Derive V3 to rebuild on Ethereum as zkVM options engine
- —Derive has cleared ~$14.2B in options notional in 2026, nearly 3x its 2025 total
- —September was the protocol's busiest month on record
- —V3 moves risk math, pricing and settlement into a zkVM on Ethereum, with order matching kept offchain
- —Derive's open interest sits near $2B versus an estimated $40B globally
Why it matters: If V3 becomes the options backend for wallets and apps, Derive could challenge Deribit, which holds 70-75% of the crypto options market.
Source: Bankless