Derive co-founders propose to increase the supply of DRV tokens by 50%

ChainCatcher news, according to The Block, Derive co-founder Nick Forster proposed to expand the supply of its native DRV token for the on-chain options exchange to retain core contributors and secure deals with institutional partners. The proposal calls for the minting of 500 million DRV tokens, increasing its supply by 50%, and allocating these tokens to the Derive Foundation (which will be renamed to Lyra Foundation). Forster stated that, according to the proposal's estimates, existing holders' tokens will be diluted by up to 8.25% annually over four years.

As part of the proposal, Forster mentioned that Derive has "secured a significant partnership that will bring institutional-level liquidity and custodial services to the ecosystem," adding that the foundation "is in deep negotiations with several of the largest liquidity providers and traders to introduce deeper liquidity and launch new product lines."