Derive
DRV
Self-custodial on-chain options and perpetuals trading platform
Performances
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 1.57% | 2.60% | 7.21% | 129.00% | 294.10% | 14.12% |
Comparison
Fundraising not disclosed
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About Derive
Derive (formerly Lyra Finance) has evolved through several milestones. In 2024, Lyra rebranded to Derive, transitioning from an AMM-based options protocol to a CLOB-based derivatives platform on its own OP Stack L2. In January 2025, the DRV token launched with a 1:1 migration from LYRA, and the Ethena Foundation provided grants while allocating 5% of DRV supply to sENA stakers. The Derive DAO initiated open-market buybacks of DRV, starting with $205,000. In 2026, Upbit listed DRV in KRW, BTC, and USDT pairs, marking entry into the Korean retail market. Institutional Ethereum reserves surged, with Derive claiming explosive Q4 potential. These events represent structural shifts: protocol architecture, tokenomics, governance, and market expansion.
Derive (formerly Lyra) was co-founded by Nick Forster and Jake Fitzgerald.
Nick Forster is the Co-Founder & CEO. He previously worked as an Equity Options Trader at Susquehanna International Group (SIG) for 3 years, gaining deep expertise in options market making. He holds a Bachelor's degree in Mathematics and Economics from the University of Sydney.
Jake Fitzgerald is the Co-Founder & former Head of Product. He previously served as a Mathematics and Economics Tutor at the University of Sydney and Project Academy. He also completed a Financial Risk Management internship at KPMG. Note: According to LinkedIn, Jake departed Derive in February 2026.