass the business’s edge on to the token?
#Derive #DRV #链上期权 #DeFi